If for whatever reason you have the need to move a large amount of money in cash, please note that you must submit with the Tax Office the Form S-1 “Declaracion de movimientos de medios de pago”.
This tax obligation, that many people ignore, is applicable when you are moving an amount in cash over EURO 10,000 when you go in or out of Spain. Also, when you move inside Spain an amount of money in cash over EURO 100,000.
Consequently, prior the movement of these large amounts of money in cash you must file the Form S-1 with the Spanish Inland Revenue. You can do it electronically at the website of the Spanish tax office www (dot) aeat (dot) es.
Keep in mind that you must also print the S-1 and take it with you when moving the funds.
Not filling the form S-1 can involve tax fines from EURO 600 up to 50 % of the amount of money you are moving. It is possible that the authorities also frozen these funds until the fine be paid.
Finally, please note that this tax duty also refers to other currencies (dollars, Sterling pounds, etc). Therefore, before travelling with an important amount of cash money please be sure that you file the Form S-1.
For further information on any tax duties in Spain and arrange a free appointment, please do not hesitate to contact us.
AXARQUIA SOLICITORS
Mr Jose Manuel Garzon
Senior Partner
mail@axarquiasolicitors.com
Tel. 952 901 115
