10 Extraordinary Money Heist Finale Theories That Will Sweep You off Your Feet

Published 10/16/2021, 9:00 PM EDT

With Money Heist Season 5: Volume 2 premiering on 3rd December, the iconic heist will play out for one last time. Money Heist has always been a show which has kept its viewers hooked on the plot, while trying to make the audience second guess.

Fans haven’t yet come to terms with the fact that the show is going to end. They have predicted insane theories; some of which could very well be true. We look at these theories to find out if they are true, spoilers included.

Tokyo is alive


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One of the major moments in Money Heist Season 5: Volume 1 was the death of Tokyo, but some fans believe she is alive. The reasoning behind the theory being Tokyo is the narrator of the heist, as she has survived it and is narrating the story to Nairobi’s son Axel.

Another theory has boiled this entire heist to a mere fraction of imagination. It believes that Tokyo dreams of the heist after her boyfriend’s death during the first bank heist shown in flashback.

Both these theories need Tokyo to be alive, thus confirming that these are false. Or are they?

The garden is heaven

Season four showed the death of Nairobi, which has fans wondering if she has joined heaven represented by the garden along with other dead members Oslo, Berlin, and Moscow. The same scene shows Denver, Helsinki, and Professor, which could foreshadow their deaths, but this scene doesn’t feature Tokyo, making this theory less reliable.

Rafael and Tatiana’s plan

Some fans read between the lines when Berlin told his son, “If you really want something in life, you have to steal it from whomever has it.” Rafael thinks and looks at Tatiana, which made fans assume there was romance brewing among them and they could team up and turn against the Professor.

This theory is more on the believable side of the spectrum.

Rafael and Professor are family

Rafael doesn’t have any qualities of his father Berlin. Rather, he seems to be a mirror copy of Professor. Viewers had picked on this, and their claims just solidified in Money Heist Season 5: Volume 1 when Alicia confronted Professor about the truth he had been hiding from his brother.

If this is even slightly close to the plot, this could be one of the biggest reveals the show has ever had. It will completely spin the story on its head.

Rafael and Tatiana are significant

Money Heist has not introduced and disposed of characters without valid reasons. Hence, fans are not far off when they think Rafael and Tatiana will contribute to the plot heavily.

Is Alicia still on edge?

Lovers of the show are seriously questioning Alicia’s loyalty towards Professor. The writers have done a great job creating a conflict in viewers’ minds. They displayed a bond between Professor and Alicia during the latter’s pregnancy, but added a scene where Alicia goes through Professor’s work. There is another instance when Alicia is using a pair of pliers which she is hiding from the gang and some believe she would use those to cut the communication.

Every show needs a grey character like Alicia, who keeps you on the edge until they take their next decision.

What happened in the Bank of Spain heist?

The writers have kept the fans in the dark about how the gang is planning to execute the Bank of Spain heist. Or could it be that the answer was right in front of us? When Professor told Alicia that they planned to convert the gold into 2mm nuggets, she did not believe it, and neither did we.

It would not be the first time that the Professor had played a double bluff, and he could have repeated it here.

Transporting gold through water

A big question for the fans is how does the gang transport the gold. The creators had hinted at using water for transportation during the Copenhagen flashback when Berlin threw the Viking gold in the water, only to retrieve it at a later point.

This is a plausible theory, as the bank flooded the main vault with water as a security measure, and it would need to be flushed someday, which would create an opening.

Gold exchange for the crew

One fan theory suggests that the gang will hold the gold hostage for the crew. It becomes an easy swap once they transport the gold outside.


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This one is tricky. Even though Tamayo stresses the importance of gold and how it could bankrupt the country, it will look equally bad for the special forces if the criminals are free.

Gold is not the primary target

The Copenhagen flashback triggered another theory, which states that the gang is primarily behind the Viking gold artifacts/paintings stored in the bank’s museum. Berlin tells Rafael about a zero-risk robbery that will go unnoticed for months if they replace the treasure with brass fakes. The Professor also knows that the special forces will need to break the roof to enter, and this chaos will ensure the destruction of artifacts, thereby creating an excellent diversion for the gang.


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This theory is the most widely accepted, as it accounts for multiple factors and fits perfectly in the narrative.

Which theory do you think will come true on December 3?



Anuj Kapse

214 articles

Anuj Kapse is a writer at Netflix Junkie. This undergraduate, who has developed a liking for the creative arts and writing, decided to explore and build his passion in the entertainment vertical. He enjoys watching and recommending sitcoms /mockumentary to his friends, and some of his staples are American Vandal, Trial & Error, and Crashing.