Update (May 10 2025): Following a detailed review of Royal Decree 253/2025, the official BOE text, and multiple independent fact‑checks, we determined that an earlier version of this article inaccurately claimed Spaniards must give 24‑hours’ notice to tax authorities before withdrawing more than €3,000 in cash and could face fines of up to €150,000 for non‑compliance. In reality, the reporting duty falls on banks and fintechs, not on individual savers, and the €150 k penalty applies only to institutions that fail to file the required data. The article has been fully updated to correct these points and provide a comprehensive, sourced explanation of the new rules.
The short version: the decree targets banks and fintechs, not ordinary account‑holders, but it still pushes Spain closer to total financial transparency.
Where the rumor came from
The story began with an April‑28 article in Madrid Informa, echoed by several English‑language blogs and a Fintechnews CH syndication. A thread by CitizenX CEO Alex Recouso snowballed on X, drawing an expletive‑laden reply from podcaster Peter McCormack. None of those posts linked to the Boletín Oficial del Estado (BOE) where the law was actually published.
What Royal Decree 253/2025 actually does
- Amends Articles 37, 38 and 38 bis of Spain’s General Tax Management Regulations (Real Decreto 1065/2007) and adds a new Article 38 ter. (BOE‑A‑2025‑6599)
- Requires banks, e‑money institutions and card issuers to file:
- Monthly reports of cash deposits, withdrawals, loans and account balances over €3,000.
- Monthly reports of merchant card payments (the old €3,000 annual threshold disappears).
- Annual reports on all card activity—charges, reloads and ATM cash, unless the card moves less than €25,000 a year.
Go to Source to See Full Article
Author: News Desk
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