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ARTICLE · 09 APRIL 2014

Relaxation Of Currency Controls

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The Cyprus Ministry of Finance has announced the following further relaxations of capital control

CyprusWealth Management
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The Cyprus Ministry of Finance has announced the following further relaxations of capital controls:

  • the daily limit on cash withdrawals of €300 per natural person and €500 per legal person has been removed;
  • the limit on domestic transfers of funds for unspecified purposes has been increased from €20,000 to €50,000 per month for individuals and from €100,000 to €200,000 per month for companies;
  • the prohibition on terminating a fixed term deposit prior to its maturity date has been removed;
  • banks may now open fixed term deposits for new customers provided that the amount to be deposited exceeds €5,000.

According to the Ministry of Finance's announcement, the relaxation of restrictions reflects the progress made in achieving the milestones set out in the government's roadmap for stabilising and restoring confidence in the Cyprus banking system.

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