Pensions, money laundering, foreign students and digital paperwork

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1. If you leave your job while covered by a company group insurance plan tied to retirement, you keep the economic rights you have earned. Waiting and vesting periods combined cannot exceed three years, and the minimum age to acquire rights cannot exceed 21.
2. Companies and insurers must give you written information, within a maximum of ten days if you request it, about your acquired rights, the conditions to earn them and what happens to them if you leave your job.
3. The fight against money laundering is tightened: maximum fines are raised (up to €10 million or 10% of annual turnover for very serious offenses), internal and external reporting channels are created, and whistleblowers are protected from retaliation.
4. Politically exposed persons, whether Spanish or foreign, are always subject to enhanced checks by banks and other obligated parties, including their family members and close associates.
5. Foreign researchers and students get clearer residence permits. After finishing their studies or research, they can stay in Spain for up to twelve months to look for a job or start a business.
6. A residence permit for internships is created for foreigners who earned a higher education degree in the previous two years, and universities may process their students' permits collectively.
7. Sanctioning proceedings for declarations of cross-border capital movements now have a maximum resolution period of one year, instead of the general three months.
8. Public administrations' electronic requirements (electronic register, powers of attorney, general access point and single electronic archive) are postponed by two years, to October 2, 2020, instead of taking effect in 2018.

Who it affects

• Workers with company pension plans or group retirement insurance: They keep their rights if they leave their job and receive more information about them.
• Companies and insurance entities: New information duties and limits on waiting periods and age for acquiring rights.
• Banks, notaries, managers and other parties obligated under the anti-money laundering law: More checks, higher fines and mandatory reporting channels.
• Foreign students and researchers: Faster residence permits and twelve extra months to find a job or start a business.
• Citizens and businesses dealing with public administrations: Electronic processing requirements are postponed until October 2020.

Words worth knowing

Blanqueo de capitales (money laundering)

Making money from criminal activities appear to come from legal sources.

Diligencia debida (due diligence)

Checks that banks and other professionals must perform to identify clients and verify where their money comes from.

Titular real (beneficial owner)

The natural person who ultimately owns or controls a company or account, even if someone else is listed.

Silencio administrativo (administrative silence)

If the administration does not answer in time, the request is deemed granted (or denied, depending on the case).

Real decreto-ley (royal decree-law)

A rule with the force of law that the Government can pass on an urgent basis, without prior approval by Congress.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries