Currency of Cyprus, features of the island and laws

Cyprus ... Protanas, Ay-Anapa, Paphos ... This amazing combination of sounds is associated with the incredible atmosphere of the sun and the sea. Having chosen once for this island, for certain within you the desire to return there again resides.

With a significant historical fact is linked and the currency of Cyprus. Until recently, the monetary unit of Cyprus was the pound (CYP). In 2008, on January 1, an official transition to the euro was made. Pounds finally out of circulation by the end of June 2008.

Thus, the single currency of Cyprus - the euro, equal to 100 cents. The money turnover includes bills with a face value of 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 note: the more significant the number on the banknote, the greater the size of the bill. As for the coins, one side repeats the design of coins of the Euro currency zone , and the reverse is decorated with national symbols. However, this does not prevent the circulation of the Cyprus coin in all countries of Europe.

You can exchange currency on arrival at the airport or in one of the banks. However, some prefer to change the currency from the local money, although it is illegal. In addition, in the presence of an amount exceeding 1000 US dollars, it is necessary to have a declaration with you.

Despite the fact that the single state currency of Cyprus is the euro, in the northern part of the island is recognized the Turkish lira. She has lawful circulation. In addition, it accepts the old currency of Cyprus - the former Cypriot pound, and another currency.

Money from the card is unprofitable to withdraw through the ATM, but it is more expedient to make large purchases using a payment card.

Those who arrived on the island for the first time, it is necessary to know in advance that the banks are working only until 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 work after lunch.

A very pleasant fact for foreigners is the fact that when buying, exceeding the amount of 100 pounds, a VAT refund is possible. For this it is necessary to fill in the check at the entrance with an unusual formulation of "tax-free". When leaving the island, it's enough to show your purchases and passport at customs. After that, the appropriate stamp 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 quoted on the stock exchange. Along with it, banks like Hellenic Bank Public Company Limited, USB Bank Plc and Marfin Popular Bank Public Co Ltd have proved to be reliable.

Even before obtaining the status of a Cypriot tourist, it is necessary to study some laws of Cyprus. In particular, the law on the acquisition of real estate. Foreigners who want to become owners of Cyprus real estate are required to perform some 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, then the area is limited to 4.014 square meters. If a person has lived and worked in Cyprus for a long time , he gets permission to buy a second house.