Banking in Cyprus

Money makes the world go round

            Live mid market exchange rates here


Banking activities in Cyprus compare very favourably to those anywhere in the world as everyone is at it. Offshore and onshore businesses are flourishing and you can have an external account here whether you are resident or not. There are bonded warehousing facilities, specially designated free trade zones, a beneficial import duty tariff and the integration of offshore companies into mainstream European companies a few years ago benefited the country as a whole and those companies in particular.
In July 1992, Cyprus enacted the International Trusts Law which provides for the formation and administration of offshore/international trusts, Cyprus has always followed very closely the recommendations of the Basle Committee on Banking Supervision and has established and implemented, right from the very start, effective supervisory standards and procedures.

Cyprus has attracted a substantial number of international banks ,from a variety of countries: Belgium, Bulgaria, Cayman Islands, France, Greece, Jordan, Lebanon, Romania, Russia, Switzerland, the United Kingdom and Yugoslavia to mention a few.

A growing number of Offshore Financial Services Companies ("OFCs") have established an offshore presence in Cyprus. These offshore financial firms offer a wide spectrum of financial services to the public, ranging from investment advice to the management of investment portfolios and the establishment and operation of collective investment schemes. Financial Spread Betting is an option in the British part of Cyprus.

The Cyprus pound had been consistently stable and strong for many years, in January 2008 Cyprus joined the EU fully by implementing the replacement of the Cyprus pound with the Euro. Interestingly enough the Euro symbol which was chosen is based upon the Greek letter of the alphabet which represents epsilon, the equivalent of E, which was also designed to reflect stability as well as being the primary letter of the word Europe. The symbol will now replace the C on all goods and services for sale in Cyprus.

The Euro has been issued and you will find that there are notes in the following denominations; 5, 10, 20, 50, 100, 200 and 500.

We have only been able to obtain up to 50 Euro notes so far as it seems they have not yet issued anything larger, so we urge you to beware if you are offered the large notes from anyone but a bank, as the information we have to date is that even the banks have not yet seen them. ( January 8th 2007)  There is a hologram on all the notes and they are supposedly very difficult to forge. The coins are rather attractive and feature articles of historic or natural interest specific to Cyprus. 
The word for euro in Cypriot is EYPΩ - pronounced EVRO.

.The new 2 euro coin replaced Cyprus money on the 1st January 2008    The new 50 cent coin replaced Cyprus coinage on the 1st January 2008   The new 2 cent coin replaced Cyprus money on the 1st January 2008

 

If you are interested in setting up your own offshore company, then Cyprus is a perfect compromise. Within Europe and yet in the centre of the trading boundaries for the Middle East and Asia it is in a perfect position to cater for business growth worldwide and is an excellent choice as an operational centre for this part of the world. As a gateway to the rest of Europe as well as a decent testing ground for new products as you have a sophisticated market, the standard of living is high, the language, habits and consumer trends are very British in their legacy from the British empire who's influence is still keenly felt.
Cyprus is now a major player in the economic field, we have a stock market all our own and we have the expertise to make the dream an inexpensive reality. Press here to find out more.

To easily convert any currency into Euros, use the form below..........I want to convert...
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By using this service, you agree to be bound by the terms of use agreement. - Stock Trade Forex

* Please note that the Cyprus pound is no longer the currency of Cyprus, this has, since the 1st January 2008 changed to the Euro, however you will be able to change the Cyprus  bank notes until  2017 at the Central Bank of Cyprus. Coins should have been changed by the 30th June 2008

A note to shopkeepers businesses and tradesmen.

The Euro coins and notes are not specific only to Cyprus. The Euro is meant to be used throughout the European union in all participating countries. The first encounter with the misunderstanding over the new currency was when trying to buy some groceries with the Euros we had left over from a holiday the shopkeeper refused them, saying that they were not Cyprus Euros and so were not legal tender. They are. The whole idea of the changeover is to make trading and travelling simpler, not more complicated.
A Euro is a euro is a euro - unless of course it is not a Cypriot euro!

