Official Statement from the Treasury to These Spaniards: Be Careful, You're Risking a Lot of Money

If you are a minor and plan to travel outside of Spain, you must be aware of the tax obligations related to the transportation of cash. The Tax Agency (Hacienda) has established clear regulations to control the movement of large sums of money, especially for minors.

Hacienda Warns Minors Entering or Leaving with Money: Be Careful

Hacienda has intensified control over the transportation of cash, especially for minors. If a minor carries or introduces into Spain an amount equal to or greater than 10,000 euros, it must be declared. This measure aims to prevent money laundering and the financing of terrorism.

To declare cash, the E1 Form must be submitted. This form is mandatory and must be completed correctly to avoid penalties. If the minor transports an amount equal to or greater than 10,000 euros, their legal representative (parent or guardian) must:

• Complete the E1 Form: This form must be filled out with the minor's details and the amount of money being transported.
• Submit the Declaration: The declaration must be submitted at the point of entry or exit from Spain, whether at the airport, port, or land border.
• Justify the Origin and Destination of the Money: It is necessary to provide documentation that proves the origin of the funds and the purpose of the trip.

This Is What Hacienda Will Do If You Don't Declare It

Not declaring an amount equal to or greater than 10,000 euros can lead to significant penalties. Fines vary depending on the severity of the infraction. If the penalty doesn't exceed 3,000 euros, the fine can be from 50% to 100% of the undeclared amount.

If it exceeds 3,000 euros or represents more than 50% of the undeclared value, the fine would be from 100% to 150% of the undeclared amount. In addition to financial penalties, the lack of declaration would result in the temporary retention of the money until its origin and destination are clarified.

Recommendations for Minors Traveling with Cash

Always declare amounts equal to or greater than 10,000 euros, as it is mandatory and avoids penalties. Carry documentation that proves the origin and destination of the money, as this facilitates the declaration and justification process.

Stay informed about current regulations and before traveling, it is advisable to consult the official page of the Tax Agency or contact a tax advisor. Complying with these obligations not only avoids penalties but also contributes to transparency and legality in financial transactions.