The Banco de España blog has dedicated one of its latest updates to explaining the new limits on cash payments. Thus, from July 11, 2021, operations of an amount equal to or greater than 1,000 euros or its equivalent in foreign currency cannot be paid in cash, in the case of payments in which one of the parties acts as an entrepreneur. or professional.
This limitation also, says the blog, applies to the operation, not to the cash payment itself: “In other words, if we have to pay an operation of 1,100 euros and we pay 200 in cash, we would be breaking the rule.”
On the other hand, the limit rises to 10,000 euros in the event that the payer is a natural person who justifies that they do not have their fiscal domicile in Spain and do not act as a businessperson or professional. In addition, this limitation does not apply to payments and deposits made in credit institutions, payment institutions and currency exchange operations in cash carried out in currency exchange establishments open to the public.
The Bank of Spain also recalls that in this type of operation, both the payer and the person receiving the amount in cash are considered offenders, and they are jointly and severally liable for any sanction that may occur, which will be 25% of the amount paid in cash. cash of the operation that exceeds the amount of 1,000 euros. However, in the event that one of the parties, within a period of three months after the payment, reports the operation carried out, its amount and the identity of the other intervening party to the State Tax Administration Agency, the complainant will be released from liability.
Finally, the blog also puts on the table that bearer checks, as well as any other means of payment in which the participants are not identified, are considered cash.
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