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The Cyprus Ministry of Finance, in collaboration with
the Deputy Ministry of Research, Innovation, and Digital Policy,
announced in December 2023, the launch of the electronic service
“Participation in the Replenishment Scheme of National
Solidarity Fund.”
The purpose of the above initiative is to assist physical
persons and legal entities that are characterised as “retail
clients” who suffered losses, as a result of resolution
measures, such as the haircut of deposits over €100,000 in the
two systemic Banks (Bank of Cyprus and Popular Bank) in 2013. This
opportunity is extended to affected individuals and entities to
facilitate their identification and subsequent confirmation as
potential beneficiaries of the Partial Replenishment Scheme.
In this respect, those who may benefit from this scheme are
individuals over 18 years of age, representatives of deceased
persons, and various legal entities that are retail clients. Retail
clients are understood to be entities which do not have the
necessary knowledge to understand the risks involved in the
management of their portfolio. Application details differ for each
bank with regard to the impairment information. Cyprus residents
must register and authenticate via the Government Portal CY Login,
while non-residents or entities without a Cyprus registration
number need to provide additional details.
Assistance for the electronic service is available via email.
Submitted data will be cross-checked with bank and government
records to determine eligibility for the Partial Replenishment
Scheme of the National Solidarity Fund.
The submission deadline for applications is 30 April 2024.
The Ministry of Finance’s official announcement can be found
here.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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