Settlements, as well as any other payments, can be made in cash (a banknote or a coin) if they do not exceed EUR 5,000 or the equivalent amount in a foreign currency. The restriction applies to settlements and any other payments made by all persons – residents and legal entities.
It should be noted, the total amount of cash settlements made in installments, as well as any other payments, cannot exceed EUR 5,000 or the equivalent amount in a foreign currency. The parties to the transaction cannot split the transaction with the purpose of avoiding the application of the restriction.
The restriction will not apply when peer-to-peer settlements and other transactional payments are made through payment service providers.
If the payment in cash exceeds EUR 5,000, the recipient of the cash will be obliged to report2 to the Lithuanian tax authorities the transaction and its circumstances (including reasons why the transaction is performed in cash) in 10 days after the transaction.