Avoid loss of your capital – Law 9208 – Section 35

Both nationals and foreigners, to declare cash or securities upon entering or leaving a country when the amount equals or exceeds ten thousand United States dollars (USD $10,000.00) or its equivalent in another currency. Here’s an explanation in English.

Declaration Obligation:

When entering or leaving a country, individuals, whether nationals or foreigners, are required to declare any amount of cash or securities that exceeds ten thousand United States dollars (USD $10,000.00) or its equivalent in another currency.

The primary purpose of this measure is to prevent illegal activities such as money laundering, tax evasion, and terrorist financing by providing customs authorities with the ability to track large sums of money that may be linked to illicit activities.

Official Forms:

The declaration of these funds must be made using official forms specifically designed for this purpose. These forms will be provided by competent officials from the Customs Administration at immigration checkpoints, which are designated locations for entry and exit controls.

The use of official forms ensures consistency in information collection and facilitates the review process by authorities.

Purpose of Declaration:

Declaration does not automatically imply that the individual will face sanctions or restrictions, but it allows customs authorities to track and analyze international financial transactions.

This type of information is valuable for government authorities in combating criminal activities and can also aid in the enforcement of fiscal policies.

Sanctions for Non-Compliance:

Non-compliance with the declaration obligation may result in sanctions, which could include fines or confiscation of undeclared funds.

These deterrent measures aim to encourage compliance with regulations and contribute to the integrity and security of international financial transactions.

In summary, this provision aims to safeguard the integrity of the financial system and prevent illicit activities by establishing the obligation to declare large sums of money when entering or leaving the country, thereby facilitating the tracking and analysis of international financial transactions.