Issue link: https://maltatoday.uberflip.com/i/1399957
maltatoday | SUNDAY • 8 AUGUST 2021 8 NEWS KURT SANSONE BOATS of all sizes are one of six luxury goods for which it has become illegal to trade in cash if the amount paid is €10,000 or more. The new rules apply to pri- vate individuals as well as com- panies, which means that using the internet to sell your boat will not exempt you from the cash restriction. Ignoring the law would incur a penalty on both the seller and buyer equivalent to 40% of the amount paid in cash in excess of €9,999.99. And forget trying to go around the law by request- ing two payments of less than €10,000 because they will be considered as linked payments and subject to sanction. As of March this year new regulations came into force, prohibiting cash payments of €10,000 or more for antiques, property, jewellery and pre- cious metals, cars, sea craft and works of art. Cash payments are defined as physical notes and coins and the rationale behind the regu- lations is to stamp out money laundering. The regulations do not apply if payment for the listed goods is made by cheque, bank trans- fer or card – all of which have traceability. But the new rules are expect- ed to bite hard in a country where cash is still king. High cash usage A 2018 survey carried out by the Central Bank of Malta showed that Maltese house- holds were more inclined to DEFINITIONS Antique A work of art or an object of a geological, paleontological, archaeological, or antiquarian importance and which is at least one hundred years old Immovable property Includes all things, rights and actions which are immovable by their nature Jewellery Personal ornaments made in whole or in part, or covered with gold, silver, plat- inum or other precious metals and, or, set with diamonds, pre- cious stones or pearls, and wrist watches Motor vehicle Any self-pro- pelled road vehicle which is nor- mally used for carrying persons or goods on the road, whether it was previously owned or not Precious metal Gold, platinum, palladium and silver in the pure state and their alloys Precious stone A substance with gem quality and market-recog- nised beauty, rarity, and value, and includes diamond, sap- phire, ruby and emerald Sea-craft Any ship, boat, pleas- ure yacht and any other form of sea vessel used in navigation In the land where cash is king, new restrictions will bite hard Are you planning on selling your boat? If it is priced at €10,000 or more you'd better be aware that it is illegal to receive payment in cash As of March this year new regulations came into force, prohibiting cash payments of €10,000 or more for antiques, property, jewellery and precious metals, cars, sea craft and works of art