NEW SPANISH RULES THAT CAN AFFECT YOUR BUSINESS

On the 30th of October 2012 it was published in the “Boletin oficial del Estado”-BOE- (Spanish official newspaper for new legislation) the Law number 7/2012, containing important measures against fraud.
 

Regarding especially, the prohibition of paying an amount of 2.500 euros or more in cash or it´s equivalent in any foreign currency during operations, in which any of the involved parties act in the name of a company or professional status.
 

If the payer is a private person non resident in Spain and not acting in the name of a company nor acting as a professional then the limit of amount is 15.000 euros or it´s equivalent in any foreign currency. This limit is not applicable when making payments and deposits into credit institutions. These rules regarding limitations of payments will come in force in 20 days after being published in BOE.
 

The remaining measures against fraud came into force on the 31st of October 2012, these meaning among other aspects some penalties will be tougher , introduction of some changes of the use of VAT in property transactions and the obligation to inform about assets and rights situated abroad (Bank accounts, Bonds, Real Estates, etc).