Cyprus-Forum.com

[Paphitis]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

Nope.

Refused to give the money by any means...

They had all the paperwork and an appointment booked at the Land registry to go and pay for them...

What they are trying to avoid is a Bank Run whether real estate induced or other. A Bank Run will destroy the Banks which will be a disaster for Cyprus.

I believe the controls will remain in place until the Bail Out is received, whenever that is...

[cyprusgrump]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

Nope.

Refused to give the money by any means...

They had all the paperwork and an appointment booked at the Land registry to go and pay for them...

"By any means" ? Well that's a quick answer - above you're not even sure if they had asked for cash or cheque.

Friends are not concerned transferring the money from the bank(s) to pay for the property will be an issue, certainly, by the time conveyancing is done if not already possible by electronic transfer. It's having an offer accepted atm.

You're right.... They are so stupid that when the bank refused to produce cash or a cheque they simply walked out without discussing it further....

[CBBB]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

Nope.

Refused to give the money by any means...

They had all the paperwork and an appointment booked at the Land registry to go and pay for them...

"By any means" ? Well that's a quick answer - above you're not even sure if they had asked for cash or cheque.

Friends are not concerned transferring the money from the bank(s) to pay for the property will be an issue, certainly, by the time conveyancing is done if not already possible by electronic transfer. It's having an offer accepted atm.

You're right.... They are so stupid that when the bank refused to produce cash or a cheque they simply walked out without discussing it further....

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

[GreekIslandGirl]

Friends of mine went to the bank this week to get the cash/cheque or whatever to pay their Title Deeds - the bank refused to give them the money...

Friends money is in Cypriot banks (don't know which one(s)) but they didn't seem to think paying would be a problem if they manage to find a property eventually (sooner rather than later). I believe electronic transfers between banks for paying for legitimate items like property transactions and even title deeds straight to the land registry would be authorized as the money can be tracked to stay in Cyprus.

Nope.

Refused to give the money by any means...

They had all the paperwork and an appointment booked at the Land registry to go and pay for them...

"By any means" ? Well that's a quick answer - above you're not even sure if they had asked for cash or cheque.

Friends are not concerned transferring the money from the bank(s) to pay for the property will be an issue, certainly, by the time conveyancing is done if not already possible by electronic transfer. It's having an offer accepted atm.

You're right.... They are so stupid that when the bank refused to produce cash or a cheque they simply walked out without discussing it further....

I was referring to what you wrote, not to what they may or may not have done - you said "the bank refused to give them the money". That would imply they hadn't asked for an electronic transfer to be carried out.

[Paphitis]

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

CBBB, can you settle this please?

Are EFTs allowed to buy property? If so do they need special approval?

And if they need special approval, who is the approving authority?

Or are large EFTs permitted for business only?

Just want info from a reliable and honest source.

Also my source earlier insinuates that large EFTs need approval except for business that have a larger limit.

[CBBB]

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

CBBB, can you settle this please?

Are EFTs allowed to buy property? If so do they need special approval?

And if they need special approval, who is the approving authority?

Or are large EFTs permitted for business only?

Just want info from a reliable and honest source.

Also my source earlier insinuates that large EFTs need approval except for business that have a larger limit.

It looks as though companies and individuals can now transfer up to €300,000 internally without permission.

See it all here http://www.centralbank.gov.cy/media/pdf ... 042013.pdf

[cyprusgrump]

I was referring to what you wrote, not to what they may or may not have done - you said "the bank refused to give them the money". That would imply they hadn't asked for an electronic transfer to be carried out.

Don't be ridiculous....

[CBBB]

I was referring to what you wrote, not to what they may or may not have done - you said "the bank refused to give them the money". That would imply they hadn't asked for an electronic transfer to be carried out.

Don't be ridiculous....

Re Grump, according to the link I posted there are no restrictions if you are paying money to the Government, but the document is dated today. Perhaps your friends should try again.

[cyprusgrump]

I was referring to what you wrote, not to what they may or may not have done - you said "the bank refused to give them the money". That would imply they hadn't asked for an electronic transfer to be carried out.

Don't be ridiculous....

Re Grump, according to the link I posted there are no restrictions if you are paying money to the Government, but the document is dated today. Perhaps your friends should try again.

I'm sure they will...

We've noticed though that the published restrictions and reality are not quite the same!

[B25]

If it was Laiki bank, they have a problem that they have not been told yet who of their staff are authorised to carry out certain transactions, it is apparently causing havoc in all their branches!

CBBB, can you settle this please?

Are EFTs allowed to buy property? If so do they need special approval?

And if they need special approval, who is the approving authority?

Or are large EFTs permitted for business only?

Just want info from a reliable and honest source.

Also my source earlier insinuates that large EFTs need approval except for business that have a larger limit.

What's an EFT??

But non EU citizens can buy a single residential property to live in.

Or buy 4017m2 land to build a property

They need permission fro the council of ministers (this is formality and is normally given AFTER a sale is made). Your lawyer will make this appliccation