Pursuant to the Law 10/2010, of 28 April, of prevention of money laundering and terrorism financing, our firm is obliged to comply with some specific proceedings.
As a consequence of the above, you may have to provide some specific information and documentation, depending on the services you request from us. And the bank who will receive the funds in Spain will ask ask for similar infomation
For example, if you are going to make an investment in Spain, such as buying a property, we have the legal obligation to:
1) Identify you and your address. For this, we require a passport copy and one utility bill showing your name. If your investment is substantial you may need to provide a Certificate of Residency.
2) Check that you have the capacity to raise the funds to finance the investment. We normally require a payroll/wage slip, the last tax return, corporate tax, or similar. We will require you to fill out and sign a specific form, with all your details, description of your income source, etc.
An important factor to point out is that the aim of these documents and forms is not to show whether or not you have a good financial situation. Prevention of Money Laundering proceedings are to confirm where the money is coming from, i.e. that the funds are actually coming from a professional or commercial activity, or from the sale of a property, an inheritance, a loan, donation, etc., and therefore the funds are not coming from illegal or undeclared incomes.
Another important thing that you need to be aware of, is that the funds to buy a property must come from a bank account in the name of the same person that is buying it. Funds cannot come from a company (even if it is owned or controlled by the property buyer) of from a relative. The only exception to this is when the bank transfer comes from an FX company, but in that case, please be aware that we may require a receipt of the transfer from your account to the FX company account.