How does 'Money Heist' end? That season 5 part 2 ending explained

We're not ready to say goodbye to the Spanish hit, but how does 'Money Heist' end?

LA CASA DE PAPEL (L to R) HOVIK KEUCHKERIAN as BOGOTÁ, ÚRSULA CORBERÓ as TOKIO, RODRIGO DE LA SERNA as PALERMO, ITZIAR ITUÑO as LISBOA, MIGUEL HERRÁN as RÍO, JAIME LORENTE as DENVER in episode 02 of LA CASA DE PAPEL
(Image credit: TAMARA ARRANZ/NETFLIX)

Our favorite heist show has been a non-stop rollercoaster since the day it started back in 2017, but how does Money Heist end overall?

The nail-biting Spanish crime drama that was once on the verge of cancellation now remains one of Netflix’s best international shows. With the final five episodes of Money Heist, also known as La Casa de Papel, having been released on Netflix on December 3, the final season was as thrilling as was expected and had us wondering whether the show would end with a happy ending.

If you’re in dire need of the answers to what happened in season five part two—whether the gang got Spain’s entire gold reserve and whether or not they actually got out of the Bank of Spain—here's everything you need to know, including some major plot twistz that not even we saw coming.

*Warning: Spoilers below*



How does 'Money Heist' end?

The final episode of Money Heist includes a lot of flashbacks where The Professor reiterates his plan to melt down the gold using an oil drill that Berlin had stolen years earlier and then send the liquefied gold down the pipes of where The Professor was staying during the heist.

We find out that The Professor never actually shared with anyone how he was going to get the gang out of the bank because he feared if they were caught by the government, one of them might crack under pressure. That meant he had to hide the location from even himself.

When The Professor turned himself in, he also sent word for the videos of how they got the gold out of the Bank to be played on every major network. This made the situation very tricky for Spain as their economy started to crash. This led Colonel Tamayo to be stuck in a very tricky position because without the gold and its location—of which nobody knew bar Rafael and Tatiana, who we’ll get to in a minute—Spain was on the brink of total economic collapse.

As The Professor expected, Tamayo tried to crack Denver into a confession, promising him freedom and millions of euros if he gave up the location of the gold. November wavered because he wanted a life with Stockholm and his son Cincinnati and ultimately refused, forcing Tamayo to play The Professor’s game of either they both win or they both lose.

The Professor promised to return the gold (not the real gold because no one knows where that is yet) to the Bank of Spain on the condition that Tamayo ensured his team’s safety. Tamayo agreed, giving a speech to the public that the gold had been found. Trucks then came back to the bank filled with gold bars that were actually brass painted to look like gold. When Tamayo found this out, he threatened to kill The Professor and his team. 

Again, The Professor was one step ahead—what’s gold, he argued, other than a psychological concept? He stated that as long as Spain still has the gold, they will not be on the brink of economic collapse and he'd be a hero. He stated that the gold is never actually used, it’s just there, and so this secret could be passed down to the Prime Minister for the next couple of decades without any problems. He also told Tamayo, regardless of what he did, he would never be able to find the gold.

Money Heist’s soundtrack this season was elite so as Coldplay’s “Fix You” played, the government announced the death of all of the remaining gang. But you didn't really think they were dead, did you? Like when The Professor's team convinced Tamayo that they hid the gold in the ocean, they weren't really dead but what the announcement did was allowed them to be free and be rich, which is what most people ask for to be honest. Toward the end of the episode, we see each member of the remaining team emerge from a body bag, confirming their alive status.

The final few minutes of the finale jump to 24 hours after the press conference and the heist's end. We see Rio in Denver reunited with the crew and The Professor addressing the team saying: “It didn’t all work out the way we wanted. We’re not all here. But, well, we did achieve something.” This is true, as they pulled off two of the biggest heists in history and got escorted to their freedom by the Spanish military.

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What happened to the gold in 'Money Heist'?

So you’re probably wondering what happened to the real gold. You’ll remember when The Professor turned himself in, he told Alicia Sierra to go and find the gold because no one else could do what she did.

And as per usual, The Professor was right: he found Rafael and Tatiana’s hiding spot for the gold in that small house they put together because both of them had known Berlin’s original plan. Alicia struck a deal with Rafael as she passed on The Professor’s note. It was a big shock that Alicia joined The Professor’s side.

So back to the final location of the real gold. We know it’s not in the Bank of Spain and it’s not in Rafael and Tatiana’s little house anymore. Alicia revealed that the gold is on its way to Portugal now as she moved the entire house there.

How did 'Money Heist' end for everyone else?

The Professor proposed to Lisbon and Lisbon actually accepted this time.

Remember Denver’s kiss with Manila? Well yeah, no, they didn’t get together. He found true happiness back with his wife Stockholm. They shared a super-cute moment in the show’s final minutes with a romantic kiss as Manila happily watched.

Rio was obviously still upset about Tokyo’s death but he was able to smile with the rest of the gang. Helsinki and Palermo also shared a nice moment, which suggests all is well with the multimillionaire thieves.

Who died in 'Money Heist' season 5 part 2?

After the devastating death of the much-loved Tokyo in season 5 part 1 and Nairobi back in season 4, we were expecting a massacre in part two but are happy to announce that The Professor, Lisbon, Rio, Denver, Stockholm, Manila, Helsinki, Palermo, and Bogotá all survived to see the end of Money Heist.

The Bank of Spain heist did cost a lot of lives but they did get what they went in for, which was freeing Rio from the Spanish authorities and the gold.

Liv is a freelance journalist currently studying English at university. She loves covering everything from entertainment and politics to lifestyle and travel. As well as writing for My Imperfect Life, Liv has bylines in The Times, HuffPost, Den of Geek, Bustle The Metro and The Bookseller.