Removal of restrictive Measures concerning the banks of Cyprus
Further alleviations have been announced by the Ministry of Finance concerning the restrictive measures imposed on banking transactions in Cyprus.
1. The 300 Euros daily cash withdrawal per individual has now been retracted
2. The limit imposed on the transfer of domestic funds has been increased to 50,000 Euros and 200,000 Euros per month concerning natural and legal persons respectively. The previous limit was set at 20,000 Euros regarding natural persons and 100,000 Euros concerning legal persons.
3. Termination of Fixed Term Deposits before maturity is now allowed
4. Individuals who are not customers of a credit organisation are now permitted to open a bank account under several conditions. Firstly, the account must be a new Fixed Term Deposit, the cash amount deposited must amount to at least 5,000 Euros and finally the Fixed Term Deposit should not be ended before its maturity.
MN and Associates are at your disposal for more information concerning the Decree and any possible enquiries.