Your money may be detained at the EU border: what information you will have to disclose about your funds
All travelers who bring into or take out of the EU territory cash amounting to 10,000 euros or more (or its equivalent in other currencies, bonds, shares, or traveler's checks) must submit a cash declaration.
These measures are part of the EU's efforts to combat money laundering and terrorist financing.
As stated in the European Union's explanation, the declaration obligation applies not only to banknotes and coins but also to other assets considered as cash. Specifically, this includes traveler's checks, promissory notes, postal orders, as well as gold coins with a gold content of at least 90% and gold bars or nuggets with a gold content of 99.5% or higher.
Customs authorities of EU member states have the right to inspect travelers, their luggage, and vehicles, as well as to detain undeclared funds.
Moreover, control also extends to so-called unaccompanied cash. If you do not submit a declaration (or an information disclosure declaration in the case of unaccompanied cash upon customs authorities' request) regarding an amount of 10,000 euros or more, or if there are signs linking the funds to criminal activity, the cash may be detained, and sanctions may be applied to you. The cash declaration itself includes detailed information about the economic origin of the funds and their intended use.
The EU emphasizes that customs officers may take measures even regarding amounts less than 10,000 euros if there are suspicions about the connection of the funds to criminal activity.
A single cash declaration form is used for declaration, which is valid in all EU countries. It must be filled out in the language of the country through which the person enters or leaves the EU territory.
If the cash is transported on behalf of a company, the declaration must specify the name of the legal entity. For groups of travelers, the 10,000 euro limit applies separately to each passenger.
The declaration obligation also applies to minors through their parents or legal representatives, as well as to persons under guardianship.
In case of rule violations, not only detention of funds but also administrative sanctions may be imposed. Each EU country independently determines the type and amount of punishment, but it must be effective, proportionate, and dissuasive.
The European Union also warns that individual member states may establish additional national rules regarding the movement of cash between EU countries or even within a country. Therefore, it is recommended to check the current requirements of the specific country before traveling.
Information provided in declarations will be stored by competent authorities for five years and may be transferred to national financial intelligence units. In legally defined cases, data may also be transferred to the European Public Prosecutor's Office, Europol, and other authorized EU bodies.
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