I was talking to a banker today about how to transfer money out of Spain. Turns out that if you are a resident here, you can’t just go to your bank and give them an IBAN number from the Cayman islands (or another European country for that matter) and ask them to transfer it. Even if the money is perfectly legitimate and you’ve paid your taxes on it and everything.
Turns out that before the bank will allow you to transfer significant sums of money (I think it’s around 50,000 euros), you need to have a certified DD1 form from the Bank of Spain, telling them about your foreign account. This can take some time. Once you have this, then your bank needs to do some of paperwork on their and you can expect the transfer to be done several weeks after that.
So, if you are planning on engaging in a little bit of capital flight, you might want to do a bit of preemptive planning, because if things get crazy, getting your money out before they get turned into Pesetas might be impossible. The doors are already there, and shutting them would not be that difficult.
In any case, it appears that if you are a resident in Spain you need to declare to the Bank of Spain that you have opened/closed foreign accounts or transferred large sums of money.
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