2,500 Euro limit on cash transactions
Apr 11th 2012, 10:02 am
#1
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2,500 Euro limit on cash transactions
Of course those who currently operate in the black will probably find ways around this.
http://www.typicallyspanish.com/news...le_34329.shtml
http://www.typicallyspanish.com/news...le_34329.shtml
Apr 11th 2012, 10:13 am
#2
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Re: 2,500 Euro limit on cash transactions
Of course they will. Have just mentioned it on another thread as making little difference overall.
Apr 11th 2012, 10:42 am
#3
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Re: 2,500 Euro limit on cash transactions
I wonder if the 2,500 cash limit will apply to a certain casino project? 
Apr 11th 2012, 1:57 pm
#4
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Re: 2,500 Euro limit on cash transactions
Nice to see Spain is trying to catch up with the country they are always accusing of money laundering
i.e. Gibraltar
i.e. Gibraltar
Apr 11th 2012, 4:23 pm
#5
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Re: 2,500 Euro limit on cash transactions
Another interesting and controversial move.
http://www.typicallyspanish.com/news...le_34330.shtml
Probably upset every one from the fluffy bunnies to the rent a mob crowd.
Surely preventing the organising of passive protests would breach EU human rights laws.
It's not really the fault of the organisers that the loony left like to turn such events into a free for all.
In any event the cops down here have quite affective ways of dealing with these nutters.
http://www.typicallyspanish.com/news...le_34330.shtml
Probably upset every one from the fluffy bunnies to the rent a mob crowd.
Surely preventing the organising of passive protests would breach EU human rights laws.
It's not really the fault of the organisers that the loony left like to turn such events into a free for all.
In any event the cops down here have quite affective ways of dealing with these nutters.
Apr 12th 2012, 3:52 pm
#6
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Re: 2,500 Euro limit on cash transactions
I rarely make cash transactions of more than 2500€ so this is unlikely to affect me.
Perhaps more relevant to posters here, another part of the antifraud measures is the obligation to declare to Hacienda any bank accounts held in other countries. Apparently also any shares, life insurance and property must be declared.
so this is unlikely to affect me.Perhaps more relevant to posters here, another part of the antifraud measures is the obligation to declare to Hacienda any bank accounts held in other countries. Apparently also any shares, life insurance and property must be declared.
Last edited by rachelk; Apr 12th 2012 at 4:06 pm.
Apr 12th 2012, 4:17 pm
#7
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Re: 2,500 Euro limit on cash transactions
I rarely make cash transactions of more than 2500€ so this is unlikely to affect me.
Perhaps more relevant to posters here, another part of the antifraud measures is the obligation to declare to Hacienda any bank accounts held in other countries. Apparently also any shares, life insurance and property must be declared.
so this is unlikely to affect me.Perhaps more relevant to posters here, another part of the antifraud measures is the obligation to declare to Hacienda any bank accounts held in other countries. Apparently also any shares, life insurance and property must be declared.
Apr 12th 2012, 4:46 pm
#8
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Re: 2,500 Euro limit on cash transactions
This is where I read it
http://economia.elpais.com/economia/...61_016737.html
No flesh on the bones yet, don't know what, if any, limits might be placed on it.
http://economia.elpais.com/economia/...61_016737.html
...el Gobierno obligará a los ciudadanos a informar a Hacienda de todas las cuentas abiertas en entidades financieras en el extranjero. ....
"otros títulos, valores o derechos representativos del capital social, fondos propios o patrimonio de entidades, así como de seguros de vida o invalidez, bienes muebles e inmuebles contratados con entidades establecidas en el extranjero".
"otros títulos, valores o derechos representativos del capital social, fondos propios o patrimonio de entidades, así como de seguros de vida o invalidez, bienes muebles e inmuebles contratados con entidades establecidas en el extranjero".
Apr 12th 2012, 4:49 pm
#9
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Re: 2,500 Euro limit on cash transactions
I am suprised that the Government didn't bring back the wealth tax in these hard times!
Apr 12th 2012, 5:09 pm
#10
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Apr 12th 2012, 5:21 pm
#11
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Re: 2,500 Euro limit on cash transactions
I rarely make cash transactions of more than 2500€ so this is unlikely to affect me.
Perhaps more relevant to posters here, another part of the antifraud measures is the obligation to declare to Hacienda any bank accounts held in other countries. Apparently also any shares, life insurance and property must be declared.
so this is unlikely to affect me.Perhaps more relevant to posters here, another part of the antifraud measures is the obligation to declare to Hacienda any bank accounts held in other countries. Apparently also any shares, life insurance and property must be declared.
Apr 12th 2012, 8:57 pm
#12
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Re: 2,500 Euro limit on cash transactions
This is where I read it
http://economia.elpais.com/economia/...61_016737.html
No flesh on the bones yet, don't know what, if any, limits might be placed on it.
http://economia.elpais.com/economia/...61_016737.html
No flesh on the bones yet, don't know what, if any, limits might be placed on it.
http://elpais.com/elpais/2012/04/12/...69_909705.html
Apr 12th 2012, 10:22 pm
#13
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Re: 2,500 Euro limit on cash transactions
Quote, ""Cash payments in cases of tax evasion and fraud often involve the use of 500-euro notes. Over a quarter of the total number of 500-euro notes issued by the European Central Bank are in Spain and account for 70 percent of the value of notes in circulation.""
