All previous exchange control restrictions have been lifted due to EU membership, allowing for unrestricted importing or exporting of funds in any currency. However, it's important to declare large sums of money when moving funds.

There's no longer a requirement to provide evidence that property purchases will be made with foreign currency, thanks to the 2003 introduction of the Capital Movement Law by the Central Bank of Cyprus. This law aims to align Cyprus's banking regulations with EU laws governing the free movement of capital. As Cyprus continues to evolve within the EU, updates to banking laws are periodically reviewed. It's recommended to consult with your financial advisor or the Cyprus Central Bank for the latest regulations.

Declaration Requirements:
Under the Capital Movement Law, cash in any currency and gold up to €12,500 may be freely imported or exported into and from Cyprus. Amounts exceeding this threshold, particularly in cash, must be declared to Customs and Excise upon entry due to strict anti-money laundering regulations imposed by the Central Bank of Cyprus.

Banks are mandated to collect comprehensive identification from account holders, monitor their account activities, and report deposits exceeding $100,000 USD, especially if made in cash. While capital transfers are tax-free, worldwide income is subject to taxation.

International Bank Transfers:
Various methods are available to import money into Cyprus, particularly for real estate purchases or business ventures. Prioritize finding the lowest fees and most favorable exchange rates before initiating money transfers to Cyprus.

For significant sums, banks may be open to negotiating fees and exchange rates. When transferring substantial amounts for business transactions such as real estate purchases, ensure you receive the commercial exchange rate rather than the tourist rate. Stay informed about exchange rate fluctuations to negotiate effectively with banks.