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10/10/2003: The Movement of Capital Law abolishes Exchange Control Restrictions and brings Cyprus closer to Europe
On 1st May 2004 ten European countries, one of which will be the Republic of Cyprus, will accede as a Member State of the European Union under the terms of the Accession Treaty signed in Athens on 16 April 2003.

In pursuit of its ongoing drive to harmonise its domestic legislation with the Acquis Communautaire of the EU, Cyprus legislature enacted in July 2003, the Movement of Capital Law No. 115(I) of 2003 (the Law). As the name implies, the aim of the Law is to introduce a regime allowing for the free movement of capital and payments.


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