GardaLiving-LogoGardaLiving
Your lake Garda property market
GardaLiving-LogoGardaLiving
Your lake Garda property market
© Sidarta - shutterstock.com
You are here:
  1. Home
  2. News
  3. Legislation
  4. Cash payments

Upper limit for cash payments reduced to 1.000 euros!

26 March 2012

On December 6, 2011 Mario Monti announced his rescue plan and banned cash payments of over € 1.000. The cash cap takes effect immediately. This also applies to cheques, messenger securities, owner savings books with a bank or the post office, as well as bearer instruments in euros or a foreign currency. Payments of 1.000 euros or more as well as payment by installments have to be carried out via bank transfer, postal transfer or other electronic payment facilities (for example Money Transfer). The reason for the renewed reduction is the endeavour to gain more transparency for all effected cash flows. Contact your bank branch or post office for more detailed information.

With the beginning of 2012 special regulations were passed concerning visitors from countries which do not form part of the EU and who do not have their principal place of residence in Italy. Against presentation of their ID-card these citizens are allowed to continue paying for goods worth more than 1.000 euros in cash or by cheque. However, the seller is obliged to abide by numerous regulations so that the cash transactions are transparent for the tax revenue office.

(Source: diritto.net from 13.12.2011 and fiscoetasse.com from 22.03.2012)

Further news regarding italian legislation