Information regarding travel to Cyprus
28 March 2013In connection with the tense financial situation in Cyprus, the Ministry of Finance of Cyprus has issued an order placing limits on the number of banking transactions. The initial plan is for these measures to be in force for a period of four (4) days. The measures include:
(a) Limiting cash withdrawals to 300 euro a day from the bank account of an individual person. If the account was opened in the name of more than one person, each of them may withdraw up to 300 euro a day;
(b) There is a prohibition on-cash payments and/or the transfer of funds out of the country or to an account in another financial institution, with the exception of commercial transactions corresponding to the activity of the client and as evidenced by documentation, with the exception of:
- Transactions up to 5000 euro a day per bank account are not subject to restrictions;
- Transactions from 5001 to 200 000 euro will require approval from a special committee of the central bank;
- Transactions of more than 200 001 euro, apart from approval by the committee, will require the approval of the financial institution itself;
- Payment of salaries to employees;
- Expenses of up to 5000 euro a quarter, that sum for a student or scholar abroad who has a first-degree family relationship with a citizen permanently resident in Cyprus paying child support;
- The payment or transfer of funds through debit, credit or prepaid card up to 5000 euro a month, per person, of a financial institution.
( c) There may be no renegotiation of term deposits prior to maturity, with the exception of when funds are to be used for the repayment of a loan to the same financial institution. In case of maturity of the term deposit, the maximum sum that may be drawn is between 5000 euro and 10 per cent. This may be transferred to the current account or savings account at the same financial institution, at the choice of the client. For the remaining sum, the deposit due date will move one month.
(d) There may be no transfer of money in cash in euro or another currency of a sum more than 1000 euro for an individual travelling abroad.
The central bank, depending on market dynamics or levels of risk to the system, may extend or fully or partly repeal these measures.
The Ministry of Foreign Affairs advises citizens planning to travel to Cyprus, as well as representatives of companies conducting or planning to commence business to make an optimal estimate of the funds necessary.
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