Dealing with 500-euro notes is like placing a goal in your again, so far as Hacienda goes; they’re 100% scorching potatoes.
There may be nothing unlawful about them; they’re nonetheless authorized tender regardless of none have been printed since 2019, it’s simply that they’re as suspicious as hell. So, if someone provides to pay you in Bin Ladens (as they turned recognized in Spain) ask for smaller denomination notes.
In case you deposit one in your checking account, the financial institution would possibly inform Hacienda, as a result of these massive denomination notes are synonymous with cash laundering.
The truth is, depositing or withdrawing quantities superior to three,000 euros, it doesn’t matter what notes are used, will set alarm bells ringing within the insalubrious corridors of the Tax Division.
Your financial institution supervisor has no different however to tell on you in order that this motion of money might be investigated.
Any particular person arriving in Spain from overseas with a big amount of cash will come underneath investigation, or anyone leaving the nation with greater than 10,000 euros in money with none authorized doc as justification will cop it.
Lastly, do not forget that any massive deposit made into your checking account needs to be declared in your Renta earlier than the Agencia Tributaria.
In fact, placing these restrictions in place was a case of closing the secure door after the horse has bolted as a result of when the Euro got here in, it simply occurred to coincide with the Constructing Bubble that led to the financial disaster of 2008. It virtually seems as if the State was giving fats cats an ample probability to launder all these naughty Pesetas.
(Information: Spain)
