Taxes that apply when bringing money from abroad

If you want to bring money from abroad, this is of interest to you.

+16.000 opinions and 4,7/5 Google Ratings

🚀 You can now file your income tax return! Register and calculate your result for free

Home » Foreigners and income tax returns » Taxes that apply when bringing money from abroad

Resumiendo, que es gerundio

If you bring money from abroad to Spain, it is crucial to inform Hacienda to avoid fines. You must fill out form S1 if you transfer more than 10,000 euros. This allows you to declare the money legally and avoid penalties.

Imagine that for work reasons you had to leave the country. You were working there for a while and at the end of your stay you decide to make an income. There is no other institution in Spain that is more concerned about this kind of issues than Hacienda.

Above all, if there are suspicious movements of funds, transfers, withdrawals or deposits in our bank account. If we make an unusual movement of capital, our bank has total freedom to inform the Hacienda. It is likely that in this case the tax office will demand a tax return from us. And admonish us if he thinks that our motives cannot convince him.

How could I avoid being admonished?

If you bring cash from abroad, and you do not make a corresponding notification to the Treasury, you can be charged from 10,000 €. This number as a minimum being so even with activities worth € 100,000.
For this reason, before sending currency, the S1 form of the Tax Office (AEAT) must be completed.

What is the S1 form?

The S1 declaration form is filed before the deposit of 100,000 euros in the Spanish national territory. Or the foreign payment equal to or greater than 10,000 euros paid by individuals during transport.

Which must specify some details such as:

  • Indicate the country of departure of the payment.
  • Indicate the country of arrival (if we transfer money from inside or outside) along with their respective locations.
  • The method of transport
  • Type of currency
  • The amount to be moved
  • State the source of the money (work, inheritance, etc.) along with its purpose, etc.

Once you do this, the tax office accepts the form and allows you to transfer the money. The money can then be declared at the customs checkpoint where you enter or leave and transport.

Important note: The declaration filed is valid only for the payment declared on the declaration date. This declaration must be present during the entire transportation process. The method of payment must be accompanied by the statement and presented by the carrier.

Un funcionario entregando los documentos necesarios para rellenar la Ley Beckham a un ciudadano

Can I be exempt from filing taxes?

The only persons exempted from the filing obligation are:

Persons representing companies authorized and registered by the Ministry of the Interior for the professional transportation of funds.

Although carrying money from one place to another does not mean paying additional taxes, it does generate economic sanctions before the AEAT. At least if it is not notified in advance or the transfer is not justified.

If you are a tax resident in Spain, but practice abroad, you can apply for a tax exemption. This is not the same as an exemption to declare, but it reduces the tax impact.

Por favor, activa JavaScript en tu navegador para completar este formulario.

¿Has hecho ya la declaración de la renta?

To do so, you must meet certain requirements:

  • The company you work for must not be resident in Spain. Nor must you be working in a permanent establishment abroad. Which means that you must perform activities at a fixed location where the company does business abroad. Such as a branch, workshop, factory or warehouse.
  • The countries where you work must impose taxes similar to personal income taxes. And they cannot become a tax haven.

Another option is to use an excess system. With it, we apply the so-called commuting bonus. That is, you charge more for the work abroad than for your function in this field in Spain.

What happens if the above steps are not taken into consideration before transferring money from abroad or from inland to Spain?

Specifically, the minimum fine per import is approximately 600 euros. The maximum amount can reach up to 50% of the value of the form of payment. And this can also be accompanied by public or private warnings. And added to this, the money can be withheld or seized.

Un expatriado saliendo de su trabajo en el extranjero

What if you have or receive a pension or income from abroad?

It is not surprising that someone has a foreign bank account, foreign property, rent or pension. Migration and employment opportunities have made the mobility of people more and more common. In this case, we are also obliged to notify the Ministry of Finance.

At least whenever any of the following three situations occur:

  • All our assets abroad exceed 50,000 euros.
  • When we have securities, rights, insurances, deposits, management or income received abroad.
  • If we are owners of real estate located abroad and we have rights over real estate.

In these cases, if we forget to notify the Treasury, the fine will be higher than that of transporting money. Specifically, in order to account for our wealth abroad, it is necessary to complete the AEAT form 720. This includes the three previous obligations.

If we do not make this declaration to the tax office, then the fine will increase considerably.

For example, if we have a house abroad and we do not notify, we will have to pay at least 10,000 euros.

If we together with the house also have more than 50,000 euros outside Spain. Or we have received income outside Spain, and we do not notify such situation, the minimum fine is 30,000 euros. The minimum is 10,000 euros for each obligation without notice. The last point will be of special transcendence. Because if you work in another country and receive pension income, you must also declare it to the Ministry of Finance.

