Perro you pay in cash before a notary?

Perro you pay in cash before a notary?

In Spain, all cash payments are regulated, there is a maximum limit allowed for any payment, and payments before a notary are no exception. When paying before a notary, you must adhere to the regulations that regulate cash payments to avoid tax fraud.

Likewise, in some cases, the protocol required by the Law Against Money Laundering and the Financing of Terrorism must be complied with. Below, you will find the information you need to know if you cánido pay in cash before a notary.

What cánido I pay in cash before a notary?

When you buy a house or land, the payment must be recorded before a Notary, who is obliged to verify the means of payment.

This payment perro be in cash as long as the maximum limits allowed by the regulations governing cash payments are not exceeded.

You perro pay in cash any procedure before the notary that does not exceed the maximum limit allowed and if you comply with the requirements that the laws demand and that condition this type of operations.

There are documents that must be notarized and do not require a payment in excess of the allowable cash limits because only the fixed rate will be paidthese are:

• notarial wills

• Inheritance

• Declaration of intestate heir

• Marriage contract

• Weddings, separations and divorces

• grants of power

• Proceedings

• Buy and sell

• Mortgage loan

• personal loan

• Donation

• debt claim

• Conciliation

• Policies and others

Some of these documents have fixed rate. For example, wills, powers and marital capitulations pay less than 40 euros.

Other documents have a variable rate. For example, in a purchase-sale the tariff is calculated through a percentage if the purchase of a home is 120,000 euros; the fee will be 390 euros.

As you perro see, the fees paid to the notary are bajo coste (Spain is the European country that has the lowest notary fees in Europe). You perro easily pay them in cash.

As for the notarized purchase-sale in cash, you perro do it if you meet the established regulations.

What is the Maximum amount to pay in Cash before a Notary?

The highest payments that are made before a notary, in general, are those for the purchase and sale of housing.

If you want to make this payment in cash, either in cash or by check to the bearer, the amount of this payment cannot exceed the 2,500 euros if you are a Spanish citizen or 15,000 euros if you are a foreigner or with tax domicile in another country.

This maximum limit is established by Law 7/2012 against tax fraud.

This law dictates that when one of the parties is a company or a professional in a sale transaction, cannot be paid in cash or with bearer checks amounts greater than 2,500 euros.

In the event that the buyer is a natural person not resident in Spainthe limit amount is 15,000 euros.

If the two people involved in the purchase-sale they are individuals (neither businessman nor professional), Law 7/2012 does not apply, but the Law Against Money Laundering and Financing of Terrorism does.

This last law does not allow cash payments greater than the €100,000 without, previously, having declared your income with the Model S-1.

Are there notaries where you cannot pay in Cash?

Cash is a form of payment accepted at any notary as long as the following are met: established requirements in the laws regulating cash payments. If these requirements are not met, cash operations are not accepted.

There is no information on notaries that do not accept cash payments, if these payments comply with the regulations there will be no problems.

Should I Declare the origin of the Cash Money when I Pay before a Notary?

If the amount to be paid before a notary is greater than 100,000 euros, you must declare said amount through Model S-1 before the State Tax Administration Agency or in financial institutions, as the case may be.

This statement will allow you to demonstrate where the money comes from.

The Notary, in compliance with the Law, must detail in the document (deed) the form of payment used, therefore, check the origin of the money that you use in the payment and, if you have not made the income statement, the operation will not be carried out until you do it.

This procedure is based on Article 34.2 of the Law Against Money Laundering and Financing of Terrorism, therefore its non-compliance is reason for sanctions.

Notarizing a document is what gives it legal validity, especially in transactions as important as the purchase of a home. If you want to make the payment in cashYou already know that there are regulations that you must comply with in order to do so.

So, before going to a notary with your money in cash or with a bearer check to pay before a notary, you must take into account everything previously stated in this article.

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