There are still many offshore investment opportunities revolving around Cyprus.
Click the talking man to be added to our confidential list.

Click here to be notified occasionally of investments we think worth notifying you of - you will not be spammed.

Investment Article by Steve Sumner

2000 legislation on Exchange Control Liberalization

If you are considering doing business in Cyprus then a
'must have' item is The Cyprus business guide. It is often a couple of years behind in title, but the content is pertinent. We are currently still using the 2002 edition in 2008.

The Cyprus Business Guide

The Cyprus Business Guide - A directory of major players in the Cyprus marketplace.  The 2000 Cyprus business Guide  Cyprus business guide - 2001 edition - the latest version - still available

Click the books above for more information.

Property and Mortgages in Cyprus

If you are interested in buying or renting property in Cyprus check out Cyprus Property. For mortgage information
see below, The bank of Cyprus can help with all the formalities.

If you intend exchanging money to buy a large item such as a house or a car it might be worth your while investigating Sterling Exchange. We have found it to be a great service which gives you more for your money than the banks. There are no transfer fees and the rates are usually higher, so you win both ways. To see more click the banner below:

Transferring funds abroad can be a costly business, with bank charges, commission fees, exchange rate fluctuation and much more.In our experience the banks make not only from both ends, but from the middle as well. We have a solution which will enable you to use your money for the purpose of buying your house at the price specified, not 2 or 3% more because of bank and transfer charges.

The Bank of Cyprus

The Bank of Cyprus - we have special loans and mortgages for holiday home owners as well as residents of Cyprus.

Home loans for non residents as well as standard mortgages for home owners and investment property.

 


             The Facts      machine%5fa.gif (5372 bytes)
               

              Purpose

bulletThe loan can be used to buy a house, an apartment, or office space in Cyprus

                Characteristics

bulletIt is available in any major currency (USD,DEM,GBP,JPY,CHF and XEU) or in any other currency of your choice.
bulletThere is no maximum loan amount. It can amount up to 80% of the property value.
bulletThe interest rate is LIBOR (1,2 or 3 months) plus a spread of 2.5%
bulletAn arrangement fee of 1% of the loan amount is charged once, in advance

                         Repayment

bulletThe maximum repayment is 10 years
bulletRepayment is in monthly instalments, commencing one month after the loan is granted
bulletDuring the repayment period interest accrued is also paid. The interest repayment period depends on the type of LIBOR (1,2,3 months) chosen.

 

          
          The Advantages
bulletThe customer can choose the currency
bulletCompetitive interest rates are offered
bulletThere is a long term repayment period
bulletThe size of the loan depends upon the needs and repayment ability of the customer
bulletAn investment in Cyprus is always a good opportunity

 

    
          Who can Benefit
bulletForeign Nationals whether living in Cyprus or not.
bulletPeople of Cypriot origin living abroad
bulletOffshore Companies and personnel
bulletTourists that might want to invest or buy property in Cyprus

 

 
          The Loan
bulletThe property should be paid for using foreign currency imported into Cyprus and converted to Cyprus Pounds
bulletThis requirement is satisfied if one secures a loan in foreign currency
bulletThe registration of property in the name of a non-resident , requires proof of the import of foreign currency to be presented at the relevant District Land Registry office. The Bank of Cyprus offers advice on all aspects of the required procedure
bulletThe acquisition and the registration of property in the name of a non-resident requires the approval of the council of ministers
bulletThe bank of Cyprus can help you with all the required documentation.

 

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To visit The Bank of Cyprus  Home page click here 

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Easy banking at the easy banking network   Cyprus offshore companies and company incorporation   

This is a financial publication for Cyprus    ..  click below.

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Shopping in Cyprus - also jobs, cars, computers and trade.    Cyprus Directory - an index of Cypriot and Cyprus related websites

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