If you, your crew, or passengers are travelling with cash, one underestimated EU/UK customs requirement is cash declaration.
This is relevant to anyone taking cash on board or ashore.
What ‘cash’ means is all ‘liquid assets.’ These therefore include the following:
- Banknotes and coins.
- Cheques and travellers’ cheques.
- Promissory notes and money orders.
- Gold coins, bars, nuggets or clumps.
When entering or leaving the EU or UK, customs declarations are only actually required when combined liquid assets equal 10,000 currency or more. Declarations aren’t required for lower amounts. However, customs authorities can still act on these if they suspect the cash is linked to criminal activity.
It’s also worth knowing that no tax is charged on liquid assets. However, declaration violations can be serious and attract fines or even prison terms.
To avoid complications and misunderstandings, it is therefore essential to declare liquid assets before boarding or leaving your craft.
To do this, you, your crew and your passengers can make their own declarations. However, to ensure absolute safety you can also use an agent or broker.
How Y & A Group, LP help
Y & A Group, LP guide and co-ordinate liquid asset declarations by your captains and their agents. This means you stay safely compliant at all times.
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