Tax
 

Hi I'm hoping someone can help, what's the best way to deposit a British cheque of £12,000 without having to pay too many fees.
Also will I have to declare it to hacienda? I haven't done one before so not too sure anabo it, or is it better to declare straight away and pay any taxes. Someone mentioned 40% that seems a bit much even for Spain lol.
If anyone can help it would be greatly appreciated 😊

Re: Tax
 

Deposit the cheque in a U.K. bank account, then transfer the amount in Eur using a currency transfer company, to a Spanish account.

I do not pay commission or tax on my transfers from the U.K.

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That's great to know thanks

Re: Tax
 

For inter-currency transfers, I strongly recommend Transferwise. The fees there are really low compared to doing it through the banks

(I've used their Borderless account that gives you GBP / EUR / AUD / USD bank account numbers and has been super helpful to me)

Feel free to PM if you need details and a referral

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I think you declare it on your tax return. Depends how you came by it. Sale of property , shares, etc?

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My Nan has come into some money so she's giving all the grandkids a cash gift, so we're not talking that sort of amount. What do you think? Thanks

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So regardless where it comes from you declare it pretty much?
It's a gift from my Nan.

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Sorry yes I'm a tax resident living in Malaga, do you know what tax they charge for a gift also wether it's best to declare straight away and pay the fees or through the hacienda? Thanks

Re: Tax
 

The tax would be about €1100.

If you asked a Spaniard about it, he would say that you should accept the gift in cash or transfer it in small amounts over time - a Spaniard would be very unlikely to declare such a small amount, especially if it didn't come from someone resident in Spain, but I could not possibly suggest that could I?

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That's great I will take everything into consideration, thanks Fred you've been a great help 😊