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.
