Update 01/01/2016

From January 1st 2016 the limit of cash payments in Bulgaria has been changed to 10’000 BGN


 

Law on restrictions of cash payments in Bulgaria

Cash payments in BulgariaOn February 9th 2011 the Law on restrictions of cash payments in Bulgaria came into force. Payments in Bulgaria should only be done by bank transfer when;

  • The amount is equal or higher than 15’000 BGN;
  • The amount is under 15’000 BGN, but part of a contract with a total contract amount equal or higher than 15’000 BGN;
  • Payments in foreign currency, which has equivalent value equal or higher than 15’000 BGN

The law does not apply in case of;

  • Deposits and withdrawals to/from personal bank accounts;
  • Deposits and withdrawals to/from bank accounts by partners and first line family members of people with no or limited capabilities;
  • Transactions in foreign currency in cash by occupation;
  • Operations with banknotes and coins, which is part of the Bulgarian National Bank;
  • Replacement by banks of damaged Bulgarian banknotes and coins;
  • Payment of wages under the Labor Code.

When you have cash payments higher than 15’000 BGN, and you are not sure whether the above law applies contact us or your accountant to be sure. Violating this law will lead to fines from 25% to 100% of the total amount.

The complete Law on restrictions of cash payments in Bulgaria (in Bulgarian) can be found here: lex.bg

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