Includes how foreign exchange is managed and implications for U.S. business;
Last Published: 6/21/2019

Some main features of key legislation on foreign transactions (Royal Decree 1816/1991) include: 
 

  • Safeguard clauses -- Under exceptional circumstances, this law authorizes the Spanish government to prohibit or limit certain financial transactions with non-residents if the transactions affect Spanish interests, or if they affect measures adopted by international bodies of which Spain is a member. The Ministry of Economy or the Council of Ministers may invoke these safeguards if necessary. 
  • Documenting transactions -- For statistical purposes, banks must document money transactions. 
  • Declaration to the Bank of Spain -- Notification must be given to the Bank when certain transactions occur between residents and non-residents. These transactions may include financing and deferral of payments and receipts for over a year, offsets of credits and debits on commercial and financial transactions, or financial loans received from non-residents. 
  • Prior notification -- This regulation requires prior notification for the export of coins, bank notes and bearer checks, in either local or foreign currency, to non-E.U. countries for amounts of more than 6,000 EUR (USD 7,000 at average 2018 exchange rate) per person, per trip. Prior notification is also required for quantities of more than 6,000 EUR (USD 7,000) coming into Spain. 
  • Prior authorization -- Prior administrative authorization is required for the export of coins, bank notes, and bearer checks, in either local or foreign currency, for amounts over 30,000 EUR (USD 35) per person, per trip. 
  • Bank accounts -- Non-resident individuals and companies can maintain bank accounts in Spain and do so under the same conditions as residents. The only requirement to have a bank account is documentation of non-resident status. For exchange control purposes, residents are individuals who live in Spain, companies with registered offices in Spain or branches/subsidiaries of foreign companies or of individuals living abroad.

 Check here for more details on exchange control regulations:

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