Cyprus… Protanas, Ai-Anapa, Paphos… This amazing combination of sounds is associated with the incredible atmosphere of the sun and the sea. Having chosen once on this island, for sure, a desire to return there again will settle inside you.
The currency of Cyprus is also connected with a significant historical fact. Until recently, the currency of Cyprus was the pound (CYP). In 2008, on January 1, the official transition to the euro was carried out. The pounds were finally out of circulation by the end of June 2008.
Thus, the single currency of Cyprus was designated - the euro, equal to 100 cents. The money circulation includes banknotes with denominations from 5 to 500 euros. Coins are designated as 1, 2, 5, 10, 20 and 50 cents. It is noteworthy that the size of the banknote is tied to the denomination of the banknote: the more significant the number on the banknote, the larger the size of the banknote. As for the coins, one of its sides repeats the design of the coins of the Euro currency zone, and the reverse is decorated with national symbols. However, this does not prevent the circulation of the Cypriot coin in all European countries.
You can exchange currency upon arrival at the airport or in one of the banks. However, some prefer to change currency with local money changers,even though it's illegal. In addition, if you have an amount exceeding 1000 US dollars, you must have a declaration with you.
Despite the fact that the single state currency of Cyprus is the euro, the Turkish lira is also recognized in the northern part of the island. She is legal. In addition, the old currency of Cyprus, the former Cypriot pound, and other currencies are also accepted here.
It is unprofitable to withdraw money from a card through an ATM, but it is more expedient to make large purchases using a payment card.
Those who arrived on the island for the first time should know in advance that banks are open only until lunch. In particular, the working day of these institutions lasts from half past nine to half past one. However, in some tourist cities, rare banks are open after lunch.
A very pleasant fact for foreign citizens is the fact that when buying more than 100 pounds, a VAT refund is possible. To do this, even at the entrance to fill out a check with the unusual wording "tax-free". When leaving the island, at customs it is enough to show your purchases and your passport. After that, the appropriate stamps will be put on the "tax-free" and the amount in the amount of VAT will be transferred by transfer.
The largest bank in Cyprus is a serious institution (Bank of Cyprus), whose shares are listed on the stock exchange. Along with it, such banks as Hellenic Bank Public Company Limited, USB Bank Plc and Marfin Popular Bank Public Co Ltd. have proven themselves to be reliable.
Even before obtaining Cypriot statustourist, it is necessary to study some laws of Cyprus. In particular, the law on the acquisition of real estate. Foreigners wishing to become owners of Cypriot real estate are required to complete certain formalities. However, even if these conditions are met, there are some restrictions regarding the size and type of real estate. So, it is allowed to purchase only one apartment or house. As for the plot of land for construction, here the area is limited to 4.014 square meters. If a person has lived and worked in Cyprus for a long time, then he receives permission to buy a second home.
