Transactions in cash exceeding 2,500 Euros are banned in Spain starting on 19th of November 2012.
Spain´s Prime Minister, Mariano Rajoy, has announced this on April 2012 to combat tax evasion.
Similar moves were done by the Italian government, which recently announced plans to ban cash transactions above 1,000 euros.
Important to know, the 2,500 limit only applies to Spanish residents. For non-resident´s, the limit rises to 15,000 euros.
Those found guilty of breaking the law will be receive a fine totally 25% of the transaction value.
This will also affect the nautical business. The owners, captains and charter clients will have to take care about this limit visiting Spain. The companies on the destination ports won´t take cash in the future.
Source: www.agenciatributaria.es (Tax Office Spain)
by Norberto Moreau
