Euro became the official currency of Cyprus from the 1st of January 2008. Notes of the following nominations are in use: 5, 10, 20, 50, 100, 200 and 500 Euro. One Euro equals 100 cents. The following coins are in use: 1, 2, 5, 10, 20 and 50 cents, €1 and €2. The design of one side of the coins is the same in all Euro currency countries while the other side depicts national characteristics of each specific country. All Euro coins circulate in all Euro countries disrespectful of the design of the national symbols.
All banks in Cyprus offer currencies exchange and daily publish exchange rates of a Euro to other main foreign currencies. Exchanges can be made in all hotels in Cyprus.
Hotels, large shops and restaurants accept credit / debit cards, traveller’s cheques, euro cheques and notes of the main foreign currencies.
Tourists from outside EU zone may demand return of VAT for the goods that they brought with them in their hand luggage.
Tourists have the right to a VAT refund in the following cases:
- Their passport is not a passport or another form of identification of an EU citizen.
- They were not residing in Cyprus more than 365 days during the last two years from the date of the goods purchase.
- Total cost of goods purchased from one shop or the same network of shops is more than €100 and less than €17,100.
- The goods are taken out of the country in hand luggage within 90 days from the date of their purchase.
To request a VAT refund, you need to:
- To purchase goods from the shops that have “tax-free” signs and where they ask you for your documents in order to fill in a tax free form.
- Upon departure from Cyprus present your purchases and passport at the customs and your tax free receipts will be stamped.
- You can get the refund in any way of your choice.