How much cash can you carry without having to declare it?

Due to the precautionary and hygiene measures that have been imposed in the coronavirus and that have prioritized contactless methods, the use of cash is currently not going through its best moment. However, there are people who do not give up and who should know that, although these are extreme cases, they cannot carry certain amounts of cash with them if they exceed the limits established by law.

The problem most associated with having cash is that it can be linked to the shadow economy. This is an issue that is increasingly pursued by the State and, in particular, by the Tax Agency. In this context, the new reductions in cash payment () and the greater investigations in those sectors in which there is one are understood.

It is for all this that the simple possession of cash is regulated when certain amounts are exceeded. The prevention of money laundering and the financing of terrorism contemplates the control of this cash even when a person carries it with them, on a trip or on the street.

Thus, all citizens who carry 100,000 euros (or its equivalent in foreign currency) or more in any movement within the national territory must carry with them a declaration of the origin of that money. By movement, the law explains, it is understood “any change of place or position that is verified outside the domicile of the bearer of the means of payment.”

Although it is usual to think of cash, when referring to means of payment, the regulations include more modalities: in addition to paper money and metallic currency, they are also considered means of payment, negotiable paper or bearer means of payment (traveler’s checks , checks, promissory notes or payment orders), prepaid cards and raw materials used as highly liquid stores of value (such as gold).

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The limit, however, is even lower in movements involving entries and exits from the national territory: the origin of the money must be declared whenever it reaches or exceeds 10,000 euros or its equivalent in foreign currency.

How to declare the money

In all cases in which the aforementioned amounts are reached, the bearer of the money must have with him a signed statement containing:

-True data of the carrier.

-True data of the owner.

-True data of the recipient.

-True data of the sender.

-True data on the amount of money, its nature, its origin, its intended use, its mode of transport and the planned itinerary for transport.

When can the money be seized from you?

The person who carries that money with them should know that both the police and customs personnel have the power to inspect that money, require the declaration of the holder and even seize the money they carry for a period of 30 days that can be extended up to 90 days. . This can happen when:

-The declaration of the money is not presented.

-The declaration of the money is presented after the deadline.

-The declaration of the money is presented with incorrect or incomplete data.

-The means of payment are not made available to the authorities.

-There are indications that the money declared (even when it is correct) is related to criminal activity.

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