Frustrated with Cypriot banks and Bureaucracies

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MacGeorge8035 Serial expat

Member since 28 April 2022

MacGeorge8035Serial expat26 January 2023 14:44:27

351

I am wondering what other people’s experience have been with Cypriot banks. I have had cause to transfer a significant sum of money from the UK to my Hellenic bank account. This is not the first time we have done this, however, on this occasion it is for a deposit on a property we are buying. I know all about AML checks as I have had them done in the UK. My problem is in the UK they are generally completed within a couple of days at the most. Here in Cyprus it seems to take well over a week to do the same checks. In fact the latest checks have taken well over a week and I am being told it will Monday before they are finished.

The amount of time things seem to take is astonishing, I have waited so far 4 months for ID cards, no idea when they will turn up, 2 months for GESY registration and still no idea when it will happen. I knew bureaucracy was slow, but come on there is slow and there is glacial.

Toon Cyprus Expert

Member since 04 June 2011

ToonCyprus Expert26 January 2023 14:58:10

9883

Welcome to the slow lane of Cyprus . You don't see that in the brochures do you .

Just also be forewarned of the incredibly slow "permission to buy" process that all non EU buyers must go through with the Council of Ministers ..minimum of three month to a max of 5 months... Currently... The excuse used is that there is only one person doing the permission grants.

And worse is that you cannot start that permission process untill you are committed to buy and have signed contracts of sale in place

MacGeorge8035 Serial expat

Member since 28 April 2022

MacGeorge8035Serial expat26 January 2023 15:11:21

351

My solicitor told me it might take awhile to get permission from the council of ministers, but 5 months.

Toon Cyprus Expert

Member since 04 June 2011

ToonCyprus Expert26 January 2023 18:59:18

9883

5 months is the worst case scenario that I have heard of

Konstantin Storm Member

Member since 01 February 2023

Konstantin StormMember01 February 2023 14:36:26

@MacGeorge8035

Same Story for us.

Last Money transfer from my Estonian account to Cyprus taken 12 days - I was already in panic.

Trying to accept, that everything taking much more time.

Property purchase - forget about 1-3 months. Min 3 months is typical, I already expect my case will take even much more....

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