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Posted: Wed Jun 22, 2022 10:06pm
Super helpful member
YvonneF wrote on Wed Jun 22, 2022 9:02pm:
Can anybody explain the "envelopes stuffed full of cash"
referred to in a couple of the posts above? I don't understand...
Hi
So far as I remember/understand, the envelopes were to pay the solicitor, bank and the estate agent. Spain feels like a third world country sometimes!
Cheers
Steve
Posted: Wed Jun 22, 2022 10:17pm
Stevec2x wrote on Wed Jun 22, 2022 10:06pm:
Hi
So far as I remember/understand, the envelopes were to pay the solicitor, bank and the estate agent. Spain feels like a third world country sometimes!
Read more...
Cheers
Steve
Jeez, I just transferred money into my lawyer's account! I'd be very suspicious of anyone wanting payment in cash.
Posted: Wed Jun 22, 2022 10:37pm
Super helpful member
YvonneF wrote on Wed Jun 22, 2022 10:17pm:
Jeez, I just transferred money into my lawyer's account! I'd be very suspicious of anyone wanting payment in cash.
Thought occurs that it may relate to whether the solicitor has power of attorney and whether there's a mortgage involved - both no, in our case.
Cheers
Steve
Posted: Wed Jun 22, 2022 10:52pm
Stevec2x wrote on Wed Jun 22, 2022 10:37pm:
Thought occurs that it may relate to whether the solicitor has power of attorney and whether there's a mortgage involved - both no, in our case.
Cheers
Read more...
Steve
Ah yes, mine has POA.
YvonneF wrote on Wed Jun 22, 2022 9:02pm:
Can anybody explain the "envelopes stuffed full of cash"
referred to in a couple of the posts above? I don't understand...
The cash is called "black money" I thought that it was not legal and had been stopped years ago. I idea is that the more black money you pay, the more VAT you or your seller can avoid paying. It used to be that if you bought a house for 120K euros you would pay 100K in bankers draught and 20 K in cash. So with only 100K being visible, tax was only paid on that amount. Trouble is, it then looks like your house only cost you 100K which can cause issues further down the line when you go to sell.
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GrahamLynn wrote on Thu Jun 16, 2022 12:53pm:
Yes, agree with Steve, that property has to be paid by bankers draft. Our money was in our Spanish account, but if we’ve transferred more than 40k we would have incurred bank charges, so our money too was deposit in numerous transfers. Our solicitor organised the bank draft and came with us on ...
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...the day. We too had numerous brown envelopes stuffed with money. I made the solicitor take charge of the money as I didn’t feel comfortable carry that much cash around.
So you also need to check with your solicitor how much cash you will need on the day, as I think some Wise accounts either don’t permit large cash withdrawals or charge you for the privilege.
Lynn
Hi
Apologies for being slightly off topic, I have been using Wise for ages (Gbp and Euro accounts) and find them to be excellent.
I am planning to advise the UK Dept for Work and Pensions to start paying my state pension into my Wise GBP account and in addition the contents of a couple of UK savings accounts.
Does anyone know if Wise have a limit on how much you can hold in a personal GBP account ?... (I ask because there is now a limit of 3000 for a Euro account)
I have looked through the Wise help section and also sent them an email but the info I get back seems a little ambiguous.
Thanks
Gary
Posted: Thu Jun 23, 2022 2:19pm
Legendary helpful member
YvonneF wrote on Wed Jun 22, 2022 9:02pm:
Can anybody explain the "envelopes stuffed full of cash"
referred to in a couple of the posts above? I don't understand...
Our solicitor wanted paying in cash, our notary wanted paying in cash and we paid for our furniture as part of the house deal in cash. Envelopes aren’t exactly stuffed with cash as there are some high value notes here.
The highest value 500€ note was black = black money or dodgy dealings!
Get used to dealing in cash in Spain it’s still the way of life here.
Lynn
Posted: Thu Jun 23, 2022 5:13pm
is it not normal to transfer funds to solicitor for them to pay seller minus taxes fees etc to government, and more importantly are your funds covered if the solicitor does a runner.
How can you trust a solicitor who is willing to carry out tax evasion for himself and the seller and buyer.!
Posted: Thu Jun 23, 2022 5:43pm
Super helpful member
sydmichel wrote on Thu Jun 23, 2022 8:28am:
The cash is called "black money" I thought that it was not legal and had been stopped years ago. I idea is that the more black money you pay, the more VAT you or your seller can avoid paying. It used to be that if you bought a house for 120K euros you would pay 100K in bankers draught...
Read more...
... and 20 K in cash. So with only 100K being visible, tax was only paid on that amount. Trouble is, it then looks like your house only cost you 100K which can cause issues further down the line when you go to sell.
It was nothing like that much cash!
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