Planning to withdraw cash in Spain? You could now face a €150,000 fine
Euro Weekly News
Spain: €150k fines for cash withdrawals
Spain enforces strict rules on large cash withdrawals, with fines reaching up to €150,000 for failure to notify tax authorities
In Spain, withdrawing €3,000 or more from a bank now requires prior notification to the tax agency. For amounts of €100,000 or above, you must provide at least 72 hours’ notice, while withdrawals exceeding €3,000 but below €100,000 need 24 hours’ notification.
This adds a layer of complexity, as the fiat currency in your bank account isn’t truly yours—you effectively require permission to access it. Moreover, this currency is steadily losing value, devaluing like a melting ice cube while held in the account.
Non-compliance with these notification rules can result in fines ranging from 1 percent to 10 percent of the withdrawn amount, starting at €600 and potentially escalating to €150,000, depending on the violation’s severity.
Banks are obligated to block withdrawals if documentation is incomplete and must report suspicious transactions to authorities, including repeated withdrawals just below the threshold.
These measures highlight the restricted control individuals have over their own funds, compounded by the ongoing erosion of the currency’s purchasing power.
You require permission to use or spend the fiat currency in your bank account!
