10 Reasons for Retiring in Cyprus
This dynamic Turkish-Greek island has many saying goodbye to their home countries and retiring in Cyprus, the golden sunny wonderland!
My Kypros Home delves into the 10 top reasons that this Mediterranean island is a retirement paradise. Then read about the many locations around the island to find the perfect one for you. Once you find your ideal island home, find out about our range of personalized services to get you moved in easier and faster.
The Top Reasons for Retiring in Cyprus
The United Nations (UN) estimated that Cyprus has over 20,000 expat residents over the age of 60. Keep reading as we explore the top ten benefits to health, lifestyle, and financial stability that many retirees are already experiencing in Cyprus and why you should be joining them.
Since joining the EU in 2004, Cyprus has remained one of the best European countries for its cost of living. Prices throughout Cyprus did notice an increase when the Cypriot pound was replaced with the Euro in 2008.
Located in the heart of the Mediterranean, Cyprus gets 340 days of sunshine annually. This means you can enjoy sunny days at the beach or in the city throughout the entire year. The weather tends to be warm and balmy during the summer months of April to October.
November through March sees more frequent rain showers but not enough to dampen the Cypriot spirit. Retiring in Cyprus can lead to overall improvements to health with its beautiful and relaxing climate.
It is important to select a country with good healthcare when choosing to retire. Cyprus has state-of-the-art medical facilities and many public or private healthcare institutions to pick from. The average life expectancy is around 80 for most living in Cyprus. Further, Cypriot residents and citizens consider their health to be in very good condition as a result of the quality of life and environment found in Cyprus.
Also, the new GeSY national healthcare system will reach its full functioning capability this year and is open to both residents and citizens of Cyprus, providing services that compare with international standards while keeping healthcare costs low.
As a member country of the EU, Cyprus provides many legal and lifestyle advantages to expats in Cyprus. Cypriot law follows the protocols set in place by the EU and offers residents of Cyprus a sense of security and wellbeing.
Further, retiring in Cyprus comes with the additional EU benefits of being able to travel freely to any EU country and easy access to travel to Schengen countries. Situated between Europe, Asia, and Africa, Cyprus is an ideal home location for retirees eager to travel and experience vibrant new cultures.
5. Immigration Benefits
Retiring in a new country can be a stressful immigration process. Cyprus has a number of programs to encourage new residents. They have attractive programs for expats in Cyprus to gain tax residency status or citizenship through investment in the country or by purchasing a property in Cyprus.
Another quick route to becoming a tax resident is to get a residence permit and then stay in Cyprus for more than 60 days. After 60 days in the country, the government will grant you permanent tax residence, making it easy to open a bank account, set up a business, or just appreciate the many financial benefits Cyprus has to offer.
6. Taxation Advantages
When you move to Cyprus, you will notice attractive differences in the taxation policies. As a tax resident, there is an income tax of 20-35% on all income above 19,501 Euros. There are many exceptions granted under the income tax policy.
Further, there is no withholding tax in Cyprus and non-domiciled tax residents are exempt from the Special Defence Contribution tax. Moreover, Cyprus has double taxation treaties with more than 60 countries, allowing for less taxation on income for residents of Cyprus.
Another tax benefit in Cyprus is that there is no inheritance tax, making it easy for those retiring in Cyprus to leave wealth for their families in the future.
Cyprus does have a Value Added Tax ranging from 0-19% on many goods. However, many electronics and other specialized goods have duty-free importation. One duty-free advantage of retiring in Cyprus is the importation of a car, allowing you to discover Cyprus quicker and cheaper.
Overall, Cyprus has a favorable tax system for many expats in Cyprus and allows their money to go further than if they lived in other EU countries.
Due to the favorable income tax policies, Cyprus taxes at a very low rate on pensions transferred to Cypriot banking systems. Some countries, such as the United Kingdom, can pay pensions directly to British expats in Cyprus and offer additional benefits based on personal circumstances such as sickness or bereavement.
8. High Safety
Another great feature of retiring in Cyprus is its low crime rate. Cyprus is considered one of the safest countries among visitors and residents, with petty theft being the most common occurrence. Many people living in Cyprus feel it is very safe to walk around during both day and night times.
Retirees can have peace-of-mind that they can move around Cyprus without the worry of being attacked or having valuable property stolen. Further, family members such as grandchildren can come for holiday vacations and enjoy the beautiful outdoors without parental worries.
9. Vibrant Culture
Cyprus has a long history of Turkish and Greek culture in which to discover. From cuisine, laidback lifestyle options, scenic destinations, and rich archeological sites, Cyprus is wealthy in dynamic places to experience for any interest or hobby.
Most Cypriots speak English and over 110,000 expats already form a strong community for those living away from their home countries. There are ample ways to enjoy living on this golden island.
10. Housing Value
Since 2016, Cyprus’s banking systems have remained firm and stable, unemployment rates have improved, and the economy is rapidly growing. Housing sales have also continued to go up while retaining fairly low property prices.
About 5,000 sales of properties in Cyprus annually are improving the economic prospects of the country and the government’s policies for citizenship by investment have seen more wealth come into the country. Going into the next decade, Cyprus is leading the way for retirees looking to get the most value for their money and finding their dream home.
Deciding Where to Purchase a Property
Retiring in Cyprus comes with a host of great benefits. The next step would be deciding where to live on the island. See our guides on the diversity of places to purchase property in Cyprus:
- Limassol: Located in the south of Cyprus and close enough to reach the capital Nicosia, Limassol is a business hub without losing access to gorgeous beaches and mountains.
- Nicosia: Nicosia is the culturally divided capital of Cyprus, with Turkish and Greek culture surrounding the city. It has some of the best schools and medical institutes on the island.
- Paphos: Home to many archeological sites and all Cyprus nature has to offer, the city of Paphos is a peaceful, but active city for retiring. Most expats choose to live in Paphos.
- Larnaca: For gorgeous beaches and ample shopping opportunities, Larnaca is a city with it all. Experience the museums, festivals, and handmade Cypriot products every day of the year.
- Famagusta: With Middle Ages architecture and stunning cliffs, the eastern city of Famagusta is a fascinating place to call home.
Are you ready to come to Cyprus?
Move to Cyprus with the My Kypros Home Services
We deliver a wide range of services to individuals ready to retire in Cyprus. We are happy to assist you through this new journey with:
- Relocation and Immigration Services
Our team of professionals offers clarity in the options available to you in permanent residency programs such as the ’60 Days’ Rule or paths to citizenship through investment or real estate purchases. We make the process of finding flights and breezing through the immigration process easy and stress-free.
- Residence Permits
My Kypros Home assists you to obtain your residence permit to save you time and get you set up faster.
- Finding Your Dream Home
No move would be complete without finding the perfect place to call home. Through our services, My Kypros Home gives you an abundance of choices when it comes to selecting the house or apartment right for you. Contact us today to hear more about our amazing properties in Cyprus.
- Making Medical Treatment Arrangement
Whether you are retiring in Cyprus or simply looking for temporary residency, health is important. We guide our clients through medical care and treatment options in Cyprus’ state-of-the-art medical field. Besides, we can provide research into medical facilities and help arrange your appointments.
- Buying Insurances
In Cyprus, a quality way of life completes the whole package. We have the most comprehensive and affordable insurance packages to make your retirement the best it can be. Get in touch with our experts and find practical solutions for retiring in Cyprus.
By retiring in Cyprus, you can get the most out of life. This dynamic island boasts one of the highest qualities of life throughout the EU with perks for lifestyle, safety, health, and financial security.
With My Kypros Home, this goal is not that far away. Let us set you up in this Mediterranean sanctuary!