New Limit of payment into Bank Account if Self-Employed or registered as a Company
Posted: 08 November 2012 08:02 PM  
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As from the 19th of November there is a limitation to pay in cash more that 2.500 euros if one of the parties in the operation is a self employed or company. The fines established are really high. Ley 7/2012 de 29 de octubre.

My accountant has just informed me of the above.
I think what she is saying any single payment. (I need to confirm with her if this limit is for any payment at all) She has clarified that
bank accounts listed in an individuals name (and not an Autonomo or owns a company) - is OK - but the bank are still
legally obliged to tell the tax man of any single payments in over Eu3,000.

This will not affect me (as I don’t earn that much!).. but seems things are getting tighter by the week!

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Posted: 09 November 2012 01:27 PM  
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Yes all part of the money laundering - tax avoidance regulations. Conversely the banks now also ask you what you are going to do with large cash withdrawals! You also be stopped and questioned at airports with large cash amounts on you.

Doubtless the governments would love to actually stop all cash transactions and make everything transfers/card transactions much more trackable!

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Rob
http://spainreexposed.wordpress.com/

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Posted: 09 November 2012 02:03 PM  
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Update and more posts/information on this topic here ...

https://www.facebook.com/groups/345453985536974/377069915708714/?ref=notif&notif_t=group_activity#!/groups/274653069223424/488977767790952/?notif_t=group_comment_reply

too much info to copy and paste!

Basically there has always been a limit - and banks were obliged to tell Hacienda, but things just got tighter!

PS - Mods - hope it is OK to post this link here - or it could be done as a link thru our own Spainexpat FB page if you prefer??
Just thought everyone would find it useful smile

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Posted: 09 November 2012 02:12 PM  
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No use to people without FB

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Rob
http://spainreexposed.wordpress.com/

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Posted: 18 November 2012 07:11 PM  
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The 3.000 € rule was set to check eventual financing to the terrorist group ETA. Banks had - and still have - the obligation to notify Hacienda of any deposit or withdrawal from 3.000 € up.

The 2.500 € thing is more recent, it applies to *any* monetary transaction and as Rob wrote it’s to prevent money laundering.

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