Since the entry into force of Law 7/2012, of 29th
October, entrepreneurs and professionals acting as such are not
allowed to pay in cash transactions with an amount equal or
greater than 2,500€
(or its equivalent value in foreign currency).
If the payer is a natural person who is a
resident abroad and is NOT acting as an entrepreneur or as a professional, the limit shall
be 15,000€.
Cash is understood as paper money, coin, bank
checks and any physical or electronic means designed to be used as payment to
bearer (article 34.2 of Law 10/2010, of 28th April).
Entities intervening in the payments are obliged
to keep the documentation that certifies that such operations have not been
paid cash for, at least, 5 years.
In case of break of these rules, the penalty
will consist of 25% of the total amount delivered in cash and will be imposed to both
the PAYER and the RECEIVER.
