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Thursday 16th July 2020
Home News Overseas transfer limit raised to €1 million

Overseas transfer limit raised to €1 million

Overseas transfer limit raisedTHE THIRTY FIFTH Decree on the enforcement of restrictive measures was published in the Cyprus Gazette early today, providing for an increase on the transfer of deposits outside the country from €50,000 to €1,000,000 a month.

However, the restrictive measure prohibiting the export of Euro notes and/or foreign currency notes in excess of €10,000/person/journey abroad (or the equivalent in foreign currency) remains in force.

Cyprus imposed capital restrictions in March 2013 to prevent a capital flight during an international bailout that saw one major bank shut down and another seize clients’ deposits to help it recapitalise.

The latest easing of the restrictive measures will be welcomed by those who have sold their homes and who wish to repatriate the proceeds from the sale.

The Decree will remain in force for 21 days starting on the 16th of March.

Last week the Governor of the Cyprus Central Bank Chrystalla Georghadji said that Cyprus expects to fully lift the capital controls before the end of the first quarter of this year.

Further reading

The Enforcement of Restrictive Measures on Transactions in case of Emergency Law of 2013 (unofficial translation).


  1. YD
    True, there is no Utopia in this world. However, you can get pretty close. Certainly, for those with bad experiences in Cyprus, it can be bliss to leave it all behind.

    I am surprised at your statement: “Most of the people will be helpful with the process if you treat them as you wish to be treated”. Surely you do not refer to the process of buying, occupying or selling immovable property. If you believe this, then it is you who are truly the beneficiary of “bon chance”.

    I cannot agree that “There is much to appreciate and remember about Cyprus…”. I remember much (often quite bitterly); I remember many people (fondly). There is far more to appreciate in many other places. I have found such a place and I wish the same for those who hope to leave Cyprus.

  2. @Ynot Drof. Or Tony Ford? You’re not working in the estate agency business by any chance? Anyhow, your statement ‘Most of the people will be helpful with the process if you treat them as you wish to be treated’ needs qualifying. ‘Most’? Really? Some definitely.

    It depends on whether you are talking about the general population where, as a generality, ‘most’ would seem correct. However, common experience suggests that ‘most’ does not apply to developers, their staff and their agents or to lawyers and bank officials – otherwise this website would not have been dominated for the past 8 years by the horror stories, CPAG would not have been necessary and all the cases going to the European Commission, European Court and UK High Court would not have happened.

    Your advice statement really ought to have been directed at developers, agents, lawyers and banks in Cyprus and not to purchasers.

  3. Guys

    There is no utopia in this world! Just be clear why you are either entering or leaving the island. Be balanced and be prepared.

    Most of the people will be helpful with the process if you treat them as you wish to be treated.

    There is much to appreciate and remember about Cyprus but not to long for when you leave.

    Bon chance

  4. Aggis Demetriou – but I would like to actually own the property I paid for in full, unlike here I would get title deeds on completion. I could then sleep knowing that my primary residence could not be seized to pay the debt of a developer, something I was not told about by my lawyer, and the little I may get, for my 4 bedroom house here, will actually buy me a very nice four bedroom house in a very desirable part of the UK.

  5. Forgive me for being suspicious and cynical but with the anti-corruption forces at last bringing pressure to bear, the same people who have taken months to agree on debt recovery and collecting unpaid taxes can quickly agree on moving large amounts of cash out of Cyprus or is it just me!!

  6. In the real world it’s raining every other day. The cost of a nice villa with pool will get you a 1 bedroom flat in the suburbs, council tax will be £1500 per year and crime rate at a high.

    It’s really not too bad here if you can get to the real world every six months for a week.

  7. Oh Goody, I can now take out the money from the sale of my house, and return to the real world. I just need the title deeds and a buyer.

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