The Central of Cyprus has released a 22th Decree on capital controls, with further relaxations announced.

Requirement for supporting documentation on domestic business transactions in excess of EUR300,000 to other local credit institutions relating to goods and services, has now been lifted. The credit institution may still request supporting documentation if deemed necessary.

The threshold for transactions that fall within normal business activity for payments and/or transfers of deposits/funds to accounts held abroad, has been raised from EUR500.000 to EUR1.000.000.

Payments and or transfers of deposits/funds above EUR1.000.000 per transaction are subject to the Cyprus Central Bank’s Restrictive Measures (RM) Comm