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Cyprus lifts the last remaining capital controls

Cyprus has lifted yesterday the last remaining capital controls.

According to the new measures there will no longer be a monthly cap of €20,000 on transfers by individuals to foreign banks or €10,000 for travellers moving money out of Cyprus. The capital controls first came into force in March 2013 when the country received a bailout and although many of the controls had already been lifted, there were still in place the restrictions mentioned above. 

Danos & Associates welcomes this move which is a very significant development and which will surely help completely restore the faith in the banking system of the country.

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