Ever wanted to lay down on beaches in the sun, while being close to sparkling seas? Do you want to spend your retirement walking barefooted on the sandy beaches of Cyprus? Then, this guide is for you. The gorgeous island is home to foreigners from around the world, looking to enjoy a life of adventures. There are several things to consider before moving to a new country; this guide will run through some of them.
To relocate to Cyprus, you will have to apply for a visa, find a place to live, work out how to receive your pension funds, register for a resident permit, register for healthcare, et cetera. These may all seem overburdened at first, but some experts can help you through the entire process.
We all know moving to a foreign country is not an easy decision to make. With this guide, you will know a few things about Cyprus before moving.
Visa Application
The most important thing to know is that without being issued a visa, you cannot live in Cyprus for longer than three months. As a citizen from EU member states, you have the right to live in the country for three months but have to register your stay if you intend on staying longer. If you are from a non-EU country, you must apply for a visa at a Cyprus embassy in your home country. There is no retirement visa in Cyprus. You may apply for a temporary residence permit, which has to be renewed annually. After staying for up to five years, you may apply for permanent residency. You can always check with the Cypriot government migration department on how you can obtain a permit.
High quality of living
Cyprus is a place of lush trees, mountains, blue seas, and the Mediterranean sun. There are charming monuments, places of historical interest, monasteries, etc. the island is famed for its national delicacies and beaches. If you are looking to spend your golden years tanning on a beach away from the cold of your home country, then you are bound to enjoy Cyprus. Being a hub of tourists attractions, beautiful weather unlike in most European countries, blue sea beaches, there is so much fun you can experience during your retirement
Low cost of living
Living in Cyprus is cheaper than anywhere in Europe, so you are bound to save more on your expenses. Having a decent meal in big cities such as London might be expensive, but in Cyprus, a three-course dish may go for 43. To move conveniently in the country, you should have a monthly transport pass, if you don’t have a car. Compared to a place like the UK, you will only need to spend around 35 on transport. Utilities aren’t expensive in Cyprus, but the prices of items depend on your location and lifestyle. You should be able to live on your pension funds provided you don’t spend lavishly.
The housing system
The prices of houses are way cheaper than in most European countries such as England. However, the location of the house determines the cost. For instance, renting an apartment in the will cost around 500 a month. Buying a house is cheaper, but if you do not intend to be a permanent resident, you should rent an apartment first. If you are not interested in exploring the packed beaches, you can opt for an apartment in the quieter part of the island. As an ex-pat in the country, you have to seek permission before buying a property.
Pensions and Taxes
You must apply to your home country’s pension board to receive your pension. However, this might warrant a huge tax on it if you are transferring to a non-QROPS scheme in the country. People who have worked there for a specific number of years are eligible for a state pension, whether they are citizens or ex-pats. Sometimes, there is an issue of double taxation if your home country and Cyprus don’t have a tax agreement in place. You will have to check to find out if any such agreement exists. If yes, then you won’t have to pay double tax, but if no, then you will be taxed for all incomes earned in the country and worldwide.
The five best places to live in depending on your interest and dream life include Paphos, Limassol, Larnaca, Pyrgos, and Parekklisia. Most people speak the English language but there are some places where you will need to understand the language to be able to communicate well.
There is no retirement visa in Cyprus. You may apply for a temporary residence permit, which has to be renewed annually. After staying for up to five years, you may apply for permanent residency.
Cyprus doesn't have a specific retirement visa. The closest thing is the renewable temporary residence permit, also known as the Pink Slip. This permit allows non-European Union passport holders to extend their stay in Cyprus for more than 3 months (90 days).
Your pension needs to be at least €10,000 per year plus an additional €5,000 for any dependent family member. If you have some money saved up and you'd like to get permanent residence in Cyprus, you can invest through the Golden visa scheme.
Cyprus grants permanent residence to foreigners by investment, by an immigration permit, or after 5 years of living on the island with a residence permit. The fastest way to get permanent residence is to invest €300,000 in the country's economy. Investors' applications are considered within 3 months.
The Cyprus Golden Visa program enables non-EU, non-EEA, and non-Swiss nationals who buy property or set up a business in the Republic to acquire legal permanent residency, and increases their eligibility for European citizenship and a Cyprus passport.
Greece. If you have money to invest, Greece may be the retirement spot for you. Since 2013, this European country has offered its Greece Golden Visa, granting five-year permanent residency to anyone investing approximately $271,562 or more in local real estate.
You may enter the Republic of Cyprus for up to 90 days for tourism or business purposes without a visa. For stays longer than 90 days, you will need a temporary residency visa.
Everyone, except citizens of the EU/EEA or Switzerland, need a visa and a residence permit to move to Cyprus (which they can obtain before they settle at a Cyprus embassy or immigration authorities).
Any person, regardless of their citizenship and country of origin, who has officially worked in Cyprus for at least 13 years and who has made all the necessary contributions to social insurance funds, has the right to receive a state pension in Cyprus from the Social Insurance Services.
The average sum a single person would need to live in Cyprus for a month is €1,800—2,000 including rent. A family of four would require at least €4,500 per month including rent. Read on to learn how much housing, food, transportation, and healthcare services cost in Cyprus.
If you wish to obtain permanent residency in Cyprus and you are willing to invest in the country, you may apply for a permanent residence permit (Category F) through the standard procedure. This scheme leads you to permanent residence in 1 year. To be eligible, you must purchase or rent a property in Cyprus.
Under Regulation 6(2) of the Cyprus Aliens and Immigration Regulations (4th revision, May 2023), a Permanent Residence Permit/Immigration Permit can be granted to a Third Country National upon fulfilling the required conditions. This permit is for people who wish to permanently reside in Cyprus.
Cyprus Residence Permits are processed: For employment: within four months. For studying: within three months. For family reunification: within nine months.
To obtain the Cyprus Golden Visa in 2024, the applicant must invest at least EUR 300,000 in the Republic. This investment can be made in one of three ways: New residential property bought from a developer or developing company. Golden Visa real estate investment can be a house, a flat, or two properties.
How much money do you need to retire in Cyprus? Any retiree moving to Cyprus will have to demonstrate proof of an annual income no less than €9,560 – or what is equivalent to CY5,600 – in order for them to apply for the retirement visa and acquire a temporary residence permit.
Permission to acquire immovable property in Cyprus
Cypriots and EU citizens are entitled to buy immovable property without any restrictions. Non-EU citizens can buy immovable property, however, permission from the Council of Ministers is required.
When it comes to accessibility, Cyprus isn't the easiest to get around. Despite being an island, you'll need a car. Road infrastructure is lacking, to say the least, and traffic jams are frequent. This is one of the biggest disadvantages of living in Cyprus.
As we mentioned in the previous section, one of the disadvantages of living in North Cyprus is the lack of citizenship. In fact, it is not possible to get a passport and citizenship of this country, and only you can get permanent residence of this country by buying a property based on certain conditions.
Introduction: My name is Margart Wisoky, I am a gorgeous, shiny, successful, beautiful, adventurous, excited, pleasant person who loves writing and wants to share my knowledge and understanding with you.
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