The Bank of Cyprus is southern Cyprus's central bank however there are several other banks in Cyprus.. From 1 Jan 2008, the currency is the €/Euro. All banks accept major debit and credit cards and there are plenty of ATM's.

Alpha Bank Cyprus
Bank of Cyprus (Central Bank)
BNP Paribas Cyprus
Co-operative Central Bank
Emporiki Bank
Eurobank EFG (Cyprus)
Hellenic Bank
Laiki Bank
National Bank of Greece
Piraeus Bank (Cyprus)
Societe Generale (Cyprus)
Universal Bank

Most of the banks follow standard opening hours.

OPENING HOURS

May - Sept
Monday to Friday : 8:15am - 13:30pm

Oct - Apr
Monday : 8:30am - 13:30 15:15pm - 16:45pm
Tuesday to Friday : 8:30am - 13:30am

General

If you are planning to live in Cyprus for more 183 days in a calendar year (tax year) you will be classed as a resident of Cyprus. Resident individuals are subject to tax on their world-wide income, non-residents are taxed only on certain types of income arising in Cyprus.

In June 2003, the EU agreed a common Tax Directive which effectively means sharing information between participating countries. This means that information about savings returns received in Cypurs by other EU countries will be passed to the tax authorities in your native country.

Income Tax

Income Tax is charged on your world-wide income e.g employment, benefits, profit from business, rentals, pensions etc. However, there are circumstances in which you may apply the Double Taxation Treaty rule, for further details, click here.

Non-residents of Cyprus are taxed in Cyprus on employment income (including benefits), if this income has been generated in Cyprus, any profit(s) from a business activity which is carried out through a permanent business in Cyprus, any rental income from property situated in Cyprus, and any pension(s) with the exception of pension paid from a fund from by the Government or the Local Authority.

Taxation rates

Pension income is charged at 5% on amounts over € 3,417 per annum provided that you are neither Cypriot nor have any income generated in Cyprus.

A Special Defence Contribution will apply to certain types of income::

3% Levy :

Provident funds
Profits of semi-governmental bodies
Rental income received by a Cyprus person or corporate resident from immovable property (after deducting 25%)
Interest received by an person with an annual income less than € 11,960
Interest received by a person from a Government bonds or Government savings certificates

10% Levy :

Interest received by a legal entity unrelated to its normal business or by an individual with income in excess of € 11,960 per annum.

15% Levy :

Dividends received by individuals in Cyprus

Persons working in Cyprus and whose place of residency was outside of CYprus before they started their employment in Cyprus are allowed a tax exemption for 20% of their employment income or € 8000, whichever is the lowest, during a period of three years starting at the beginning of the year following the year of commencement of their employment.

Forms

Income Tax Return 2009 - click here
Income Tax for Employers -click here
Self Assesment for self employed individuals - click here
Provision of Information pertaining to income from savings in the form of interest - click here
Exemption from Special Defence Contribution on dividends - click here
Exemption from the deduction of Special Defence Contributions on Bank Interest Paid or Credited - click here

For full details on taxation in Cyprus and how it may affect you, click here