New limit on cash payments by non-residents
| Insights
The 2019 Budget Law raised from € 10.000 to € 15.000 the maximum limit for cash payments made by non-resident citizens in relation to so-called “tourism-related transactions”.
The new limit applies to payments made by non-resident citizens – both EU and non-EU – in relation to purchases of goods and services from operators listed in art. 22 and art. 74-ter of Presidential Decree 633/1972 (retailers, hotels, restaurants, travel agencies, etc.) resident in the territory of Italian State.
In order to accept cash payments by non-residents in derogation from the limits normally foreseen in the territory of Italian State (Euro 3,000), resident operators are required to send a special one-off preventive communication to the Revenue Agency.
For each individual operation it is also necessary that resident operators:
- acquire a copy of customers’passports and a self-declaration from them that certifies their citizenship and residence outside the territory of the State;
- deposit the amount collected into a dedicated current account within the first business day following collection, and present to the financial intermediary a copy of the prior communication transmitted to the Revenue Agency.
Andersen & Legal professionals are at your disposal to provide you with further information.