A proposed law aims to change how cash is handled in the marketplace. Specifically, DISY MP Dimitris Dimitriou has submitted a bill suggesting that individuals trading goods or providing services should be permitted to receive or make cash payments only up to the amount of €10,000.

Essentially, Mr. Dimitriou seeks to ban any purchase or payment in cash for amounts exceeding €10,000. Speaking to Brief, he explained that his proposal stems from discussions in the Parliamentary Committee on Institutions. These talks have touched on the arrival of millions of euros in cash passing through customs, with no clear trace of where the money ultimately ends up.

It is important to note that until now, there has been no upper limit on cash transactions for purchases or sales. However, sellers—though not all—were required to report such transactions to the Tax Department.

If this proposed law is passed, it will apply to all sectors, including real estate developers, who have not previously been subject to this reporting requirement, without any exceptions.