| Capital may be brought freely into Cyprus from countries of the European Union. Any citizens of Europe who is resident in Cyprus can open an account at a bank which operates in Cyprus by completing the necessary forms and providing evidence of identity in accordance with the provisions of the Banking Operations Law and the relevant Directive of the Central Bank of Cyprus which requests from all banks to implement procedures for identification of their customers, record keeping, the effecting of remittances and checking of the source and legality of capital passing through the Cypriot banking system, as well as other procedures to prevent money laundering. Under this Directive acceptance of cash deposits exceeding $100,000 or the equivalent in other foreign currencies in one transaction or in one calendar year from any person (resident or non-resident) or group of linked persons can only be given with the prior written approval of the bank's Compliance Officer.
In addition, the Capital Movements Law of 2003 requires a person entering or leaving from Cyprus with banknotes or gold with a value of €12,500 or above, or with the equivalent in another currency, to complete a form declaring the import / export and to deliver the form to a competent official of the Department of Customs.
Information about the detailed procedures for the opening of accounts in Cyprus and for money transfers can be obtained from the Central Bank Tel: 22 714100 and the commercial banks. |
