Cyprus Property News magazine for overseas buyers & real estate investors

Wednesday 15th July 2020
Home News Capital restrictions eased

Capital restrictions eased

Cyprus capital restrictions easedCYPRUS on Friday eased restrictions on overseas payments, but fell short of scrapping completely capital controls imposed in the wake of a bailout crisis in early 2013.

Authorities said they would raise the limit on cash transfers abroad to 2 million euros without prior permission required, from 1 million euros.

Individuals would also be able to transfer up to 10,000 euros out of the country per month, from a previous 5,000 limit. Travellers abroad would also be allowed 6,000 euro per person, from a previous 3,000 euro ceiling.

Cyprus introduced capital controls in April 2013 to prevent a cash flight after a chaotic bailout forced the closure of one bank, and a second bank seized deposits to recapitalise.

It was the first time controls were imposed in the history of the euro zone.

Authorities recently said they would consider easing capital controls once there were signs deposits in the banking system had stabilized.

– Reuters



EUR - Euro Member Countries


COVID-19 hits new homes in Cyprus

Permits for the construction of new homes in Cyprus fell by more than a half during April; the second month during which the COVID-19 containment measures continued to apply.

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)