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An overseas transfer limit has been raised in Cyprus


According to Cyprus Property News Cypriot authorities have eased the restrictions on the movement of capital overseas; from now on individuals can transfer up to €50,000 per month out of the country from Monday 16th February. Yesterday the authorities of Cyprus have announced that from Monday 16th February 2015, they will raise the limit for overseas transfers.

From that date individuals may transfer up to €50,000/month per person for each credit institution and/or payment institution out of the country, up from a previous €20,000 ceiling.

However, the export of Euro notes and/or foreign currency notes in excess of €10,000/person/journey abroad (or the equivalent in foreign currency) are prohibited.

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

The new decree will remain in force for 28 days, the ministry said.

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