Cypriot authorities, who had tightened the rules of money outflow from the country in April 2013 because of the banking crisis, now, 18 month later, are ready for concessions. Limits on cross-border payments increased twofold, informs the ee24.com with reference to Cyprus Property Buyers.
Individuals are allowed to transfer €10,000 per month out of the country, earlier only €5,000 were allowed. Tourists traveling abroad from Cyprus can now take €6,000 (previous maximum was €3,000). In addition, the Cypriot authorities have stated that they intend to raise the limit of abroad cash payments for companies from €1 million to € 2 million without additional authorization request.
Cypriot authorities were the first in EU to impose limits on remittances. This was done to prevent a banking crisis of 2013. According to politicians, increasing of limits is caused by overall banking sector recovery.
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