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EU-wide maximum limit of €10K for cash payments

consilium.europa.eu

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Re: EU-wide maximum limit of €10K for cash payments

#151

Post by vl »

stuckinhell wrote: post #146

I've noticed some similar in America recently. I've got friends who move 5-6 figure sums for various personal businesses, and their banks have been extra critical of their transactions. One bank got so annoying, that my friend tried to close the account, and couldn't! Lately hearing more and more stories about people getting de-banked, as been making me feel a little nervous. In the cases of the banks and my business…

Underreported info is that during many months of pandemic you couldn’t withdraw any significant amounts of cash.

I decided to withdraw $10k just in case and they told me maximum they can do is $1k per day and this story repeated for many months.

Re: EU-wide maximum limit of €10K for cash payments

#152

Post by peoplefromibiza »

merinofg wrote: post #149
peoplefromibiza wrote: post #134

Earlier quoted context omitted.

> "Name one practical reason to pay amounts higher than 1.000€ in cash." it's 10.000 euros, you're off by an order of magnitude. Can you name one practical reason to pay more than 10k cash?

He is not. In Spain, for instance, it is already illegal to pay with cash costs above 1.000€ in any commerce. You are forced to buy it using a credit/debit card.

Spain is in the EU, but Spain is not the EU.

So he is.

But then again, what's the practical reason to pay more than 1k cash?

Re: EU-wide maximum limit of €10K for cash payments

#153

Post by vl »

snovv_crash wrote: post #4

Meanwhile money laundering through slot machines, hairdressers, car washes and other low transaction value covers remain entirely unaffected.

But also there is just so much that can be laundered through such businesses and each of them requires hands-on management.

Re: EU-wide maximum limit of €10K for cash payments

#155

Post by UncleEntity »

peoplefromibiza wrote: post #132
freefaler wrote: post #112

The EU "government" (a non-directly elected entity) is predictably trying to enforce tax rules. Even worse is the minimum tax on profits that targets the poorer members by removing one of the ways they can compete with bigger ones. "...No Ireland, you're not allowed to have low taxes, we the guideposts of EU - France and Germany tax our people and companies up to 30-45%, what's that meager 10% tax you're giving them?…

> a non-directly elected entity The EU Parliament is composed of 705 members (MEPs). It represents the second-largest democratic electorate in the world (after the Parliament of India), with an electorate of 375 million eligible voters p.s. even the US president is a non-directly elected entity

The US president doesn’t write laws though. Ignoring executive orders, of course.

The people who do write the laws are directly elected at all levels of government.

Re: EU-wide maximum limit of €10K for cash payments

#156

Post by kgwgk »

kvdveer wrote: post #108
zmgsabst wrote: post #32

Earlier quoted context omitted.

I want to be able to legally receive my salary as cash without special permission; eg, a customer paying me for a project. This law prohibits paying me for a month in cash.

This law prohibits you from doing that without reporting it. You'd have report that anyway, when filing your taxes, so apart from some extra admin work, that's not much of an extra hurdle, assuming it honest money. If you receive your €10k as payment for a shipment of cocaine, you probably don't want to report it, so then you'll enter the territories of fiscal crime.

The only exceptions would be:

    (a) payments between persons who are not acting in a professional function;

    (b) payments or deposits made at the premises of credit institutions, electronic money institutions and payment institutions. [...];

   (c) central banks when performing their tasks.
It's not that you would have to report it - you just cannot do it.

Re: EU-wide maximum limit of €10K for cash payments

#158

Post by pavlov »

vl wrote: post #151
stuckinhell wrote: post #146

I've noticed some similar in America recently. I've got friends who move 5-6 figure sums for various personal businesses, and their banks have been extra critical of their transactions. One bank got so annoying, that my friend tried to close the account, and couldn't! Lately hearing more and more stories about people getting de-banked, as been making me feel a little nervous. In the cases of the banks and my business…

Underreported info is that during many months of pandemic you couldn’t withdraw any significant amounts of cash. I decided to withdraw $10k just in case and they told me maximum they can do is $1k per day and this story repeated for many months.

This is not very surprising since there was a run even on toilet paper in March 2020. (I remember the empty shelves in Manhattan, and my relatives in Finland told the same story.)

If people will buy stacks of toilet paper they don’t need, of course they would empty the cash machines too.

Re: EU-wide maximum limit of €10K for cash payments

#159

Post by [deleted] »

wizeman wrote: post #120
pigsty wrote: post #117

Earlier quoted context omitted.

I literally have the equivalent of $1500 in my wallet right now. Why? Because I withdrew it and might end up buying something with it, either in one big purchase or ration it throughout the month. Any country that considers that a crime or potentially a crime is dystopian. It’s insane that people think what was the typical way to pay for things a few years ago (and still is in the free world) is some vile action wort…

> I literally have the equivalent of $1500 in my wallet right now. > Any country that considers that a crime or potentially a crime is dystopian. Then Spain and Greece meet your definition of being dystopian, as their cash payment limits are 1,000 EUR and 500 EUR respectively. And I agree with you.

[deleted]

Re: EU-wide maximum limit of €10K for cash payments

#160

Post by [deleted] »

zxcvbn4038 wrote: post #109
kvdveer wrote: post #26

Earlier quoted context omitted.

Police actually does that here NL). If you declare hardly any income or posessions on your tax report, yet you drive some very expensive car, you may expect a visit from some fraud investigation unit. This has proven very effective against organised crime.

They must be front line street thugs or something - any wise guy worth his weight is going to declare enough income to keep the tax authorities off his back. The rest goes into a safety deposit box someplace distant, or gets commingled into a business someplace. Escobar owned a cab company which he claimed was the source of his income - he even had a couple guys who would drive around picking up and dropping off pass…

[deleted]
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