The world every time is most electronic and less tangile, the efective money is becoming in a metode of paymand subsidiary, forgotten to the normative at small transactions or those that are illicit or not declared.
The Law Firms specialized in foreigners and expats interested, everyday received consulting for know to the quantity of effective money can carry in your travels to enter or exit of the Spanish territory.
In the following post of the blog, are specified the keys to transported means of payment in cash to complice the specific normative.
What is considered to effective money?
When talk about to the means of payment at effective, you always thing that “effective money”. We mast take in care the different problems involved:
- Paper money and metallic currency, national or foreign
- Negotiable instruments or bearer means of payment such as traveler’s checks, checks or promissory notes or payment orders, whether drawn to bearer, signed, but with omission of the payee, endorsed without restriction, drawn to the order of a fictitious payee or in another form by virtue of which their ownership is transmitted upon delivery and incomplete instruments.
- Non-nominative prepaid cards that serve to store or provide access to monetary values or funds that can be used to make payments, purchase goods or services, or for obtaining cash, when such cards are not linked to a bank account.
- Coins with a gold content of at least 90% and unminted gold, such as in the form of ingots or nuggets with a gold content of at least 99.5%
How much money can be transported in effective money?
Actually, the aswer to this questions is very simple, can be transported any quantity of the effective money, but, except for the risks which involves for the eventuality’s that can do arise before tangible goods (robberies, thefts, etc.) there may be an obligation to declare the intention to transport such monetary amount in cash.
- Takes place within Spanish territory, the amount to be transported without the need to make any declaration is up to 100.000 euros.
- If the trip is to enter or leave the country, the limit for the obligation to declare is reduced to amounts equal to or greater than 10.000 euros.
Who must make a statement?
You have the obligation to declared any fisical person (spanish or not) who pretends to enter in the national territory transporting effective money (whether in euros or en another currency) or bearer bank checks whit the same import or superiority to 10.000€.
It will be necessary to take keep in mind the currency to transporting the effective money to analyze whether or not exceeds this limit.
Also, the person tho travel for spanish territory whit a quantity the effective money the same or superiority to 10.000€, must also declared.
Where should it be declared?
In the case of the effective movements in the entrance to the country, should be declared in the Customs of the Tax Agency office in the moment to enter in Spanish territory or, failing that, in the Nacional Police competent office.
In the case of outbound movements for the Spanish state, it must be declared to the Tax Agency office, as well as the intention to move the cash within the territory. This declaration can be made telematically.
How is the declaration made?
The declaration to be completed is Form S1, an informative declaration.
What happens if we do not comply with the reporting obligation?
Fines for failure to comply with such reporting obligation vary depending on the amount of money but range from 600 euros up to the total amount of cash being transported. It should be noted that undeclared cash would be confiscated by the authorities.
Published by Cristina Gómez, Lawer in ExpatFeliu