Saturday, June 1, 2024

10k Rule?

In case you weren't paying attention....the EU has passed a new 'limit-law'.

So at this point....in the near future...the most that you can pay in cash for any item...is 10,000 Euro (in bills or coins).

If you were buying a 11,000 Euro boat?  Well....in theory, you could put down some down-payment (say 3,000), and later come up with 8,000 Euro to conclude the deal.

But if you were buying a new living room couch/chair situation....amounting to 15,000 Euro in cash?  It has to be a electronic transfer.

To stop money-laundering?  More or less.

This being the end of discussion?  I would imagine that in five years....you end up seeing this drop to 7,500 Euro.  I also think the use of diamonds/rubies....will start to be noticed and people swapping things of value....to avoid the limit on cash payments.

This being something I'd worry about?  In the past 25 years....I can only remember one or two occasions....where I paid cash (over the 10k limit)....so it's just awful rare.  I suspect if you asked most Germans....fewer than 10-percent have made buy's over the 10k in cash. 

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