The Republic of Cyprus issued new decrees on 2 June 2014 which
provide further relaxation of restrictive measures, including
abolishing restrictions on the opening of new bank accounts.
For further information please refer to the Harneys legal
updates below.
Relaxation of Restrictive Measures for Branches and
Subsidiaries of Foreign Banks (Decree No 21)
The Republic of Cyprus through its Minister of Finance has
published its twenty-first decree of the Enforcement of Temporary
Restrictive Measures on Transactions of Foreign Banks in case of
Emergency Law of 2013 as per articles 4 and 5 of the Enforcement of
Temporary Restrictive Measures on Transactions in case of Emergency
Law of 2013 (the "Law") on Monday, 2
June 2014 (the "Decree"). The Decree
allows for foreign credit institutions and their customers to enjoy
relaxed restrictions subject to certain conditions. Eligible credit
institutions are entered into a catalogue and published in the
Official Gazette of
