Money and Currency
The currency of the Republic used to be the Cyprus pound - CY£. As from 1st January 2008 the Cyprus pound has been replaced by the Euro as the legal tender money of Cyprus at the irrevocable fixed exchange rate € 1 = CY£ 0,585274.
There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500 euro. They all have different colour and size, the higher the denomination, the bigger the size. One euro is divided into 100 cent. There are eight euro coins: 1, 2, 5, 10, 20 and 50 cent, €1 and €2. The designs on one side of the coins are common to all the countries of the euro area, while the other side reflects national identities. All euro coins can be used in all euro area countries, irrespective of their national side.
All banks operating in Cyprus offer foreign currency exchange services and quote the exchange rates of the Euro against all major foreign currencies daily. Foreign currency can also be exchanged at hotels. More detailed information concerning exchange rates can be obtained from the Central Bank of Cyprus . You can also use the currency converter .
Forms of Payment
Hotels, large shops and restaurants accept credit cards, travellers' cheques, Eurocheques and banknotes of major foreign currencies.
Foreign visitors from countries outside the EU can claim back V.A.T. on goods exported in their hand luggage. Visitors are eligible for a V.A.T. refund if:
- They are not holders of a passport or other form of identification from an EU Member State.
- They have not resided in Cyprus for more than 365 days in the two years immediately prior to the date of purchase of the goods,
- The total purchased from one store or a chain of stores is more than 171 Euro and less than 17 100 Euro.
- The goods are exported in visitors' hand luggage by the last day of the third month following the month in which the goods were purchased.
In order to claim your V.A.T. refund you will have to:
- Make your purchases from shops that display a tax-free shopping sign and simply ask for your tax-free document.
- When leaving Cyprus show your purchases and passport to customs officials and have your tax-free document stamped.
- Receive your refund in the method of your choice.
More detailed information can be obtained from the V.A.T. Service of the Customs and Excise Department
The price of products and services in Cyprus varies depending on the season and the location. Below is an indicative list in Euro:
- A single bus ticket costs around € 1
- A glass of beer costs between € 3.50 and € 5
- A ticket to the cinema costs around € 7 for adults and €5 for children
- A ticket to the theatre costs between € 17 and € 25
- A ticket to a concert or opera can cost between € 25 and € 77
- Continental breakfast costs between € 3.40 and € 6
- Lunch – a fixed menu costs between € 10 and € 13.50
- Dinner at a local tavern (meze, including beer or cold drink) costs around € 20
Since a 10% service charge is levied in hotels and restaurants, tipping is not obligatory but is always welcome and appreciated.