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Portugal: No cash payments over €3,000 for residents, €10,000 for non-residents

Page created: Tuesday, 22 August 2017 14:06 GMT

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Lisbon, Aug. 22 (Lusa) – Payments in cash of more than €3,000 are prohibited in Portugal from Wednesday, excepting for non-residents, for whom the limit is €10,000 or the equivalent in foreign currency, according to legislation published in the state journal on Tuesday.

The law applies also to transactions that have already been completed, but not yet paid.

“This law is in effect relative to payments made after it comes into force, even if the transactions that give rise to them are prior” to them, the text states.

The higher limit for non-residents is only possible where they are acting in a personal capacity, and not as entrepreneurs or traders.

The law was promulgated by Portugal’s president last week, having been approved by parliament on 19 July, based on bills tabled by the opposition Social Democratic Party and by the Left Block, which is one of the parties that form the support base for the Socialist government.

VP/ARO // ARO.

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