Currency transfers across the customs border of Ukraine will be subject to new regulations from 27 July 2008.
The regulations have been recently adopted by the National Bank of Ukraine (the "NBU") with the purpose of gradual and consistent unification of the rules for currency transfers across the customs border of Ukraine with that of the European Union.
They apply to transfers across the customs border by residents and non-residents of Ukraine of domestic and foreign currency (including travellers' cheques etc) and banking metals.
They allow individuals to take up to €10,000 (or its equivalent in another currency) in cash across the border without having to declare it in writing. Any amount of cash above that limit must be declared in full in writing to the customs authority.
There is no limit on the size of currency transfers across the customs border of Ukraine by companies using an authorised representative, although all amounts must be declared in writing to the customs authority.
All transfers exceeding €10,000 (or its equivalent) by either individuals or companies require documents to be submitted to the customs authorities confirming that the currency was withdrawn from an account at a bank or other financial institution.
Up to €300 (or its equivalent) in cash may be sent by mail across Ukraine's customs border by either residents or non-residents. Correspondence containing an amount exceeding the equivalent of 300 euro will be returned to the sender.
Individuals may take up to 500 grams of banking metals across Ukraine's customs border and they must be declared to the customs authority. Individuals wishing to take more than 500 grams of banking metals across the border must obtain an individual licence from the NBU.
Companies are required to obtain a special permit from the NBU to take banking metals across Ukraine's customs border. Only authorised banks can take more than 500 grams of banking metals across the customs border of Ukraine.
This article was written for Law-Now, CMS Cameron McKenna's free online information service. To register for Law-Now, please go to www.law-now.com/law-now/mondaq
Law-Now information is for general purposes and guidance only. The information and opinions expressed in all Law-Now articles are not necessarily comprehensive and do not purport to give professional or legal advice. All Law-Now information relates to circumstances prevailing at the date of its original publication and may not have been updated to reflect subsequent developments.
The original publication date for this article was 21/07/2008.
