Will the bank lock up 30% of my funds?

[norte]

hi there,
i read somewhere that if you have self employed certificate and open residents bank account with spanish bank - the bank locks 30% of your funds so you always have from that to pay monthly your due taxes to the government? sounds a little bit creepy to me:)) and maybe anyone knows that is minimum of these payments i also read somewhere here in the tenerife forum that is about 250eur at least.

[bonitatime]

Not sure wher you heard this but it has never happened to us

[norte]

thanks for reply:) but it actually says 15% of interest. sorry i made mistake. you can read it in canarian weekly:
"Despite the recent change in the law which no longer requires an EU citizen to apply for a residencia the banks are currently still demanding to see one. Once in possession of your permit you must change a non-resident account immediately to a resident one. The only real difference between the two accounts is that a resident account has 15 per cent of any interest withheld by the bank. This money may be returned when you file your tax returns at Hacienda if you have not earned enough money to be liable for tax."

[Tony the Welder]

hi there norte I think you will find that all bank withhold a percentage of the interest for tax reasons if you don't earn enough money to be liable for tax you can apply for it to be returned

[bonitatime]

That will be tax on income