Currency of Cyprus and Monetary Circulation Features

If you plan to live and work in Cyprus, it would be helpful to know the odds of local life. One of the hallmarks is finance: national currency, local taxes, types of payments, etc.

Currency of Cyprus

Euro has become the national currency of Cyprus since 2008. Both banknotes and coins are used. The first category is presented in the following denominations:

• EUR 5;
• EUR 10;
• EUR 20;
• EUR 50;
• EUR 100;
• EUR 200;
• EUR 500.

The coins are presented in denominations of EUR 1 and 2, as well as 1, 2, 5, 10, and 50 cents. This type of money is distinguished by the national designation on the reverse. Every EU member-state has national designs for coins, and Cyprus is no exception. However, coins of Cyprus are accepted in all countries where the euro is considered an official currency.

You can exchange other banknotes in the official banks of the Republic. All financial institutions offer to exchange the currency of Cyprus and other countries, as well as publish the current exchange rate on a daily basis.

Types of payments in Cyprus

The currency of Cyprus is accepted not only in cash but also as e-payments. Hotels, restaurants, stores, and other commercial organizations support payment with debit and credit cards of different banks.
Value added tax (VAT)
Non-EU residents can return VAT for goods purchased in Cyprus and exported in hand baggage within the next 90 days. To do this, you need to meet several conditions.

1. A citizen's passport shall be non-EU or another form of identification of an EU citizen.

2. A tourist claiming a VAT refund shall not have resided in Cyprus for more than 365 days in the past 2 years.

3. The total value of goods purchased from the same retail chain or store shall be within the range of EUR 100 to EUR 17,100.

4. Goods shall be purchased in tax-free trade outlets only.

If these conditions are met, you can request the store to fill out the forms required for the VAT refund. At customs, you need to show these documents, receipts, your passport, as well as the goods themselves.