Currency
As from 1st January 2008 the currency of the Republic of Cyprus is Euro.

There are seven denominations in Euro banknotes: 5, 10, 20, 50, 100, 200 and 500 euro.  One euro is divided into 100 cent. There are eight euro coins: 1, 2, 5, 10, 20 and 50 cent, €1 and €2. 

Exchange
All banks in Cyprus offer foreign currency exchange services. Foreign currency can also be exchanged at hotels.

Forms of Payment
Hotels, large shops and restaurants accept credit cards, travellers' cheques, Eurocheques and banknotes of major foreign currencies.

V.A.T. Refund
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 or stores is more than 171 Euro and below 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.

Tips
Since a 10% service charge is levied in hotels and restaurants, tipping is not obligatory but is always welcome and appreciated.