You wanna retire in Cyprus, huh? If you’re looking for a place to spend your retirement in the sun, Cyprus is a great option. Although the island’s Mediterranean temperature is a major draw, there is much more to the area than just the weather. It features kilometres of beautiful beaches, towering mountains, and a relatively inexpensive cost of living.
Do I need a special visa to retire in Cyprus?
There is no retirement visa in Cyprus. The most similar document is the Pink Slip, a temporary residency permit that can be renewed for an additional period of time. For stays longer than three months (ninety days), this permission is required for visitors with passports from countries outside the European Union.
For retirees and pensioners, the Golden Visa programme is an excellent alternative. Investors in real estate, businesses, or substantial financial investments in Cyprus might qualify for permanent residency.
A minimum investment of €300,000 into the country is necessary to qualify for this permanent residency status.
The advantages of the Golden Visa programme are numerous. We list a handful of them below:
- Permanent citizenship of the Republic of Cyprus
- Excellent profitability ratio
- Free movement inside the European Union and the Schengen Area
- Including spouses and children
- You can seek for permanent residency in Cyprus after 7 years.
Preparing One’s Finances
There are several ways to arrange moving funding. You can pay with your own money if you choose. By far, this is the simplest approach. Could this be funded by liquidating investments or dipping into savings?
Money might be borrowed. The good news is that UK lenders are prepared to operate overseas in Cyprus to assist fund your move or property purchase because of the similarities between the legal systems of the UK and Cyprus. The standard is a 30% down payment and a mortgage term ending before retirement age of 65.
Create a local bank account in Cyprus whenever you arrive. The Central Bank of Cyprus can provide you with a list of recognised financial institutions both domestically and internationally. Banks in Cyprus typically charge extra for their services, so if you find yourself in need of one, be sure you understand exactly what you’re paying for.
Cypriot retirees can take advantage of the country’s favourable tax climate for non-residents, which includes low individual income tax rates and no withholding tax on pensions.
Put down roots
Okay, now we get to the good part! Here comes the good part! You may now begin your property search with peace of mind knowing we have addressed your visa, residence, and financial needs.
Cyprus real estate is more reasonably priced than that of several other Mediterranean islands. The Royal Institution of Chartered Surveyors (RICS) publishes a useful quarterly price and rent index that may help you maintain tabs on the real estate market in Cyprus.
You might employ the services of a real estate agent or begin your search on property platforms. However, before you do that, it is highly recommended that you conduct extensive study on potential topics of interest.
Although the Republic of Cyprus is home to six main cities, not all of them are ideal for a quiet and tranquil retirement. Explore Larnaca if you’re interested in a more relaxed way of living. Cyprus is a favourite retirement destination for Europeans from all across the continent.
Located on the coast, Paphos is home to stunning buildings, picturesque harbors, and friendly residents. In addition, being so close to the ocean is a huge perk. The pleasant sea wind is an added bonus.
Expats, especially those with an entrepreneurial spirit, flock to Limassol and Nicosia. There is a comparatively low corporation tax plan and widespread use of the English language. Contact us to find out more about buying or selling Cyprus real estate.
