Since 1970
Call us: +357 (24) 822 870 // www.palourtis.com

Newsletter

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 13 May 2019 Petrolina will move storage units by years end

    read more

  • 6 May 2019 Energy saving measures grant scheme

    There are opportunities for those living in Cyprus to the reduce their energy... read more

  • 30 April 2019 KPMG Sales of many properties over 1 million

    The exogenous demand for luxury properties, particularly in Limassol, is... read more

  • 22 April 2019 Cyprus real estate investment Prospects and Risks

    The figures, trends and the state of the Cyprus real estate market over the... read more

  • 19 April 2019 Solution for trapped buyers edging closer

    Amendments to the law designed to resolve the Title Deed mess by enabling... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 13 May 2019 Petrolina will move storage units by years end

    read more

  • 6 May 2019 Energy saving measures grant scheme

    There are opportunities for those living in Cyprus to the reduce their energy... read more

  • 30 April 2019 KPMG Sales of many properties over 1 million

    The exogenous demand for luxury properties, particularly in Limassol, is... read more

  • 22 April 2019 Cyprus real estate investment Prospects and Risks

    The figures, trends and the state of the Cyprus real estate market over the... read more

  • 19 April 2019 Solution for trapped buyers edging closer

    Amendments to the law designed to resolve the Title Deed mess by enabling... read more

Capital controls to end on Monday

President Nicos Anastasiades has announced that Cyprus will eliminate the last of the capital controls, which were imposed in April 2013 as part of a €10 billion European bailout, on Monday 6th April. By: Nigel Howarth Published: Friday 3rd April 2015 • Filed Under PRESIDENT Nicos Anastasiades said on Friday all capital controls imposed on the island in 2013 to stem a cash flight will be lifted on Monday. “As from next Monday, the last restrictions on capital movement concerning transactions and capital transfer abroad will be lifted,” Anastasiades said during a news conference. “The lifting of the remaining restrictions signals the final restoration of confidence in our banking system” he added. “From today the positive prospect for raising investments in full trust and confidence conditions is reinforced. The ability of banks to raise capital and to finance safely the economy is boosted, with a positive impact on the support of citizens, businesses and development” he concluded. Cyprus introduced the controls in April 2013 to prevent outflows after a chaotic bailout forced the closure of one bank, and a second bank seized deposits to recapitalise. It was the first time controls were imposed in the history of the eurozone. It has since lifted all domestic controls but despite being eased significantly, some restrictions remain on international transactions. Asked about the timing of the easing while Greece was in crisis over its own bailout programme, Anastasiades said: “We want to hope that there will be no further deepening of the crisis with Greece.” Cypriot banks, he said, had fully severed their links with the Greek banking system following the 2013 crisis. Since the crisis struck in 2013 deposits shrank to €46.5 billion at the end of February compared with €65.5 billion in the same month of 2013. In its decision to revise the outlook for Cyprus to positive on 27th March, Standard & Poor’s said “Although domestic capital controls were completely eliminated in May 2014, we see uncertainty regarding the impact of elimination of the remaining controls on international transactions on the stability of private-sector deposits.”

Read more at: http://www.news.cyprus-property-buyers.com/2015/04/03/capital-controls-to-end-on-monday/id=0054974
Copyright © Cyprus Property News