Cyprus relaxes most domestic capital controls

04/05/2014
The Finance Ministry said in a statement Friday that a prohibition on cashing checks as well as caps on domestic transactions and payments that don’t require central bank vetting have been removed .

The Ministry of Finance announced new but not complete relaxation in the restrictions on capital movement. With the new 29th decree, all restrictions on transactions within the Republic are abolished, following the roadmap for relaxations agreed on 8 August 2013, except for the opening an account at another financial institution.

Specifically the relaxations are:
the cashing of checks is allowed
the limits on transfers and payments of €50,000 for natural persons and €200,000 for legal persons, per institution, are abolished.

However, capital control restrictions on money transfers abroad remain in place. The authorities hope to lift them by the end of the year. The 20th decree on the international banks is issued without changes.

 


 

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