You can now buy as many new iPhones as you like

As the holiday season kicks into full swing, a report reveals Apple’s now lifted restrictions on the number of iPhone 5 purchases allowed. Previously, a customer was allowed to buy just two unlocked iPhone 5 units per transaction. The company further limited purchases to ten units per lifetime. But with the supply chain catching up to demand, Apple has finally relaxed its sales policy.

Starting today, only the sky is the limit as the iPhone maker lets you buy an unlimited number of its latest handsets, though its web store still processes only ten units in a single transaction. The removal of restrictions applies to Apple’s web store, as well as brick-and-mortar outlets…

Per iPhoneinCanada:

According to our sources that policy has been changed to 10 units per transaction and unlimited lifetime. When shopping online, although you can add up to 999 unlocked iPhones to your cart, the limit is still 10 per transaction.

The Canada online Apple store has replaced the text “Limit two per customer” to reflect the new policy, which the publication confirmed as being in effect both online and at Apple retail stores in Canada.

I was able to determine at press time that Apple’s online store in the United States has also removed the mention of limiting sales to two per transaction.

Surprisingly enough, iPad mini sales remain locked to two per customer.

Apple’s web site explains the benefits of the unlocked iPhone:

The unlocked iPhone includes all the features of iPhone but without a wireless contract commitment. You can activate and use iPhone on the supported GSM wireless network of your choice, such as AT&T in the United States. The unlocked iPhone 4, iPhone 4S and iPhone 5 will not work with CDMA-based carriers such as Verizon Wireless or Sprint.

If you don’t want a multiyear service contract, or if you prefer to use a local carrier when traveling abroad, the unlocked iPhone is the best choice. It does not come with a micro-SIM card for iPhone 4 and iPhone 4S, or a nano-SIM card for iPhone 5, so you’ll need to get one from any supported GSM carrier worldwide.

To start using it, simply insert the card into the slot on your iPhone and turn it on by pressing and holding the On/Off button for a few seconds. Then follow the onscreen instructions to set up your iPhone.

Improved production has enabled Apple to shorten deliveries to 2-4 business days.

Yesterday, the company launched the next phase in the global roll-out, confirming the iPhone 5 is coming to an additional 50 countries in December.

Club Cupertino started to offer unlocked iPhone 5 purchases at retail and online stores in Canada at the end of November, adding unlocked devices to US stores last week.

Not that you’ll be buying ten or more iPhones anytime soon, but it’s nice that Apple feels confident about its manufacturing prowess enough to remove these restrictions.

Unless, of course, you smuggle Apple gadgets for a living…