The military aggression of the Russian Federation has contributed to the emigration of Ukrainian citizens abroad, with some citizens planning to purchase real estate there.
This has led to questions from readers about how much money can be safely taken abroad in cash or on a bank card.
To declare funds at the border, you must follow the official procedure, which depends on the country you are leaving or traveling to.
In Ukraine (upon entry or exit), you can carry cash in an amount of up to €10,000 (or the equivalent in other currencies/metals) without filling out a written declaration, but this does not exclude the possibility of being checked.
Please note that if a family of three is traveling, the limit of €10,000 applies to each person, including children. However, each person must physically cross the border with their own funds.
When crossing the border, if the currency is different from the euro, you must calculate the amount in euros at the official exchange rate of the National Bank of Ukraine on the day of crossing the border.
If the amount is less than the equivalent of €10,000, you can go through the “green corridor” without declaring it, or if the funds are on a bank card (the amount on the bank card does not exceed €10,000 and does not need to be declared).
If the amount of funds is equal to or exceeds 10,000 euros, you must fill out a declaration and submit it to the customs authorities (the declaration form for cross-border movement has been approved by Resolution of the Cabinet of Ministers of Ukraine No. 203 of February 27, 2019 “Certain issues of cross-border movement of currency values by individuals”). The declaration form can be printed in advance and filled out by hand before crossing the border so that you do not waste extra time filling it out or obtaining a form at the border. Funds held on a bank card exceeding EUR 10,000 must also be declared.
Each family member whose funds exceed €10,000 must complete a declaration. For children under 16, the declaration must be completed by a legal representative or one of the parents.
There are no legal restrictions on the maximum amount of money that can be taken out of Ukraine.
Many readers have questions: how to declare funds?
First of all, you need to fill out a customs declaration form, indicating the total amount of funds being transported by the person, and pass through the “red corridor” at the border, providing explanations and supporting documents on the origin of the funds, indicating the purpose of the transfer (purchase of real estate, medical treatment, etc.) and providing your passport details.
The main documents confirming the origin of funds may include:
- Real estate purchase and sale agreements in Ukraine and bank statements confirming the receipt of funds from the sale of real estate;
- Receipts for withdrawing money from a bank card or documents confirming the exchange/purchase of currency, precious metals, etc.
Note:
Please note that documents confirming cash withdrawals from a bank are valid for 90 days from the date of withdrawal.
What is considered cash?
- Cash.
- Traveler’s checks.
- Bonds, bills of exchange.
- Bearer checks.
If you are transporting precious metals or valuables, their value is also converted into euros at the NBU exchange rate and this amount must also be declared.
Responsibility for violation of customs rules
Part 1 of Article 471 of the Customs Code of Ukraine (hereinafter referred to as the CC of Ukraine) provides for liability for failure to declare goods transported across the customs border of Ukraine by citizens, namely:
– for failure to declare currency values transported by citizens across the customs border of Ukraine, in an amount exceeding that permitted by Ukrainian law for their movement without written declaration, shall entail the imposition of a fine in the amount of 20% of the amount exceeding that permitted by Ukrainian law for the movement of currency values without written declaration, according to the official exchange rate of the National Bank of Ukraine on the day of the violation of customs rules.
Part 2 of Article 471 of the Customs Code of Ukraine provides that failure to declare goods (except those specified in parts one and/or three of this article) transported across the customs border of Ukraine by citizens shall entail the imposition of a fine in the amount of 30 percent of the value of these goods.
Part 3 of Article 471 of the Customs Code of Ukraine provides that failure to declare goods (except for currency values) that are subject to prohibitions and/or restrictions established by law on import into the customs territory of Ukraine or export from this territory and which are transported by citizens shall entail the imposition of a fine in the amount of three hundred non-taxable minimum incomes of citizens with or without confiscation of such goods.
Please note that failure to declare or providing false information in the declaration may result in the blocking of funds, fines, or administrative liability.
Advice to readers for safe border crossing:
- Before traveling, check the current rules on the website of the customs service of the country you are traveling to and from.
- Prepare a complete set of documents before your trip.
- If the amount exceeds €10,000, fill out a customs declaration.
- If possible, use bank cards or cashless transfers – this reduces your risks to “0”.
If you are carrying large sums of money, it is best to consult with a lawyers in Ukraine from our law firm and accountants who provide accounting services in Ukraine, who will help you avoid trouble and provide high-quality legal services, including all necessary measures to effectively resolve your issues.
The list of services provided by our lawyers in Kyiv, set out on this page, is not exhaustive and is for reference purposes only!
For more detailed legal advice on the safe transfer of large sums of money that you plan to transport, please contact the professionals at the law firm in Ukraine “First Legal,” who will help you! Fill out the application form on the website right now or call one of the following numbers: +38 (044) 35-35-164, +38 (067) 306-89-89, +38 (063) 45-85-448, +38 (099) 367-89-89.