According to Jiménez, only parents hold the legal representation required to open a bank account for a minor. Any regular deposits made by other relatives could be strictly interpreted by the Tax Agency as a transfer of assets or a donation.
“"Hacienda does not usually look into it, but the risk is there."
To avoid future tax issues, the expert suggests that relatives should keep the savings in their own names. Once the child reaches legal age, the funds can be transferred correctly, ensuring full compliance with administrative regulations.
