Lifting Cyprus bank restrictions

Internal bank restrictions will be lifted by the end of spring this year in all banks in Cyprus, based on the roadmap that has been agreed with international creditors.  This is a big step towards restoring confidence and stabilising the Cypriot banking system.

Opening of new Cypriot bank accounts in another credit institution  is allowed for both individuals and companies provided that funds are transferred from abroad.

Further, there are no restrictive measures on payments via credit, debit or prepaid cards, funds transferred from abroad to Cyprus bank accounts after 27 March 2013, payments/receipts of the Republic/Central Bank of Cyprus, cash withdrawals from cards issued by foreign credit institutions, cashing of foreign cheques and any transaction authorized by the Committee.

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