Liberalisation of Exchange System
Liberalisation of Exchange System
4/7/2001 13:45
The Central Bank of Cyprus announced that as of 2 July 2001, as part of its policy for liberalisation of exchange restrictions, Cypriots can now buy property abroad up to CYP 100.000. In addition, listed companies on the CSE and insurance companies can now invest up to 50% of their net worth to a maximum of CYP 20 mln in shares traded on recognised foreign exchanges.

Individuals who wish to purchase a house abroad can now do so either by paying cash or through loans from foreign lending institutions.

Public companies which were listed on the CSE as investment companies and have since transferred to the "Other" companies section, but are still carrying out the same activities, will be allowed to export up to 50% of their net worth to a maximum of CYP 20 mln in shares listed on exchanges abroad in which insurance companies are allowed to invest in according to article 20 of Insurance Companies law.

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