Page 54 - Property Portfolio - March 2020

MOVEMENT OF CASH IN AND OUT OF SPAIN

Be careful when moving large

amounts of cash in Spain

If for whatever reason you have the need to move a large amount of money in cash, please
note that you must submit an S-1 form to declare the movement of cash (“Declaracion de
movimientos de medios de pago”) to the Spanish Tax Office.

This tax obligation, that many people ignore, is applicable when you are moving over
10,000 euro in cash when travelling in or out of Spain and it also applies when you move
over 100,000-euro cash inside of Spain.

Consequently, prior to moving these large amounts of money in cash you should file the
S-1 Form with the Spanish Inland Revenue. You can do this electronically on the Spanish
Tax Office website, www.aeat.es.

Keep in mind that you must also print the S-1 form and carry it with you when are moving
the funds.

Not filling the S-1 form could mean tax fines from 600€ and up to 50 % of the amount of
money that you are moving. It is also possible for the authorities to freeze the funds until
the fine be paid.

Finally, please note that this tax duty also refers to all currencies (dollars, Sterling pounds,
etc). Therefore, before travelling with an important amount of money in cash please be
sure that you file the S-1 form.

For further information on any tax duties in Spain and to arrange a free appointment,
please do not hesitate to contact us.

AXARQUIA SOLICITORS
(MARBELLA SOLICITORS GROUP)
Tel. 952 901 225
www.axarquiasolicitors.com

54 Portfolio