Cyprus Economy- FAQs
Be The First To Ask About Cyprus Economy
The Republic of Cyprus, which encompasses the southern part of the island, uses the Euro (EUR) as its official currency. In contrast, the northern part of Cyprus, known as the Turkish Republic of Northern Cyprus, uses the Turkish lira (TRY) as its official currency. It’s important to note that the Turkish Republic of Northern Cyprus is recognized only by Turkey, and the Republic of Cyprus is internationally recognized as the legitimate government of the entire island. Visitors should be aware of the currency used in the specific area they are visiting.
Cyprus is generally considered to have a moderate cost of living. However, rental prices, especially in urban areas and popular tourist destinations, can be relatively high. Compared to many Western European countries, Cyprus may offer more affordable housing options.
Cyprus generally has a lower cost of living compared to the United States. However, this can vary between urban and rural areas, and specific lifestyle choices will influence individual expenses. In general, living expenses, including housing, transportation, and groceries, might be more affordable in Cyprus than in many parts of the United States.