Cyprus is now fully fledged European state
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Cyprus entry into the Eurozone on January 1, 2008 caps several years of planning and preparation for the currency changeover. The Euro become legal tender in Cyprus, replacing the Cyprus pound (CYP) at the fixed rate of € 1 = CYP 0,585274.
The € 1 and € 2 coins depict a cruciform idol from the Chalcolithic period (3000 BC). This characteristic example of the island’s prehistoric art reflects Cyprus’s place at the heart of civilization and antiquity.
Featured on the 10, 20 and 50 –cent coins is the Kyrenia ship, a trading vessel which dates back to the fourth century BC and a symbol of Cyprus’s seafaring history and its importance as a centre of trade.
The 1,2 and 5-cent coins show the moufflon, a species of wild sheep found on Cyprus and representative of the island’s wildlife.
The adoption of the Euro in Cyprus is an exciting progression. The positive effects upon the economy are likely to increase demand in an already buoyant market with a continuing increase demand in house prices. Despite the downturn in the UK market, people are continuing to retire and are keen to live in an appealing climate.
The property market in Cyprus is established, predictable and much less volatile than other newer markets. There are excellent internal and international transport links to the UK, Europe and other destinations; a very low crime rate; a high standard of living balanced by a relatively low cost of living; significant tax benefits (including low tax for pensioners) and excellent medical and educational facilities. All of these factors contribute to the island’s attraction for UK buyers.
Key changeover dates
Account conversions and introduction of the banknotes and coins 1 January 2008
Last day on which Cyprus pound banknotes and coins will be legal tender 31 January 2008
Exchange of Cyprus pound banknotes and coins by banks and co-operative credit societies free of charge until 30 June 2008
Deadline for exchange of Cyprus pound coins by the Central bank of Cyprus 31 December 2008
Deadline for exchange of Cyprus pound banknotes by the Central bank of Cyprus 31 December 2017