FINANCE - WEALTH MANAGEMENT

Customs

Stricter rules to move valuables across borders



The EU has updated rules on moving cash and non-cash valuables across borders Shutterstock

The EU has updated rules on moving cash and non-cash valuables across borders Shutterstock

Under updated EU rules, people travelling into Luxembourg carrying non-cash valuables worth €10,000 or more will have to declare the goods to customs.

It has long been mandatory for persons carrying more than €10,000 in cash to declare the movement of money across borders. This obligation now also includes non-cash forms of money, also known as bearer negotiable instruments, such as gold and unminted metals worth €10,000 or more.

The movement of cash or valuables must be declared in advance or at the border, for example at the customs office at the airport. The professional import of jewellery or diamonds is not included in the definition but must be declared to customs through the appropriate channels.

Cash sent by courier, post or freight must also be declared under the new rules, the finance ministry said in a statement published on Tuesday.

Violations carry fines of €251 to €25,000 and can include the confiscation of some of the assets moved.