Cash payment limit. In Cyprus, the €10,000 threshold is already in effect.

The EU's €10,000 cash payment limit will apply from July 10, 2027. In Cyprus, this limit is already in effect. It applies to payments for goods and services in professional transactions, including the purchase and sale of real estate.

The regulations also cover consumer purchases from businesses. The limit cannot be circumvented by splitting a payment into multiple, related payments. Exceptions apply, among other things, to private transactions between individuals and certain transactions at financial institutions.

Cyprus Cash Limit - How Much Can You Pay?

Cypriot law allows persons trading in goods or providing services to accept and make cash payments up to and including 10,000 eurosThe limit also covers the equivalent of this sum in other currencies.

The total amount of the related payments is important. Making three payments of €5,000 to a business owner for the same car doesn't allow you to bypass the threshold.

The limit may apply to the purchase of a vehicle from a dealership, settlements for renovations with a company, or the purchase of expensive jewelry. The act also specifically mentions real estate transactions.

However, it is worth distinguishing purchase price from the amount transferred in cashThe mere fact that a car costs more than €10,000 doesn't mean you can't buy it. The restriction applies to how you settle the payment.

Cash payments

Cyprus already applies the limit. The EU will join in 2027.

10 000 €

Maximum cash payment amount covered by the Cyprus limit. Related payments are cumulative.

July 10, 2027

A common EU limit begins to apply. Countries may maintain lower thresholds.

Private sale is the exception

The restriction does not apply to payments between natural persons if neither of them is acting professionally.

Therefore, selling your own used car to another private individual is treated differently than purchasing a car from a dealership or consignment shop. The nature of the transaction and the parties' activities are decisive, not the mere designation of the seller as a "private individual."

Depositing money into a bank does not guarantee anonymity

Cypriot law provides an exception for certain payments, deposits and loan repayments made at branches of banks, electronic money institutions and payment service providers.

This does not eliminate anti-money laundering obligations. The institution may verify the origin of the funds and the purpose of the operation. Suspicious transactions are subject to separate reporting rules.

The Act also includes a specific exception for transactions by casino customers, which are regulated by casino regulations. This is not a blanket authorization for any cash payments in commerce.

Penalties apply for violating the limit.

It is a criminal offence for a person trading in goods or providing services to break Cypriot laws. If convicted, they may face a fine of up to 10 percent of the amount accepted in cash, imprisonment for up to five years, or both.

These are the maximum sanctions provided for in the law, not an automatic penalty for every violation. The severity of the penalty is determined by the court.

What will change in the European Union?

EU Regulation 2024/1624 establishes a common threshold of €10,000. However, member states may apply lower limits. Therefore, the EU regulation will not automatically raise national thresholds in countries with more restrictive rules.

Identification and verification obligations are also provided for in the case of occasional cash transactions with a value of at least 3,000 euros, carried out by entities covered by anti-money laundering regulations.

The €3,000 threshold is not a general ban on cash payments. Concerns the control obligations of the indicated entities.

It is worth preparing a large purchase in advance

Before making a large purchase, you should discuss your payment method with the seller. When making a transfer, it's worth checking your online banking limit and the time it takes to change it.

For the people of Cyprus the most important thing is that the cash payment restriction is already in effect. Adjusting the settlement method should not wait until the EU rules come into force in July 2027.

Sources: CyLaw, EUR-Lex.