The size of the international remittances in Cyprus increased for the first time in two years after the crisis. This decision was taken by the Ministry of Finance. From January 9, 2015 individuals can transfer €20,000 monthly, and legal entities no longer have to approve bank transfers amounting to €2 million and more, Cyprus Property News reports.
Previous remittances were several times less. Restrictions on the movement of capital was introduced in Cyprus in March 2013 during the banking crisis when the largest bank was closed, and customer deposits were recapitalized by other financial institutions.
In addition, foreign tourists can now import into the country €10,000 instead of €6,000.
According to the latest official data of the Department of Lands and Surveys, the number of transactions in Cyprus increased by 20% in 2014 (4,527 deals). The increase in sales of real estate has not been on the island since 2010.
Read also:
Firstly deposits, then housing. Cypriot property will be withdrawn for debts