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Bonds

Bonds

Legal Provisions
Sections 189 to 200 of the Council Regulation No 2913/92 of 12 October 1992 establishing the Community Customs Code.

Introduction
Security by bond may be required to ensure compliance with obligations imposed by customs legislation.

Acceptable types of bonds
The following types of securities are available to suit the needs of persons who need them:

    1. Bank Guarantee (Form C.123)
    2. General Bond (Form C.124 for repetitive use)
    3. Ordinary Bond (Form C.125 for one use only)
    4. General Bond for payment of duties, taxes and levis with cheques which are not good for payment (Form C.126)

Conditions
    • Parties to bonds, known as “principals” and “sureties”, must be residents of Cyprus. However when the principal is a resident abroad, the bond may be accepted, if the surety is a resident of Cyprus.
    • For Bonds of an amount exceeding €10.000, the surety must be an approved guarantee society, i.e. Bank or Insurance Corporation.
    • All Bonds should be properly stamped in accordance with the revenue stamps law.
    • Bonds are discharged when conditions contained in them are fulfilled.
    • Bonds cease to be valid on the expiration of the period for which they have been given.
Most common cases where bond is required
    • for goods placed under the free circulation or consumption status on conditional relief from duties;
for temporary importations;
    • or the operation of Customs or Excise Bonded Warehouses and Bonded Factories;
    • for the removal of goods not under suspension regimes, e.g. transit goods or removal from one Bonded Warehouse to another.



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