Prikhodko&Partners
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International corporate law
Business Setup and Support in Spain Placement of funds for Ukrainians abroad in a European bank: Spain

Mykola Sirenko

Lawyer

E-mail

sirenko@prikhodko.com.ua

Phone numbers

Expert in corporate and international corporate law. Has extensive experience in supporting the acquisition of financial licenses in Ukraine, as well as business incorporation in the EU, the United Kingdom, Switzerland, the UAE, and key Asian jurisdictions.

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.

Calculate the cost of services

1 question

Have you opened a Spanish bank account before?

Yes

2 question

Have you transferred more than €10,000 across the Spanish border/placed in a Spanish bank account before?

Yes

3 question

Do you need advice on financial monitoring in Spain when placing funds in an account?

Yes

Can a non-resident register a company in Spain?

Yes. A foreigner may be a founder and administrator of a Spanish SL. Identification documents must be prepared, the required Spanish tax or personal identification numbers obtained, and notarial, corporate and banking checks completed.

Can an SL be opened remotely?

In many cases, the main part of the procedure can be completed through a representative acting under a notarised power of attorney. However, the procedure for obtaining an NIE, executing the power of attorney, bank identification and signing documents depends on citizenship, structure and the requirements of the particular institutions.

Is an NIE mandatory?

A foreign individual who participates in notarial incorporation, becomes a shareholder or administrator of the company usually requires an NIE. For foreign legal entities, a Spanish tax identification number is obtained and a separate package of corporate documents is prepared.

What is the current minimum share capital for an LLC (SL)?

The “Crea y Crece” law allows a company (SL) to be registered with share capital from €1. However, the company will be required to allocate 20% of its annual profit to the legal reserve until the combined amount of share capital and reserve reaches €3,000.

Can every startup pay 15% for four years?

No. The extended regime for empresas emergentes requires ENISA certification and compliance with requirements concerning innovation, scalability, age, turnover, structure and presence in Spain. Without such certification, the general rules for newly established companies apply.

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