- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Cyprus relaxes most domestic capital controls

Cyprus Capital Controls relaxedTHE 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:

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.

Further reading

The Enforcement of Temporary Restrictive Measures on Transactions in case of Emergency Twenty Ninth Decree, of 2014. (Unofficial translation)