Cyprus - Capital movement restrictions

28. March 2013

With the approval from the Cyprus Ministry of Finance, capital movement restrictions (“the Capital Order”) in Cyprus have now been announced as follows:

  • The Capital Order will run for seven days
  • Electronic payment or transfer of funds abroad is prohibited
  • All savings accounts must run until their expiry date - with no early withdrawals allowed
  • Any financial transaction, payment or transfer which was not completed before the issuance of the Order is subject to the restrictive measures provided
  • Cashing of cheques will be suspended, but 'cheque deposits' will be allowed
  • Individuals will only be allowed to take €3,000 in cash on each trip out of the country
  • Cypriots will only be allowed to transfer up to €10,000 per quarter for fellow citizens who are studying abroad
  • All credit/debit card transactions abroad will be capped at €5,000 per person, per month
  • The measures will apply to all accounts, regardless of the currency it uses
  • Payments for imports will be allowed when 'the relevant documents' are provided to the authorities

The measures will apply to all accounts strictly. Notable that interbank and intrabank payments (in Cyprus) are permitted.

The general consensus from the financial media here is that the Capital Order is expected to be renewed every week but with looser terms upon every renewal until its complete withdrawal. 

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