moving money out of cyprus back to the uk

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pudge
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Joined: 07 Aug 2013 15:01

moving money out of cyprus back to the uk

Post by pudge » 25 Sep 2013 10:24

My parents live in Cyprus and have their property up for sale as they wish to return to the Uk for health reasons.
they require the funds from the Cyprus sale to purchase a property in the UK.
They have been advised that they can only move 5000 euros out of the country from each bank account and so are worried that they will not be able to move their money back to the UK.
does anyone know how this can be done, are there exemptions to the restrictions in situations like this ?
Please help.

ps, if they sell to a Uk buyer, can the finances be transferred in the uk, or does this have to be done through Cypriot banks ?



Nigel Howarth
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Re: moving money out of cyprus back to the uk

Post by Nigel Howarth » 25 Sep 2013 11:02

Hi pudge,

The Central Bank of Cyprus has restrictions in place limiting the money that can be taken out of the country - see http://www.news.cyprus-property-buyers. ... id=0015495

If your parents sell to a UK buyer the money does not have to go to Cyprus - it can remain in the UK and so will not be affected by the restrictions.

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
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pudge
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Joined: 07 Aug 2013 15:01

Re: moving money out of cyprus back to the uk

Post by pudge » 25 Sep 2013 11:59

thanks for that Nigel,

Can anyone recommend any UK agencies that are good at selling properties in Cyprus



Pantheman
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Re: moving money out of cyprus back to the uk

Post by Pantheman » 26 Sep 2013 12:02

pudge wrote:thanks for that Nigel,

Can anyone recommend any UK agencies that are good at selling properties in Cyprus
Where is the property situated? No good looking at the UK agencies, they cannot really be of any help as it is s resale property and would require a lot of running around to get a sale made.

It is possible to move all the money at once depends on a few factors.

If you want to share let me know I will see if I can help.

thanks

Pan


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jon and suzie
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Joined: 05 Oct 2013 19:30

Re: moving money out of cyprus back to the uk

Post by jon and suzie » 05 Oct 2013 20:35

Nigel Howarth wrote:
If your parents sell to a UK buyer the money does not have to go to Cyprus - it can remain in the UK and so will not be affected by the restrictions.
Hi,

I am based in UK and am looking at buying a property in Cyprus. The sellers are talking about some or all of the payment being made in Stirling which will obviously benefit them as it isn't easy to get money out of the Cyprus at the moment. We are aware we will need to pay certain things in Euros once the property is registered in our names but are concerned about making payments which do not pass through Cyprus for a property purchase. Are there any legal implications in Cyprus or the UK if we make payments to the sellers in Stirling within the UK?



Nigel Howarth
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Re: moving money out of cyprus back to the uk

Post by Nigel Howarth » 05 Oct 2013 21:34

Hi jon and suzie

There shouldn't be any problems - I understand that a number of law firms have client accounts with the UK banks.

Please ensure that you appoint an independent lawyer in Cyprus to act on your behalf and to check the title to the property, etc to ensure there are no issues. The British High Commission in Nicosia has published a list of lawyers who may be able to assist at https://www.gov.uk/government/uploads/s ... mplate.pdf

Regards,


Nigel Howarth
Independent information & advice for Cyprus property buyers
Contact Nigel Howarth
Read the latest Cyprus property news

jon and suzie
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Joined: 05 Oct 2013 19:30

Re: moving money out of cyprus back to the uk

Post by jon and suzie » 06 Oct 2013 13:18

Nigel,

Thank you for your prompt response. That makes a lot of sense.

We have already appointed a Cypriot Lawyer from the BHC list, but thank you for the advice.

Regards,
Jon and Suzie



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