articles | 08 December 2014

Cyprus domestic capital restrictions relaxed

Authorities relaxed restrictions on capital movement concerning domestic banks by doubling the ceiling of transactions within the ordinary business activity not subject to approval to €2 million.

According to the Finance Ministry, “The amount of money that can be transferred outside the republic per month per person from each credit institution or payment institution for whatever purpose is increased from €5,000 to €10,000,” the ministry said in an emailed statement today.

The amount of euro notes or the equivalent in foreign currency, individuals are allowed to carry while travelling abroad was also doubled to €6,000, the ministry said.

Restrictions affecting foreign banks operating on the island remain unchanged, the ministry said.

Source: Cyprus Mail

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