Only when transferring from a congested to preferred server, or any server to a new server, and Omega is not considered a new server anymore. So...the cap is the one that applies to everyone else. 10m + 5m on retainers.
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But that goes for all servers then. No matter the server you move to, the same issue happens. Thing is, Omega is as populated as our main servers (Moogle, Odin, Cerberus, Ragnarok & Phoenix). I highly doubt the economy is something you can still have an impact on when the server is that populated. Moreover, less populated servers like Zodiark, Louisoix & Lich are available for transfers ; their economy is far more easy to change if a bunch transfers, so if that was the problem, then they would lock transfers out. But they don't...
I personnally never had any trouble to create characters on Omega. I actually saw my own servers way more often locked for character creation than Omega itself. If you just go on Omega, you'd be amazed by the number of sprouts runing around ; my server is almost empty of those !
There are number actually, for the active population, by luckybancho, from October 1st https://www.reddit.com/r/ffxiv/comme...a_101/dnru3kx/ // http://forum.square-enix.com/ffxiv/t...destone-survey
https://image.prntscr.com/image/6dMd...xKU3CZaMAQ.png
So the new servers are actually completely overloaded with new players and Omega is still completely locked for existing characters, yet their lvl70 population is less important than the old servers. Why ? Why is it locked ? It's impossible to get a clear answer of why you can still create and not transfer.