EXPORT OF CASH ABROAD. FORMULATION OF THE DECLARATION

Yes, February 24, 2022 radically changed the lives of Ukrainians. Many people who were previously ready to invest in construction, real estate or business projects are now thinking about taking their earned capital abroad. Therefore, the issue of crossing the border with currency values ​​is more relevant than ever.

It should be noted right away that problematic issues when exporting currency values ​​abroad arise when they are exported in the amount of 10,000 euros in equivalent.

The procedure for exporting cash abroad is regulated by the Law of Ukraine "On Currency and Currency Values", in particular its art. 8 provides that cross-border movement of currency values ​​by individuals in an amount equal to or exceeding the equivalent of 10,000 euros at the official exchange rate established by the National Bank of Ukraine on the day of movement across the customs border of Ukraine is subject to a written declaration to the customs authorities in the manner determined by the Cabinet of Ministers of Ukraine.

Therefore, if the amount you want to export is less than 10,000 euros in equivalent, you do not need to declare it. Otherwise, you will need to provide confirmation of the legal origin of the money, confirmation of the proper declaration of such funds and, accordingly, their taxation, as well as customs declaration of them at the border.

It should be noted that the equivalent of 10,000 euros is allowed to be exported by 1 adult.

One of the mechanisms to bypass the customs declaration of funds is to deposit them into your bank account. However, this method has a number of disadvantages, because you will have to undergo financial monitoring and actually explain the origin of the deposited amount and pay the bank commission when withdrawing cash and converting funds.

Yes, an individual carrying currency values ​​exceeding 10,000 euros in equivalent is obliged to inform the employees of the border service of Ukraine about this and provide the following documents:

• Declaration of currency values;
• Documents (tax reports, payroll certificates) confirming the receipt of income from entrepreneurial activities or as wages.
• In addition, documents confirming income can be contracts for the sale of cars, real estate, donation contracts, inheritance, and so on.

Please note that in case of non-declaration of currency values, such an amount may be confiscated.

Summing up, we note that exporting cash abroad is a rather complicated procedure, which you can take care of ahead of time. For assistance in preparing or verifying existing documents to confirm the agreement of currency values, please contact the specialists of Prikhodko&Partners Law Firm.