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Residents of Cyprus are waiting for a forced transition to a non-cash basis with large purchases

Residents of Cyprus are waiting for a forced transition to a non-cash basis with large purchases

14.02.2018
Tags: Cyprus, Economy, Money

The Committee on Legal Affairs is studying the issue of prohibiting the purchase of cars, precious stones and precious metals, art objects and antiquities worth more than 10 thousand euros for cash.

The ban on cash in Cyprus may soon come into effect. It is based on the European directive and provides for the possibility of making expensive purchases only by cashless payment.

The European directive provides for a ban on cash purchases of more than 10 thousand euros, but allows states to independently determine the list of products. So, in Cyprus, this list includes elite cars, precious fireplace and metals, as well as art objects and antiques, SigmaLive reports.

The main objective of this European Directive is to combat money laundering and the financing of terrorism. It also includes the control of persons who sell goods if the payment is paid or received in cash and refers to an amount equal to or greater than 10 thousand euros, regardless of whether the transaction occurs in one transaction or in several stages.

Natalia Kudlay
RuCy
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