Cyprus Mail
Business

New decree on opening bank accounts

THE FINANCE ministry announced yesterday that it was easing restrictions regarding the opening of new bank accounts. The new provisions are included in the 19th decree on capital controls.

According to the decree, anyone can open a bank account, provided that the account is a new fixed term deposit created with funds in excess of €5,000 and the term of the new fixed-term deposit is at least three months. It is also stipulated that the new fixed-term deposit could not be terminated prior to its maturity.

The account can be open provided that upon the first maturity of the fixed term deposit, the funds from the deposit will not be subject to specific restrictive measures imposed by the decree and provided that the opening of a current account for the beneficiary of the fixed term deposit is prohibited.

It can also be opened if the account relates to a new loan.

The opening of a current account related to the new loan is permitted only if the said current account will only be used for the servicing of the loan and all deposits into the account will be used for the servicing of the loan and no other transaction.

The decree also allows the opening of a new bank account, provided that the loan proceeds must be disbursed into a current account, within the same or another credit institution, within Cyprus and shall be subject to the restrictive measures applicable to current accounts.

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