Bringing cash in or out of the Faroe Islands
Travellers to or from the Faroe Islands must declare cash of EUR 10,000 or more to the customs authorities, according to § 29 sub-s 3 of the Faroese Customs Act.
See the current value of various currencies on a currency converter. For example at oanda.com.
Declare cash by completing and submitting the “Cash Declaration Form”. Find it under Forms on this page. It is recommended to make the declaration in good time.
You can also declare cash when you arrive or depart the Faroes
In that case, get the form from TAKS Customs at Vágar airport or at the Tórshavn ferry terminal.
The fine is 25% of the value exceeding EUR 10,000; however, no less than DKK 5,000.
Customs authorities can retain all your cash
The customs authorities can retain all your cash if they think it may have links to a criminal activity, according to § 27 b of the Faroese Customs Act.
Bearer bonds are, for example, securities and money orders.
You must declare bearer bonds if the total value of the bonds is EUR 10,000 or more. In the same way as cash declarations, declare bearer bonds by completing and submitting the “Cash Declaration Form”.
Cash and bearer bonds are both available means of payment
Meaning that you can easily use it to buy goods and services or exchange it to cash. Available means of payments are also referred to as liquid funds.
The purpose of the declaration is to prevent money laundering as a part of an EU-wide strategy, which also applies to the Faroe Islands.