Transporting Cash Amounts of €10,000 or More Must Be Declared to Tax Authorities

Individuals entering or leaving Portugal with cash amounts of €10,000 or more, traveling to or from territories outside the European Union, are legally required to declare these amounts to the Tax Authority (AT) and make them available for inspection.

This measure, aligned with European Union directives, aims to combat illicit activities by preventing money laundering and its reintegration into the economy.

According to legislation published in the Diário da República, anyone transporting such amounts must declare them to the AT. In cases where the money is sent separately from the sender, the AT may require a declaration from either the sender or recipient within 30 days.

To ensure compliance, tax officials may inspect individuals, luggage, vehicles, and unaccompanied shipments, including postal packages, express deliveries, and containerized cargo. Failure to declare may result in the issuance of an official declaration by the AT.

While the threshold for mandatory declaration is set at €10,000, authorities may investigate smaller amounts if suspected to be linked to criminal activities. The AT has the authority to temporarily retain such amounts, subject to appeal. Retention is limited to a maximum of 30 days but may extend to 90 days in specific cases where investigations require additional time, adhering to principles of necessity and proportionality.

Additionally, the AT must notify Member States’ authorities, the European Commission, the European Public Prosecutor's Office, and Europol if there are indications that the money is connected to criminal activities.