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Cyprus Property Blog by Cleo

Buying Property in Cyprus is a great investment choice and we discuss various aspects.

Cyprus Banks Withdrawal Limit Ends

A year after the government and banks imposed a limit on the amount of money clients were able to withdraw, restrictions have been lifted. The limit was recently set at 300 euro per day for each person. People will also be able to open accounts with other financial institutions which was also restricted. Bank clients can now also withdraw fixed interest saving deposits before they mature. This is a great booster of confidence for local markets as things are returning to normal.

According to the government these measures come about because Cyprus has been meeting all the measures set in place. The government has accomplished all the benchmarks of unifying all the banks and with these actions appear to be following the road map to a Cyprus financial recovery. 

Restrictions on deposits going abroad are still in place but according to the the government these restrictions should be over by the end of the year.  Currently an individual can transfer up to Euro 50,000 and a business can transfer Euro 200,000 per month with out having to go through filing documents. These transfers only apply only between the banks in Cyprus and restrictions remain for overseas transfers.

Ending the limits and the recent upgrade by S&P to Cyprus long term sovereign debt ratings show signs that things are heading in the right direction. This of course confirms our opinion when we wrote a year ago "A Look at the Brighter side in Cyprus" that things will begin to improve sooner and not later.

It's only a matter of short time now before it becomes obvious to everyone that we are in full recovery. So the salesman in me says: "Don't wait too long to purchase your dream home in Cyprus - Come get one while the price is right" and you can start your Cyprus property search here.

 

Published Saturday, March 29, 2014 4:36 PM by Cleo Shahateet

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Cyprus Property is Hot! Now more than ever. There are over 20 million northern Europeans (European baby boomers) that have retired in the last few years which is a great number and many will be British. Many have been waiting for the financial crisis to past before they make the move to Cyprus. With warm weather, low crime rate, low cost of living in Cyprus and English speaking population, do you think Cyprus will have enough properties for every one?

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