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International Law

: LAW IN MOLDOVA

Basic notions of repatriation in foreign transaction

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An important issue that Moldovan companies (or their foreign partners) should take into consideration when carrying out international transactions is the existence of a number of rather strict rules on the repatriation of export proceeds, goods and services received as a result of foreign transactions. This issue is governed by the Law No. 1466-XIII of 29 January 1998 "On the regulation of the repatriation of money, goods and services received as a result of foreign transactions".


The Law stipulates the obligation of companies registered in Moldova:
  • to ensure the receipt of export proceeds or the return of advance payments for non-delivered import to their accounts in the banks in the Republic of Moldova; 
  • to fulfil the import of goods and services after the performance of import payments; and
  • to repatriate the proceeds or the assets received as a result of other foreign transactions.

The general terms within wich the repatriation should be performed are stipulated as follows:
  • in case of sales contracts, barter and export commission sales contracts - within the terms stipulated by the contracts, but not more than 1 year from the date of the goods dispatch or the date of the payment for goods or services (18 months for contracts of purchasing vine and fruit planting stock).
  • for processing contracts - within 60 calendar days from the day of finishing the technological cycle indicated in the contract.
  • for leasing contracts - within the terms established according to the contract but not less than once a year.
The repatriation is controlled by the fiscal and customs authorities.

The penalty for not complying with the rules on repatriation is 0.1 % of non-repatriated sums (costs) for every day of delay, but not more than the respective sum of money or the cost of goods or services that are due to be repatriated.

Full post as published by LAW IN MOLDOVA on April 18, 2010 (boomark / email).

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