Placement of funds for Ukrainians abroad in a European bank: Spain

Stability, reliability, and the possibility of obtaining high-quality banking services are perhaps the most important points that are taken into account when choosing a country for the placement of funds by Ukrainians.

One of these countries is Spain. Banks in this country are known for the quality and high level of availability of services, in particular for foreign citizens.

The banking system of Spain adheres to international standards, standards of the European Union, which gives our citizens additional confidence in the prospect of placing funds in bank accounts in Spain.

This country gained popularity in the context of placing funds in its banks precisely among Ukrainians who have a business or plan to open a business in the territory of a member state of the European Union.

From deposits with guaranteed interest to investment funds and insurance products, Ukrainian investors have the opportunity to choose the best option that suits their needs and risks in one of the leading Spanish banks.

However, it is worth paying attention to practical aspects that will concern the placement of funds, namely, financial monitoring.

Verification of the origin of funds is the process by which the bank collects and verifies information about the source of financial assets that the customer intends to place in his account.

There are several ways in which you can ensure confirmation of the origin of your own funds:

• presentation of tax declarations and certificates from the tax office about their submission, bank statements about cash withdrawals – by contacting the relevant authorities;
• provision of property purchase and sale contracts, donations, and others.

The Legal Company “Prikhodko and Partners” can provide various legal services for the placement of funds of Ukrainians in an account in a Spanish bank.

The client can get:

• Assistance in the transfer of funds within the framework of the current legislation of Ukraine and the EU. If a person wishes to place cash in an account in a Spanish bank in the amount of more than 10,000 euros, the question arises of compliance with the rules of financial monitoring in Spain. This involves a large amount of legal work, including the declaration of funds at the border, preparation of customs declarations, and documents confirming the origin of cash funds for placement in the account.
• Bringing documents into compliance with the requirements of Spanish legislation for the placement of funds in the relevant bank. In addition to the documents required from the relevant bank, necessary for verification and direct account opening (the standard package includes a document confirming the identity of the client, an identification code on the territory of Spain, declarations 2-PTFO, 3-PTFO, etc.), there is also a question regarding the translation and correct apostillation of those documents that will be submitted to confirm the origin of the funds when placing the amount in an account in a Spanish bank over 10,000 euros.
• Full legal support at the bank for opening an account and placing funds there. This service includes assistance in moving funds, preparing documents for verification at the bank, and placing funds there, as well as physical support from a specialist during interaction with the staff of the respective bank.

Conclusions.

Spain has become an attractive country for placing funds among Ukrainians, especially among those engaged in entrepreneurial activities.

Citizens can use the services of a legal company for placing funds in Spanish banks, in particular for assistance in transferring funds, preparing the necessary documents, and physically accompanying them to the bank. This will be important primarily for compliance with the requirements of financial monitoring on the territory of Spain and beyond.