Payments and transfers in foreign currency between resident individuals of Moldova will be allowed when they buy and sell real estate once in 3 years
This is stipulated by relevant amendments to the Law on foreign exchange regulation, passed by Parliament in the second reading. The legislative initiative belongs to the MPs from the “Action and Solidarity” (PAS) party Radu Marian and Victor Spinu, who proposed to allow transactions between resident individuals related to the purchase and sale of real estate. The proposal to regulate transactions in foreign currency in the purchase and sale of real estate appeared in the context of the implementation of the Law on Cash Settlements. It provides that from April 1, 2025, cash transactions will be allowed only if the property is worth less than 80 thousand euros. In other cases, electronic or bank payment will be mandatory. In these circumstances, under current legislation, people who will carry out these transactions electronically will have to exchange currency, which also involves additional costs. For example, for a €100 thousand transaction, the currency exchange fee will be €600 per transaction. In order to minimize these costs, the MPs proposed to amend the Law on currency regulation to allow payments and transfers in foreign currency in Moldova in case of a single transaction between individuals (Moldovan citizens, residents, foreign citizens and stateless persons), confirmed by the appropriate identity document, related to the purchase and sale of real estate, once in 3 years, both for the buyer and for the seller. According to the Association of Real Estate Agencies, last year more than 16 thousand real estate sale and purchase transactions were carried out, and the average value of the transaction amounted to about 100 thousand euros. Also, according to the government's proposal, other amendments to the Law on currency regulation increased the aggregate ceiling of transactions up to 200 thousand lei for crop and horticultural products and up to 300 thousand lei annually - for livestock products in kind, live and slaughtered mass, for which monetary payments will be made to individuals. The proposal came as a result of several petitions from milk producers. The legislative amendments will come into force on April 1, while the National Bank of Moldova will harmonize its regulations with the legislative amendments. // 20.03.2025 - InfoMarket
