Money Remittances and International Transfers in Spain: A Comprehensive Overview

Money Remittances

In Spain, certain obligations are placed on subjects such as banks and financial institutions when it comes to reporting money remittances. Here are some key points:

• Obliged subjects must report any transactions involving the physical movement of coins, paper currency, travelers’ cheques, or other bearer documents exceeding EUR 1,500 or equivalent in foreign currency to SEPBLAC (Servicio Ejecutivo de la Comisión de Supervisión y Vigilancia Financiera).
• Transactions with natural or legal persons resident in designated territories/countries exceeding EUR 30,000 or equivalent in foreign currency must also be reported.

International Transfers

Here are some additional details about international transfers:

• Aggregate information about money remittance activity on payment services must be provided to SEPBLAC by country of origin/destination and agent/place of business.
• International transfers of credit institutions must be broken down by country of origin/destination.

Cryptocurrency Transactions

Spain has specific regulations in place for cryptocurrency transactions, including:

• Regulation (EU) 2023/1113 requires Crypto-Asset Service Providers (CASPs) to implement general traceability measures for the transfer of crypto-assets, including collecting and retaining information about the sender and beneficiary.
• Specific traceability measures require CASPs to collect and retain information from clients transferring crypto-assets to or from non-custodial wallets.

Estate Planning and Testamentary Succession

Cryptocurrency is treated as any other ordinary asset of the deceased person for purposes of wills and intestate succession.