BNA Order 12/19, of 2 December 2019, updated the rules on foreign exchange transactions carried out by natural persons who are foreign-exchange resident, especially as regards operations involving current invisibles, the importation of goods, and securities, and also updates the rules on transactions carried out by natural persons who are foreign-exchange non-resident in respect of operations involving current invisibles.
Financial Institutions are required to register the aforementioned foreign exchange transactions with the Integrated Foreign Exchange Trading System (SINOC), regardless of the purpose of the transactions and the reference currency of the debited account.
The value of private transactions carried out in the same calendar year by natural persons who are foreign exchange resident and over the age of 18, by means of the purchase of foreign currency, must not exceed the cumulative amount of the equivalent of USD 120,000 when ordered by the same person, regardless of the payment instrument used. However, these limits do not apply when it comes to the payment of health, education and accommodation expenses, when made directly to the relevant service providers, and to the transfer, upon termination of their stay in the Country, of funds accumulated during the stay by foreign citizens who are foreign-exchange non-resident.
Natural persons who are foreign-exchange non-resident and who have a work visa are required to domicile their income with a Banking Financial Institution and may purchase foreign currency and transfer abroad any legally-earned income arising from their salaries and other remuneration linked to their contracts, when deposited by the contracting (foreign-exchange resident) entity in non-resident accounts, upon presentation of documentation proving the relevant contractual relationship.
Order 12/19 entered into force on 3 January 2020 and revoked Order 10/19, of 6 November 2019, Instruction 1/03, of 7 February 2003, Instruction 6/18, of 19 June 2018, and Directive 15/DSP/11.
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