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Frequently Asked Questions about Cyprus

Here you'll find a number of straight-forward answers to some of your most common questions about Cyprus, along with links to our site's relevant sections for more information.

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Some common questions about Cyprus, money, banks, and more

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Answers to common questions about Cypriot money, title deeds, local banks, and more

What about Cypriot money?

Since January 1st 2008, Cyprus has been part of the Euro zone, and even now, more than two years later, a lot of Cypriots are wondering if changing currencies was such a good idea.

The Euro is of course based on the decimal system, with one Euro being made up of 100 cents. Coins in circulation range from 1 cent to 50 cents, notes from €5.00 to €500.00.

There was a time when you could reasonably expect to get about one and a half Euros for your Pound, but those days are little more than a memory now. Currently you're lucky if you're getting €1.10 for a Pound.

If you're travelling to Cyprus, and you're planning to bring along some spending cash, you might want to read our information about Cyprus' currency for some handy tips about the best places to get it changed.
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Are banks in the Republic of Cyprus similar to those in Britain?

Banks in Cyprus are closely modelled on the British system. Individual Branches tend to be efficient, modern and equipped with the latest technologies.

As an European Union resident, you are entitled to open foreign currency accounts or deposit accounts without restriction.

In major towns and cities, you will also find branches of European banks, such as Eurobank and Societe General, as well as Middle Eastern banks like Jordan Ahli and the Arab Bank.

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Has Cyprus become a full member state of the European Union yet?

On May 1st 2004, Cyprus became a full member of the European Union. As a result of full E.U. membership, E.U citizens are now permitted to live and work freely in Cyprus. Various other restrictions, especially with regards to property law, have also been brought into line with E.U. legislation.

However, despite having been a full member of the European Union for some six years now, there is still widespread confusion about the application of E.U. laws in Cyprus by frontline civil servants. Consequently it's quite feasible to get three different answers to the same question from three different civil servants, because some will quote new laws, some old, and others a mixture of both.

It really does pay to inform yourself where you stand according to European law before dealing with Cypriot officials at the local level.

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  How do I get the title deeds for my property in Cyprus?

As any Cyprus property selling website will cheerfully tell you: "Transfer of ownership is a simple process involving the Cypriot Land Registry Office who issue all property title deeds."

"When the title deeds are issued, they are in the name of the buyer and are filed in confidential government archives and are never made public or ever published."

And although it really is that simple, it's not always quite that straight-forward in the real world, depending on which builder you happen to be dealing with, and whose lawyer prepared the sales contracts you signed.

When dealing with some builders in Cyprus, mortgages, and their easy availablility, created severe problems for foreign buyers trying to get their Cypriot title deeds.
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How does the cost of living compare to the rest of the world?

Cyprus has a high, European style standard of life, whilst retaining a comparatively low cost of living. And this actually still holds true, despite the fact that many British expatriates now complain about the high cost of living in Cyprus. The simple fact is that the Republic is still not an expensive place to reside in compared to most European Union countries, and that expatriates' complaints are fuelled more by Sterling's dire performance against the Euro, than local price rises.

In a monitoring programme of 144 cities world-wide, Limassol finished ranked 95th with an average cost of living 41% cheaper than London. A similar survey of 66 countries ranked Cyprus as 49th with an average cost 35% cheaper than the European average.
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Can you help me with furniture and fittings for my Cyprus property?

In a word: Yes

We can and will also help you with every other aspect of your purchase. And what's more, unlike most operators in this field, we'll actually show you where the best deals are instead of just pointing you in the direction of stores that give us kick-backs.

Aphrodite isn't just another overseas property company without any real clue about the Republic of Cyprus; our staff in the Republic have lived here for years. And believe us when we say that we've seen it all.

When you deal with us, you're getting a wealth of local knowledge working on your behalf instead of an agency trying to squeeze you for every last penny of commission.

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Moving to Cyprus?

Despite the fact that the global economy is in tatters, the international property market has dropped, and Sterling's value on the international currency markets has plummeted, there are still some very valid reasons for moving to Cyprus.

Having said that, experience has shown that life in the Republic is not everyone's cup of tea, so to speak. Therefore, alongside our list of very good reasons for relocating to Aphrodite's Isle, you'll find some valid reasons why it may not be such a good place for you personally.
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Disclaimer. Please note that the information given on this website is displayed for guidance purposes only. It does not replace the need for professional advice, either legal or otherwise. E&OE

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