Although the applicable European directive establishes a freedom of movement of capitals among the EU, the draftsman left the possibility for the countries to establish a limited administrative control. As a result, according to the Norm 27 December 1.992, the introduction in Spanish territory of cash, bankerīs drafts, cheque or any other form of payment, either in pesetas or in foreign currency, is free, and is not subject to administrative authorisation, declaration or formality.
Notwithstanding this, a person entering Spain with cash or payable to bearer cheques or drafts for an amount of over one million pesetas with the purpose of using these funds in transactions which by law require the investor to certify the origin thereof (for example, the purchase of property by a non-resident or to credit a non-resident account) will have to declare it in order to justify the import.
This declaration will have to be done either at Customs directly, or by means of the form B1 directed to the General Directorate of Foreign Transactions. If you are obliged to declare the import of funds, depending on the use you intend to make of them, I suggest you declare it at customs, since it will be easier and you get it out of the way.
