22,250 euros were recently handed over to the rightful owner in the Canary Islands (more on this below). Reports like this crop up time and again. Perhaps this is partly because the law is extremely strict. Even a small amount is enough to be prosecuted for misappropriation of lost property. And what about a finder’s fee?
The magic figure here is twelve euros. There are historical reasons for this. That’s because 12.02 euros is equivalent to 2,000 pesetas. And the law governing finder’s fees dates back to the pre-euro era.
Anyone who finds 20 euros on the street in the Canary Islands will probably think they’ve got lucky. But anyone who pockets the money is committing an offence. That’s what the Civil Code (Código Civil) says. And there’s plenty more in there – particularly on the subject of finder’s fees:
How much finder’s fee is there in the Canary Islands?
Article 615 of the Civil Code stipulates that lost property must be returned to its owner. If the rightful owner is unknown, money or items must be handed over to the local authorities, such as a lost property office.
The item or cash will be held there for up to two years. If the found property is not claimed in the meantime, the finder may have it handed over to them. From that moment on, they become the rightful owner.
If, on the other hand, a lost item is collected by its owner, the honest finder is entitled to a finder’s fee under Article 616. This is calculated on the basis of the item’s value. And that is where the 2,000 pesetas come into play.
According to the Civil Code, the finder is entitled to a finder’s fee of ten per cent for items worth less than 12 euros. If the value exceeds this amount, the fee is five per cent.
What happens if I keep a found item in the Canary Islands
However, under the Código Civil, anyone who pockets and keeps a found object or cash is liable to prosecution. The key factor here is the intention: anyone who does not attempt to return a found item or hand it over to the relevant authorities risks a fine.
If the value of the found item exceeds 400 euros, or if it is of historical, artistic, cultural or scientific value, this may even result in a custodial sentence. However, such sentences are very rarely enforced.
Nevertheless, the rule is this: anyone who finds money or valuables should always try to track down the rightful owner. If this is impossible or unlikely to succeed, it is important to contact the police or the lost property office. You might be in luck and, after two years, be able to collect and keep the found item entirely legally.
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