How to receive and transfer money in Cyprus

All prior exchange control restrictions have been removed as a result of EU membership, and there are no longer any limitations on importing or exporting funds in any currency, though you must declare large amounts.

No longer must you provide evidence that the property will be paid for with foreign currency. The 2003 introduction of the Capital Movement Law by the Central Bank of Cyprus, which is responsible for overseeing all banks doing business in the Republic of Cyprus, aimed to harmonize Cyprus law with EU laws governing the free movement of capital. After the nation joined the EU, some banking law amendments are currently being reviewed. Always inquire about the most recent rules from your financial advisor or the Cyprus Central Bank.

Declaration

According to the Capital Movement Law, cash in any currency and gold worth up to €12,500 may be freely imported or exported from and into Cyprus. Any sums above that (especially those in cash) must be declared to Customs and Excise at the port of entry because the Central Bank of Cyprus imposes strict anti-money laundering regulations.

All banks must obtain complete identification from account holders, be aware of their regular account movements, and report any deposits exceeding $100,000 USD, particularly if they are made in cash. Capital transfers are tax-free, but all worldwide income is subject to taxation.

International Bank Transfers

You can import money into Cyprus in a few different ways, all of which are described below, if you want to do so in order to buy real estate or start a business. Find the lowest fees and most advantageous exchange rate before sending money to Cyprus.

In cases where you are transferring a sizable sum of money, banks will occasionally be amenable to negotiating fees and exchange rates. Make sure you get the commercial rate of exchange rather than the tourist rate if you plan to send a sizable sum of money abroad for a business transaction, like purchasing real estate. Be knowledgeable about changes in exchange rates so that you can bargain with a bank effectively.