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Law 72(I) of 2011 established a maximum rate of interest, the
"reference rate", that can be charged on loans and made
it a criminal offence to charge interest above that rate. The
interest rate ceiling is calculated by the Central Bank of Cyprus
using a formula based on half the average bank lending rate of the
previous year plus a margin of between 5 and 10 percentage points,
which varies according to various risk factors.
The restrictions on interest rates do not apply to credit
institutions or:
Loans where the lender and the borrower are legal persons
which are deemed to be connected persons for the purposes of
article 33 of the Income Tax Law.
Loans to legal persons where the capital out of which the loan
is provided derives directly or indirectly from sources outside
Cyprus provided that the amount of the loan exceeds €1,000,000
and the minimum drawdown amount is €500,000.
Loans to legal persons which are disbursed overseas provided
that the amount of the loan exceeds €1,000,000 and the minimum
drawdown amount is €500,000.
The Central Bank of Cyprus has recently announced that the
reference rate has been revised to 12.51 percent per annum.
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