Spain hits rock bottom – but the only way is up

[Guanche]

I think this is a major problem, all this black money and no one has the savy to get it into the system. I think the most you can pay in cash for anything is €5000.

[Perikles]

I think this is a major problem, all this black money and no one has the savy to get it into the system. I think the most you can pay in cash for anything is €5000.

That's why some politicians keep buying winning the lottery dozens of times. No idea how they do that. 

[Myrtle Hogan-Lance]

Does making a large deposit into a bank, say 20K or 50K every now and then attract the attention of the authorities?  I would think you could make a few deposits via withdrawals from the Mattress Bank and build up what you need in the bank account, then pay for the property.  But really have no idea.

[Perikles]

Does making a large deposit into a bank, say 20K or 50K every now and then attract the attention of the authorities?

Any deposit into any account of €3000 euros or more is automatically flagged up for attention of the Hacienda. Is that right, Nova?

Once I was playing around with cash deposits and withdrawals, and our friendly cashier paid money straight into a deposit account (or half there and half elsewhere) to avoid this issue. These days, I don't have these problems. 

[Guanche]

I don't think it's as easy as filtering money into an account over time. I think anything over €10,000 sets the alarms off, and of course the banks tell (as I understand) the Hacienda how much money you have in your accounts for tax reasons. 

[Nova]

Spanish residents can pay up to 100,000 euros into their account in cash without having to sign a declaration.  100k and above needs an S1 form declaring the provenance and purpose of the money which is emitted at the source of the cash and must accompany the cash until it reaches its destination.  The penalties applied to operations of 100k and above without the accompanying S1 declaration are very high.

That does not mean though that operations below 100k are of no interest to Hacienda or the money laundering police, since for any operation of 3,000 euros or above, we are obliged to keep a copy of the customer's ID filed with the operation, just in case it is ever requested.  No ID, no deposit, and operations of 2,999 euros will probably draw even more attention.

For non-residents the same applies to operations of 10,000 and above.

[poker]

Poker'd better not read THIS  ... 

Still Baby boomers buying , who earnt to mutch and dont know real prices and are buying for pension with the prices now lower  . . .

Can you beleave in our complex they sold for 42.000 , 45.000 , 62.000 and even a few for 113.000 ( 2 times to Belgians) ?
Whats the diferance , selling to foreingers or not . . .
Oh yes maybe some referbs for maximum 10.000 but that does not make it wurth doubble to my point?

Next few years wont be as booming Im sure.  And in 10 years its gonne be a whole different story.  Differance as always is age . I can wayt ( only 45 yet :-)  ) others older have to buy as the only prospect is pension and what to do with their money . . . 

In future you can not change it the younger generations do not have the kind of money in masses as it used to be for the generations before. And black money will be totaly unknown in future its all being monitord tru computerisation nowdays .
In contries nike Norway peaple  don't even run arround with real money anymore in their pockets , only credit\debit cards .

You can not swim against the tide . . . .

[Myrtle Hogan-Lance]

And black money will be totaly unknown in future its all being monitord tru computerisation nowdays .
In contries nike Norway peaple  don't even run arround with real money anymore in their pockets , only credit\debit cards .

Yes Poker I think you are right.