That's interesting.
I've seen it mentioned a few times that half of the 500 notes issued in Spain immediately disappeared from circulation altogether.
However according to that article one quarter of ALL 500s issued by the European bank are in Spain.
Quite a high percentage, to put it mildly, yet how can they know they are all still in Spain ?
Also they claim that 500s account for 70% of the total value in circulation, I presume in Spain only ?.... yet once again how can they prove that is the case ?
As mentioned previously many of them completely disappeared from circulation altogether, lots obviously stashed well away from prying eyes, but quite likely a large percentage that could be circulating or have found a home anywhere else in Europe as a result of drug trading and other illegal activities without ever coming to light in bank accounts or official transactions. ?
With regard to the 2,500 transaction limit, I don't see that it stops Joe Bloggs withdrawing 50,000 cash from his private bank account to pass on in a brown envelope to Joe Soap as part of a private house purchase deal, or am I missing something ?
OK it might be illegal, but that was always the case, so what's changed there ?
Even if he can't pull it all out at once, which I'm not sure applies anyway in this case, then he can still do so in dribs and drabs
That's interesting.
I've seen it mentioned a few times that half of the 500 notes issued in Spain immediately disappeared from circulation altogether.
However according to that article one quarter of ALL 500s issued by the European bank are in Spain.
Quite a high percentage, to put it mildly, yet how can they know they are all still in Spain ?
Also they claim that 500s account for 70% of the total value in circulation, I presume in Spain only ?.... yet once again how can they prove that is the case ?
As mentioned previously many of them completely disappeared from circulation altogether, lots obviously stashed well away from prying eyes, but quite likely a large percentage that could be circulating or have found a home anywhere else in Europe as a result of drug trading and other illegal activities without ever coming to light in bank accounts or official transactions. ?
With regard to the 2,500 transaction limit, I don't see that it stops Joe Bloggs withdrawing 50,000 cash from his private bank account to pass on in a brown envelope to Joe Soap as part of a private house purchase deal, or am I missing something ?
OK it might be illegal, but that was always the case, so what's changed there ?
Even if he can't pull it all out at once, which I'm not sure applies anyway in this case, then he can still do so in dribs and drabs
Apr 13th 2012, 9:25 am
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Re: 2,500 Euro limit on cash transactions
my understanding is the "missing" €500 notes are in circulation - just they are in black suitcases passed around the criminal community for drugs, laundering etc.
£1m weighs 50kg in £20 notes, the same value weighs only 2.2kg in €500 notes.
The ECB monitors the useage of its currency and you can get an indication of bill movement by going to http://en.eurobilltracker.com/about/
there are very few of the "bin laden's" coming up on there but as of October 2011, there were approximately 594,833,600 €500 banknotes in circulation around the Eurozone (approximately €299,588,263,000 ).
the €200 note is the least used.
£1m weighs 50kg in £20 notes, the same value weighs only 2.2kg in €500 notes.
The ECB monitors the useage of its currency and you can get an indication of bill movement by going to http://en.eurobilltracker.com/about/
there are very few of the "bin laden's" coming up on there but as of October 2011, there were approximately 594,833,600 €500 banknotes in circulation around the Eurozone (approximately €299,588,263,000 ).
the €200 note is the least used.
Apr 13th 2012, 10:41 am
#15
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Joined: Aug 2008
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Posts: 17,507
Re: 2,500 Euro limit on cash transactions
my understanding is the "missing" €500 notes are in circulation - just they are in black suitcases passed around the criminal community for drugs, laundering etc.
£1m weighs 50kg in £20 notes, the same value weighs only 2.2kg in €500 notes.
The ECB monitors the useage of its currency and you can get an indication of bill movement by going to http://en.eurobilltracker.com/about/
there are very few of the "bin laden's" coming up on there but as of October 2011, there were approximately 594,833,600 €500 banknotes in circulation around the Eurozone (approximately €299,588,263,000 ).
the €200 note is the least used.
£1m weighs 50kg in £20 notes, the same value weighs only 2.2kg in €500 notes.
The ECB monitors the useage of its currency and you can get an indication of bill movement by going to http://en.eurobilltracker.com/about/
there are very few of the "bin laden's" coming up on there but as of October 2011, there were approximately 594,833,600 €500 banknotes in circulation around the Eurozone (approximately €299,588,263,000 ).
the €200 note is the least used.
http://www.independent.co.uk/news/uk...e-1972192.html
Yeh,you can get 20.000 euros in a cigarette packet or alternatively you can swallow 150,000 euros in 500 euro notes,... if you wish.
The mind boggles.
Imagine someone sitting on the bog shitting 150,000 euros in 500 euro notes.
Expensive bog roll, eh,what ?
