Cyprus ... Protanas, Ai Anapa, Paphos ... This amazing combination of sounds is associated with the incredible atmosphere of the sun and sea. Having chosen once on this island, the desire to return there again will surely settle inside you.
The currency of Cyprus is also associated with a significant historical fact. Until recently, the monetary unit of Cyprus was the pound (CYP). On January 1, 2008, the official transition to the euro was made. Pounds were finally phased out by the end of June 2008.
Thus, the single currency of Cyprus was designated - the euro, equal to 100 cents. Banknotes with a face value of 5 to 500 euros are included in the cash flow . 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 bill: the more significant the number on the banknote, the larger the size of the bill. As for coins, one side of it repeats the design of coins of the Euro currency zone , and the reverse is framed with national symbols. However, this does not prevent the circulation of the Cyprus coin in all European countries.
You can exchange currency upon arrival at the airport or at one of the banks. However, some prefer to change the currency from local money changers, although this is illegal. In addition, if you have an amount in excess of $ 1,000, 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 has legal circulation. In addition, the old currency of Cyprus is accepted here - the former Cypriot pound, and another currency.
It is unprofitable to withdraw money from the card through an ATM, but it is more advisable to make large purchases using a payment card.
Those who arrived on the island for the first time need to know in advance that banks only work here before lunch. In particular, the working day of these institutions lasts from half past eight to half past twelve. However, in some tourist cities, rare banks also work after lunch.
A very pleasant fact for foreign citizens is the fact that with a purchase exceeding the amount of 100 pounds, a VAT refund is possible. For this, it is necessary to fill in the check with the unusual wording “tax-free” at the entrance. When leaving the island, at customs it is enough to show your purchases and passport. After that, appropriate stamps will be put on “tax free”, and 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 established themselves as reliable.
Even before obtaining the status of a Cypriot tourist, it is necessary to study some of the laws of Cyprus. In particular, the law on the acquisition of real estate. Foreigners who wish to become owners of Cypriot real estate are required to complete some formalities. However, even if these conditions are met, there are some restrictions regarding the size and type of property. So, it is allowed to purchase only one apartment or house. As for the land for construction, then 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.