From next Wednesday, August 23, it will be prohibited to make payments in cash above 3 thousand euros, even if the services or goods to be paid have been contracted before the law came into force. It is on this day that Law 92/2017 enters into force, which is part of a set of measures to combat money laundering and was published this Tuesday in the Diário da República.
The law, promulgated on Aug. 14 by Marcelo Rebelo de Sousa, states that “it is forbidden to pay or receive cash in transactions of any nature involving amounts equal to or greater than € 3,000, or its equivalent in foreign currency.”
In the case of citizens who are not resident in Portugal and who do not act as entrepreneurs, the limit is 10.000 euros. The maximum limit goes down to 500 euros in the case of the payment of taxes. These limits take into account all payments that relate to the same good or service, even if they are done in a fractional way and that each installment falls below the legal limits of 3,000 or 10,000 euros.
The infraction of this new legal norm is punishable with fine, that can oscillate between 180 and 4,500 euros. Full article: Jornal Económico