Kibkom North Cyprus Forum

From the kibris gazet https://www.kibrisgazetesi.com/kibris/b ... ladi/48248

They paper says they brought in the fixed rate exchange for rental contracts st 6.03 for existing rental contracts . Originally thr papers reported a rate of 5.20 . The devil is in the detail as the 5.20 is in relation to goverment property.

There is still a tax discount for the landlord as before .

Im now editing this post as elsewhere they are sayng its 6.30 tl perhaps the 6.03 is a typo . Thr press over here keep prnting different info .

https://www.kibrisgazetesi.com/kibris/d ... endi/48246

Assume a British retired couple in their 70's, who receive their pensions in GBP.

Their rental contract is for £500 pcm.

Can they exchange their £500 at the bank at 8.05 (GBP/TRY, Revolut, now) and get 4,025TRY. Then do a simple calculation, multiply the £500 by 6.02 and pay 3,010 TRY to their landlord?

no. because the landlord wants 500 GBP, as in the contract stated.

but you can go to a bank, put 3010 TRY on the counter, say "it is for my rent" and they will give you 500 GBP.

Not even law yet so good luck with that. a friend paid her cypriot landlord in tl he changed it to sterling at 7. 9 so she really lost out.

If you look at the two articles i posted in my first post those newspapers are claiming the law was brought in yesterday . Im not sayng they are correct but there are quite a few other papers sayng the same thing

Just editing this post as deniz your correct it hasnt been posted in the gazette yet and now there is lawyers saying they cant force this by a decree and they need to bring it in by law which could mean it wont be possible.

http://www.yenibakisgazetesi.com/mal-sa ... lir/35001/

Complicated.....

I was told this law is only applicable to Cypriots, not Brits. Hope I have only heard a nasty rumour. Can anyone put me right. My son works here, paid in Lira rent is in £’s and he is seriously struggling. Thanks

I do feel sorry for those being paid in Lira, particularly a lot of Ex-pats who came over here believing the streets were paved with gold only to find they are most decidedly NOT. At least locals can be rather more realistic about the situation, especially those who have gone through all of this at least once before.

Kibsolar msg 3 .... and then take your £500 to an exchange shop and get Tl 4000

Surely the bank will want proof its for rent like an account? they wont pay out willy nilly?

Deniz1 wrote:Surely the bank will want proof its for rent like an account? they wont pay out willy nilly?