Banking

The Cypriot banking and finance sector exhibits many similarities to that in the UK, and is based on the British system.

Banking

The Cypriot banking system comprises a number of commercial banks, which are regulated by the Central Bank of Cyprus. Apart from Cypriot banks which operate internationally with branches in the UK, many overseas banks have a presence in Cyprus. Since joining the EU, Cyprus enjoys a non-restricted flow of capital between all EU member countries.

Services

Cyprus offers a wide range of commercial and private banking services for businesses and individuals.

These include: the transfers of pensions, salaries and investment income from abroad. A number of account types are available, including offshore accounts, savings accounts, current accounts and foreign currency accounts. All major credit cards, such as Visa and MasterCard, are issued and widely accepted in Cyprus. Cash point cards are commonly used, as are cheque books, and standing orders, direct debits, etc. Internet and telephone banking services are also offered by all Cypriot commercial banks. We are delighted to refer Pafilia homeowners to any of the local banks and assist with the necessary formalities and paperwork involved in opening a local bank account, arranging credit facilities, loans etc.

Property financing

It is possible for non-Cypriots to finance the purchase of their Pafilia property with either a UK or a Cypriot bank. Cypriot banks also offer loans in Cypriot Pounds as well as all major foreign currencies.

Currency

The official currency is the Euro, (�). The following bank notes and coins in circulation are: Notes: �500, �200, �100, �50, �20, �10, �5 and Coins: �2, �1, 50 cent, 20 cent, 10 cent, 5 cent, 2 cent, 1 cent. The Euro was introduced on 01 January 2008. For further information, please consult this page.