As I was leaving Italy after Milan Fashion Week, I was chatting to Guglielmo Miani, the young-ish CEO of Larusmiani, a family-owned manufacturer of luxurious materials, when he let drop an interesting fact. Last week the Italian government quietly changed the law it passed in November that banned retail establishments from accepting more than €1,000 in cash. Surprise!
Now, retail establishments have no limit on the cash they can accept from foreigners, as long as they take a photocopy of said foreigner’s passport. I’ll say that again: no limit. Italians are still restricted to €1,000. Read more