Cyprus follows EU guidance to ban cash transactions exceeding €10,000
The Cyprus Ministry of Finance is following the EUs example and is currently drafting a law rendering any cash transactions completed over €10,000 to be a criminal act, with fines imposed amounting to 10% of the total transactions value.
Essentially, going forward any purchases of goods & services exceeding €10,000 will need to be completed via plastic or mobile money to be a legitimate, lawful transaction.
Got a question? We’d love to hear it!
+357 25 02 50 34
+65 315 91 676
+7 812 458 46 22