Benefits in the case of the European Union

Some people work every day in a country that is not their country of residence. This is relatively common near border boundaries. Regarding border workers, they are subject to the following rules:

For France and Portugal: it is determined in their respective conventions that all income received is taxed in the country of residence. For example, Spaniards transiting every day to work in these countries will only declare the entry in Spain. Those who live in France or Portugal and work in Spain can only declare in their country of residence.
Regarding Morocco: There is no such provision in the agreement, so income from both countries may be taxed.
However, there is an advantage between the member states of the European Union. That they share the EU rules for coordinating social security systems. Therefore, if you work in a foreign country, part of the European Union, this regulation will apply. This will simplify the procedures of the Treasury Department.

Better ask TaxDown

If you need to bring money from abroad into Spain it can be a complex challenge. That’s why we at TaxDown are here to offer you a simple and effective solution that will guide you through the process, ensuring you meet all your tax obligations without stress and hassle.

With our help, we will take care of your forms such as the S1, we will provide you with step-by-step advice so that you can make your international transfers in an informed and legally compliant manner, avoiding possible penalties or fines.

Our commitment is to provide you with peace of mind and security in your international financial transactions, allowing you to enjoy the benefits of your funds in Spain without tax concerns. With TaxDown, bringing money from abroad is easier, safer and more convenient. Trust us to make your tax experience as safe and smooth as possible.

You can now file your income tax return! Easy and secure with TaxDown

Get started now!

Dibujo de persona haciendo la declaración de la renta con TaxDown

We’re Open!

File your income tax return without errors and with the maximum possible savings.

Register now

If you need more help on the subject, write to us and we will try to help you:

We can help you

Did you find this article useful?


0€ por año

Conoce tu resultado sin coste

Calcula tu resultado incluyendo todas las deducciones. No incluye la presentación.

  • Incluyendo TODAS las deducciones
  • En 15 minutos
  • Fácil y claro

Elige el plan que mejor se adapta a tus necesidades

¡Más barato!
Hazlo por tu cuenta fácil y con seguridad

Desde 35€ por año

Plan PRO

  • Asesores vía email en 24h
  • Revisión final de expertos
  • Máximo ahorro garantizado
¿Una renta bien hecha al mejor precio? Este es tu plan
te recomendamos
Hazlo con apoyo de asesores en tiempo real

Desde 45€ por año


Todo lo de PRO más:

  • Chat directo con asesores
  • Respuestas en minutos
Ideal si buscas asesoría en tiempo real
¡nuevo SERVICIO!
Haz tu declaración con un experto en tu situación

Desde 55€ por año


Todo lo de LIVE más:

  • Un experto exclusivo para ti
  • Tu experto en WhatsApp
  • Informe final personalizado
Tu plan si buscas un experto exclusivo para ti
¡más premium!
Nos encargamos de hacer TODO por ti

Desde 65€ por año


Todo lo de EXPERT más:

  • Tu experto hace todo el proceso
  • Todos los trámites y ayudas incluidos*
  • Revisión de años anteriores
  • Cubrimos rentas complejas
Para los que prefieren dejarlo todo en manos de profesionales

El precio dependerá de la complejidad de tu declaración


¿Qué dicen quienes ya apostaron por TaxDown?



"Pensaba que solo era que te hacían la declaración y ya. Para mi sorpresa, ¡me orientan fiscalmente a lo largo de todo el año! Una verdadera pasada"

star star star star star


"Quise empezar a invertir en acciones y crypto y desconocía la relación fiscal que tendría y no dudé en aprovechar la suscripción para que me orientaran...muy útil!"

star star star star star


"iba a comprarme una casa y no sabía si me repercutiría fiscalmente, y me han aclarado absolutamente todo. Top!"

star star star star star


"el descuento en los planes para autónomos de trimestral es bastante bueno! ahora tengo todo centralizado y digital"

star star star star star


"me asesoraron en cómo y cuándo vender mi casa para ahorrar fiscalmente, no tenía ni idea!"

star star star star star


"prácticamente por el mismo precio que me cuesta un asesor, además de la renta tengo asesoría fiscal todo el año gratis...merece la pena"

star star star star star

Todos los medios hablan de nosotros

Descubre si tu declaración ha salido a devolver y sé el primero en presentarla con TaxDown

Regístrate ahora

Deja una respuesta

Tu dirección de correo electrónico no será publicada. Los campos obligatorios están marcados con *

Make your tax return now and pay 10% less!

Register and use the code: ADIOSHACIENDA10