How much income do I need to retire to Cyprus?
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.
For retirees, the best option is the Category F residence permit, granted to persons with a secured annual income from outside Cyprus. The minimum is about EUR 10,000 annually, with an additional EUR 5,000 for each dependent family member. This type of residence permit does not give you the right to work.
What visa do I need to retire to Cyprus? 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).
There are many reasons to choose Cyprus as a place to retire in 2024. Sunny weather, the Mediterranean lifestyle, a safe environment, and a friendly atmosphere make Cyprus an excellent choice. In this guide, you will find all the information necessary for a life of retirement in Cyprus.
Your pension income is added to your other income for the year and taxed at the normal scale rates. The first €19,500 is exempt. Tax then starts being applied at 20% for income from €19,501 to €28,000 and rises progressively to 35% for income over €60,000.
You purchase a property in Cyprus valued at least €300,000.
You will deposit €30,000 in a Cypriot bank account, which will be frozen for three years. You will enter Cyprus at least every two years. If you have dependents, you must have an additional annual income of €5,000.
The main factor for people leaving is the poor performance of the pound against the Euro. Paople have seen their income shrink by a third in the last year and there is no sign of things improving in the short term. Another point is, since Cyprus joined the EU there has been an influx of foreign labour.
Applicants may be able to obtain a Cypriot passport by investing at least €2,000,000 in alternative investment funds or financial asset of Cypriot companies/organisations. Financial assets include bonds, bills and securities issued by a company or organisation physically present and active in Cyprus.
US passport holders do not require a visa to enter Cyprus for a stay of up to 90 days. The Embassy can only issue visas to individuals intending to visit Cyprus for vacation or business purposes. The validity of the stay cannot exceed 90 days within any 180 days.
With a residence permit, you can become a permanent resident if you live in Cyprus for 5 years. Alternative options are to invest at least €300,000 in the country's economy or obtain an immigration permit. Cyprus permanent residence allows a foreigner to reside legally in the country.
What are the cons of living in Cyprus?
Difficulty of Getting 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. If you're looking for alternate means of travel, there are buses, but they're not always reliable.
Portugal. Besides being one of the easiest places to get a retirement visa, Portugal is also one of the cheapest countries to retire in. It is a popular destination among retirees who want a place with warm temperatures, a low cost of living, excellent healthcare, and high quality of life.
Double Room – en-suite (shared) €1200 + VAT per month. Double Room – (shared) €950 + VAT per month. Single Room – en-suite €2400 + VAT per month. Single Room – €1200 + VAT per month.
Cyprus offered a low 4.5% withholding tax, enhancing its attractiveness for individuals and businesses. Withholding tax served as a means to ensure tax compliance by non-residents, applicable to payments made to non-resident individuals.
Are Cyprus taxes high? Cyprus tax residents pay general and foreign taxes on their worldwide income at tax rates ranging from 20 percent to 35 percent, depending on their annual income.
Compared to other EU countries, the crime rate in Cyprus is lower. Along with safety, Cyprus offers other benefits for those who decide to move to the island: high-quality healthcare, an affordable cost of living, a large expat community, and short times of obtaining a residence permit.
The cost of Cyprus private health insurance heavily depends on the chosen coverage plan and personal factors like age, gender, and medical history. On average, private health insurance for a 35-year-old man can cost from €500 to €720. For an older person, the cost is between €680 and €960.
- Limassol. ...
- Paphos. ...
- Peyia and Tala. ...
- Akamas Peninsula/Polis, a base for lovers of nature. ...
- Coral Bay, great place to stay in Cyprus for everyone. ...
- Nicosia. ...
- Larnaca.
Cyprus secures a very competitive 36th place in the Numbeo Cost of Living Index by Country 2020, offering expats a very attractive relocation destination in terms of enjoying a high-quality lifestyle at a very affordable cost for housing, transportation, education, healthcare and leisure.
Are there still problems in Cyprus?
The Cyprus problem, also known as the Cyprus conflict, Cyprus issue, Cyprus dispute, or Cyprus question, is an ongoing dispute between the Greek Cypriot community which runs the Republic of Cyprus (de facto only comprising the south of the island since the events of 1974) and the Turkish Cypriot community in the north ...
The Cypriots are among the most prosperous people in the Mediterranean region, with GDP per capita in 2023 approaching $35,000 in nominal terms and $54,000 on the basis of purchasing power parity.
For a fast-track permanent residency in Cyprus, you must buy a house or apartment for at least EUR 300,000 plus VAT (19%). Sellers may require a deposit. There is no property tax in Cyprus, but municipality taxes apply (cost varies with area and type of property).
Dual citizenship is recognized in Cyprus. You are not required to renounce your previous nationality to become a citizen of Cyprus.
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.
