Travelers Face Stiff Penalties for Undeclared cash over $10,000
BOGOTÁ – Travelers entering or leaving Colombia with cash exceeding $10,000 USD – or its equivalent in other currencies - are legally required to declare it to customs authorities, according to regulations enforced by the DIAN (National Tax and Customs Directorate) and the Bank of the Republic. Failure to declare can result in penalties ranging from cash retention to fines of 20 to 100% of the undeclared amount.
These regulations are particularly relevant as international travel rebounds and individuals may be transporting larger sums of money for various purposes. The rules apply to both land and air travel, and the declaration requirement extends to family groups traveling together, where the combined total exceeds the $10,000 limit. Understanding these rules is crucial to avoid meaningful financial repercussions and legal complications.
The bank of the Republic stipulates that travelers must provide supporting documentation proving the lawful origin of any funds exceeding the declaration threshold.”Travelers who enter or leave the country with foreign currency or legal currency in cash for an amount exceeding ten thousand US dollars ($ 10,000), or their equivalent in other currencies, must declare before the customs authority such operations in the form that is established,” the Bank of the Republic states.
Authorities at national terminals actively monitor compliance with customs norms. Travelers found with undeclared funds above the limit risk not onyl the seizure of the money but also substantial fines.
