Shemitas Kesafim does not depend on the land. If Reuven borrowed 100 Shekalim from Shimon, when the 7th year comes Shimon is not allowed to demand the money back. This Mitzvah applies everywhere.

Kol Tuv,

Dovid Bloom

I just would like to add that even though Shemitas Kesafim does not depend on the land (because it is not a Mitzvah that applies to food that grows in the Land of Israel), nevertheless if not for the verse, "For He called a Shemitah for Hash-m" (Devarim 15:2), which teaches us that Shemitas Kesafim applies all over the world, we would have said that Shemitas Kesafim does not apply outside Israel. This is because the Gemara here compares the Shemitah of the Land, which prohibits agricultural labor, to the Shemitah of money.

So Shemitas Kesafim does not depend on the land, but it is compared to the agricultural Shemitah which does depend on the land, and this is why we require a verse to teach us that it is observed outside of Israel.

All the best,

Dovid Bloom