FAQ: How To Retire In Cyprus?

Is Cyprus a good place to retire?

Cyprus is a great place to live both for families and retirees. The cost of living in Cyprus is generally lower, taxes are more lenient and the property prices are generally cheaper than in the UK. The lifestyle is typically Mediterranean with its slow laidback pace and “enjoy the moment” attitude.

Can you retire to Cyprus?

It gives non-EU nationals the option to legally extend their stay in Cyprus for up to a year, and you can apply to renew it every year. With this permit, you can live in Cyprus but you can’t work – this makes it a good option for retirees.

Where do most expats live in Cyprus?

Peyia is a particularly popular area among expats. It has a small, busy centre with all the main services and entertainment options – restaurants, bars, banks and two large Philippos supermarkets.

Can an American retire in Cyprus?

European countries such as Portugal, Spain, Cyprus and Malta are considered some of the best places to retire abroad for their affordable and efficient healthcare systems. With their public and private healthcare, they provide plenty of successful options to stay healthy.

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Is healthcare free in Cyprus?

State healthcare in Cyprus is not free. Healthcare costs are covered by both the state and through patient contributions. These are known as co-payments. Cyprus’s national health service is called the General Healthcare System (GHS).

Can foreigners buy property in Cyprus?

Foreigners can buy one home in Cyprus, and are entitled to hold land freehold, but there is a maximum limit on land ownership of 3 donums (4,014 sq m). A permit to register a property is needed from the government, but can easily be obtained through a lawyer.

How much money do you need to live in Cyprus?

Family of four estimated monthly costs are 2,879$ (2,425€) without rent. A single person estimated monthly costs are 818$ (689€) without rent. Cost of living in Cyprus is, on average, 13.03% lower than in United States.

What are the requirements to live in Cyprus?

Requirements for Cyprus Residency by Investment

  • You must purchase real estate property worth at least €300,000.
  • You must make a €30,000 deposit into a bank in Cyprus.
  • You must prove you have an annual income of at least €30,000 for yourself, and another €5,000 for every dependent (spouse and children).

What jobs are in demand in Cyprus?

Below are some of the most in demand positions in 2020 in Cyprus, according to data supplied by Eurostat:

  1. Nurses. Nurses are some of the most sought-after employees in the world.
  2. Auditors.
  3. Engineers.
  4. Dentistry.
  5. Software Development.
  6. Sales Executives.
  7. Pharmacists.
  8. Machine Operatives.

Are there a lot of expats in Cyprus?

Why living in Cyprus might be for you. Cyprus is the third largest island in the Mediterranean Sea. With a population of around 1.2 million, and almost 22% of the islands population being foreign nationals or expats, it’s clear that Cyprus has a lot to offer.

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Is living in Cyprus expensive?

As a whole, the cost of living in Cyprus is comparable to European countries such as Poland, Hungary and Romania. Limassol is generally regarded to be the most expensive city on the island, ranking 166th out of 209 cities worldwide assessed for the 2020 Mercer Cost of Living Survey.

Is Cyprus good for expats?

Located between Greece and Turkey, Cyprus has long been a chosen haven for expats and retirees. After becoming an official European Union nation in 2004, Cyprus has vastly improved its infrastructure and economic prosperity, which has been a major factor in the influx of migrant families.

What is the retirement age in Cyprus?

Statutory pension The pensionable age is 65. It is possible to receive a pension at the age of 63 under certain conditions.

How will Brexit affect buying property in Cyprus?

Buying a property in Cyprus is not affected You can still buy and own a property in Cyprus just as before Brexit. Britain leaving the EU has not affected your right to buy or own property in Cyprus as it doesn’t come under EU contract.

How long can you live in Cyprus?

Although processing is generally 6-8 weeks, it can take up to six months. You need to secure a separate work visa in order to enter the country, and on arrival obtain a residency permit to allow you to live legally in Cyprus for longer than 90 days.

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