How much money can you put into your account without raising suspicions from the Spanish Tax Agency?

Keeping cash 'under the mattress' to avoid declaring it. image: wikimedia

Here we tell you how much money you can put into your account without raising suspicions from the Spanish Tax Agency.
The coronavirus pandemic has largely favoured financial transactions by card, and tools such as Bizum have made cash a smaller and smaller part of our everyday lives.
However, plenty of people still prefer to use cash. If you want to put cash into your bank account, there is a certain limit.
If you make the deposit at a cash point, no identification is needed, but you do it in person at a bank, the entity may require the your identification. This is mandatory if the amount is 1,000 euros or more.
But what about the Spanish Tax Agency? The Tax Agency may perform an investigation if you make a deposit of 3,000 euros in cash. Your bank is obliged to inform the Bank of Spain, which in turn informs the Spanish Tax Agency, Hacienda.
If the investigation finds no justification for the deposit, the Tax Agency may consider it to be unjustified equity income, and the money will need to be included as taxable income in the Impuesto sobre la Renta de las Personas Físicas (IRPF).
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Written by

Tamsin Brown

Originally from London, Tamsin is based in Malaga and is a local reporter for the Euro Weekly News covering Spanish and international news. Got a news story you want to share? Then get in touch at [email protected]


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