Rent of safe deposit box in Spain

Safety is a kind of banking product offered to clients. Safety is the main component of all bank activities. Rent of safe deposit box in Spain is a guarantee of safe storage of personal values. Demand for this type of service grows from year to year.

What can be stored in a safe deposit box?

After signing the relevant agreement with the bank, we receive for rent the safe deposit box located in the bank vault. We can store documents, jewelry, money and other things in this safe deposit box. All restrictions must be reflected in the rent agreement. Forbidden objects can be classified as, for example, hazardous or harmful substances, substances prohibited for use within the country, etc.

In any case, only the client of the bank knows what is stored in the safe deposit box. And no one else. As you can see, bank secrecy applies not only to clients’ accounts, but also to the contents of safe deposit boxes. An insurance agreement can be signed with the bank that protects against theft, fire, etc.

You should not forget that the safe deposit box in Spain can be opened according to the court order (for example, in the case of an embargo on the property of the owner). In addition, financial authorities have access to the contents of the safe deposit box. The Spanish tax authorities have information about the owners of bank safe deposit boxes and the persons authorized by them.

All aforesaid proves that the opinion of possible hiding from tax authorities large sums of money in safe deposit boxes is wrong. The best way to use safe deposit boxes in Spain is not for avoidance of taxes, but to store documents and valuable things.

To whom are safe deposit boxes rented?

Before answering this question, we will note three negative points:

  • Each time, less and less bank offices offer such a service. One office per province – at best. At worst – no one. Waiting lists for receiving this service became a usual thing.
  • Rent of safe deposit boxes differs in low profitability. For a bank, such safe deposit box rent means the loss of physical space while at the same time making a low profit from commissions.
  • Attraction of a dangerous contingent which is engaged in money laundering and shadow business.

Conclusion: rent of safe deposit box in Spain is the service provided to the best clients as additional to the main package of services. “The best clients” are determined not only by quantitative sign, but also by qualitative. The bank trusts those clients who can authentically confirm the sources of income.

How much is rent of safe deposit box in Spain?

There is no average price of this service. The rental price depends on the specific bank. The total amount of the commission includes the following components:

  • Opening commission and/or security deposit.
  • The monthly rent price for use of safe deposit box (depends on the size of the safe deposit box).
  • Each visit / access commission to a safe deposit box.
  • Commission for authorization of access to a safe deposit box to other persons.

Virtual safe deposit boxes

In the light of increasing demand for such service as rent of safe deposit boxes in Spain, the banks behaved in a completely surprising way:  they reduced the number of safe deposit boxes and offices in which those could be rented. But at the same time they offered a new type of service: virtual safe deposit boxes. Those serve for data and information storage.

Comments of JSC “Rigas seifi”

As can be seen from the article – the rental service of safe deposit boxes in Spain became a deficiency service. The need for clients exists, and the offers of banks is reduced. Even if the client gets the safe deposit box for rent, he is not guaranteed against the safety of valuable things and moreover, immediately gets under the control of the fiscal authorities of the state. In addition, this service is obviously expensive, it is very creative to charge a fee for each visit to a rented safe deposit box!

Conclusion: it is necessary to promote the construction of private vaults, where all the disadvantages of renting safe deposit boxes by clients are eliminated by the owners of the vaults.