The Republic of Cyprus issued two new decrees on 5 May 2014,
Decree No 20 and Decree No 29.
Notably, Decree No 20 provides further relaxation to the
restrictions regarding:
- Abolishment of prohibition of cashing of cheques.
- Abolishment of restrictions on the payment and/or transfer of
deposits/funds within Cyprus.
Both decrees are valid until 2 June 2014. Further information
from Harneys Cyprus is below.
Relaxation of Restrictive Measures for Branches and
Subsidiaries of Foreign Banks (Decree No 20)
The Republic of Cyprus through its Minister of Finance published
its twentieth 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, 5 May 2014
(the "Decree"). The Decree allows for
foreign credit institutions and their customers to enjoy
