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IMPORTANT: Changes in The Currency Law concerning cross-border payments in foreign currency

Dear customers,

For transfers and payments to third parties i.e parties outside the EU and EEA, of amounts equal to or exceeding BGN 30 000 or the equivalent amount in a foreign currency, the banks require information and documents proving the grounds for payment pursuant to Ordinance No 28 of BNB on Information collected by Banks about Cross-border Transfers and Payments. The Banks also require the payers to fill in the relevant Declaration in accordance with the Appendix to the Ordinance, as of 01.03. 2013. When the grounds for the cross-border transfer or payment to a third party are not among the cases listed in Ordinance No 28, Art. 2, Para. 2, the person presents another document stating the grounds and the amount of the transfer or payment.   If the person does not have a document, including when making transfers into his/her own account, and when the grounds and the amount of the transfer are certified by an electronic document printed on paper as a certified copy, the payer declares these circumstances in a special Declaration - Appendix to Ordinance No 28.   This declaration shall also be filled in, in case of transfers of income taxable under Art. 37 and Art. 38 of the Law on Personal Income Tax and under Art. 194, and Art. 195 of the Law on Corporate Income Tax. 

You can find the full contents of Ordinance No 28 of BNB and the Ministry of Finance here.

The declaration under Art. 2, Para.1 of the Ordinance on the Information and the Documents presented to Providers of Payment Services when making cross-border transfers and payments to third parties, as well as instructions for filling in the declaration can be printed by clicking here.

The Declaration properly filled in and signed/stamped as well as the certified transcripts/copies of documents evidencing the grounds of the payment and the amount should be sent to our corporate email address: CIBANK JSC will not execute orders for cross-border transfers and payments to third parties of amounts equal to and above BGN 30 000 or the equivalent amount in a foreign currency if the relevant documents and declaration are not presented.