Restrictive Measures -
Transactions
The latest relaxations pertaining to transactions were passed on 17
May 2013 in Decree No 12 under the Enforcement of Restrictive
Measures on Transactions in case of Emergency Law of 2013. The
relaxations are:
- The limit of cashless payments or transfers of deposits/funds to accounts held in other credit institutions within Cyprus is increased from €10,000.00 to €15,000.00 per month per natural person and from €50,000.00 to €75,000.00 per month per legal person in each credit institution regardless of the purpose.
- Further relaxations have been introduced on the termination of fixed term deposits prior to their maturity provided that the funds are used to repay a loan and/or overdraft and/or credit card within the same credit institution and subject to certain new conditions.
A detailed account of the relevant measures may be found in our
Guide to Enforcement of Restrictive Measures on Transactions in
case of Emergency Law of 2013-Decree No 12.
Restrictive Measures - Foreign
Banks
Decree No 3 under the Relaxation of Restrictive Measures for
Branches and Subsidiaries of Foreign Banks added eight new
institutions to the catalogue of foreign credit institutions which
are exempt from the capital controls in connection with
transactions of their international business clients. The entire
catalogue is listed below. Those banks added under Decree No 3 are
marked in bold and with an asterisk.
- * Bank of Beirut SAL;
- * Banque BEMO SAL;
- * Banque SBA;
- * Barclays Bank PLC;
- * BBAC SAL;
- BLOM Bank SAL;
- * Credit Libanais SAL;
- * Jordan Ahli Bank plc;
- Lebanon and Gulf Bank SAL;
- OJSC Promsvyazbank;
- * Privatbank Commercial Bank;
Harneys has prepared a detailed guide to Decree No 3 which is
available
here.
Assets and Obligations - Cyprus Popular
Bank
Harneys has also newly published a
Guide to Changes to the Assets and Obligations of Cyprus
Popular Bank from "Bad Bank" to "Good
Bank."
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.