The banking system in Cyprus closely follows the British model and is well developed and organized whilst being equipped with the newest technology in new surroundings.
Non-Cypriot citizens have the opportunity to open foreign currency and local deposit accounts without difficulty.
Many Cypriot banks have branches all over the world. International Banks also have branches throughout the island for the convenience of their customers, with major credit cards like Visa, Diners, American Express being extensively used.
Cyprus Banks offer flexible housing loans in foreign currency to suit a client’s requirements.
Currency:
The currency of the Republic is the Cyprus pound - C£, which is divided into 100 cents.
Notes and coins currently in circulation are as follows:
- Bank Notes: C£20, C£10. C£5, C£1.
- Coins: 1 cent, 2 cents, 5 cents, 10 cents, 20 cents, 50 cents.
Import of bank notes:
Visitors may import any amount of Cypriot or foreign bank notes. They should declare to customs, on form D. (N.R.), their Cypriot and foreign bank notes for purposes of: deposit with banks in Cyprus, purchase of goods or immovable property, or re-export.
Export of Bank notes
Visitors may export any amount of Cypriot or foreign bank notes they declared on arrival, on form D. (N.R.). They may also export up to equivalent of USD1.000 in Cypriot or foreign bank notes which they imported, even if they did not declare them on departure. Additionally, visitors may take out with them up to C£100 in Cypriot bank notes.
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