Banking information can be obtained from any branch of our Sponsor Hellenic Bank

The import of foreign exchange is free from restrictions. However, in case of import of bank notes (Cypriot or foreign) travellers are advised to declare them to Customs on their arrival in order to facilitate their re-export, deposit with banks or use in Cyprus for any other purpose.

Non-residents may operate foreign currency accounts as well as external accounts (denominated in Cyprus pounds) with domestic banks. These accounts may be fed with funds from abroad and authorised payments from residents. Their balances are freely transferable

REPATRIATES

Cypriot repatriates (i.e. residents of Cyprus who were previously resident in other countries for more than three years) and residents temporarily working abroad are exempted from the obligation to surrender foreign currency under the Exchange Control Law. Therefore, they are free to operate accounts with overseas financial institutions as well as foreign or external accounts with domestic banks. These accounts may be fed with funds from abroad such as income from sale of properties abroad, earnings accruing from properties owned abroad or from work abroad etc.

Repatriated Cypriots who have foreign debts are expected to settle them with income from abroad. However, in case that they do not have such income, Central Bank approval may be granted for repayment through local funds.

Cypriot repatriates who decide to emigrate again from Cyprus may transfer abroad all their local funds. Such transfers are affected through local banks.

INVESTMENTS

Except with Central Bank permit, no person may acquire more than 10% of a bank's share capital. However, natural and juridical persons from European Union (EU) member states may acquire shares of companies listed on the Cyprus Stock Exchange without restriction. The participation of other non-residents is subject to a 49% limit.

Inward direct investment from EU residents and Cypriot non-residents is free, whereas investment from non-EU countries is subject to certain restrictions related to maximum percentage participation and minimum equity capital.

Permission of the Central Bank for the repatriation of the proceeds of sale or liquidation of approved investments (including capital gains) is readily granted at any time, after payment of taxes.

INVESTMENT IN REAL ESTATE

Non-residents Cypriots, in contrast to non-residents aliens, are free to purchase immovable property in Cyprus without the prior permit of the Council of Ministers.

Non-residents may transfer abroad the entire proceeds from the sale of their real estate in Cyprus, after payment of taxes

LOANS

Banks are free to grant loans in foreign exchange to non-residents for any purpose including the purchase of immovable property. In addition banks in Cyprus are allowed to lend any amount in local currency to non-residents to finance their activities in Cyprus.

INHERITANCE & ESTATE DUTY

After clearance of the estate, non-residents are allowed to transfer abroad any amount of local funds inherited.