How much money do you need to live comfortably in Cyprus?
A family of four estimated monthly costs are 3,233.4$ (3,028.1€) without rent. A single person estimated monthly costs are 920.8$ (862.4€) without rent. Cost of living in Cyprus is, on average, 22.7% lower than in United States. Rent in Cyprus is, on average, 43.1% lower than in United States.
The property purchased must be for residential purposes and cannot be rented out. In addition, you must have an annual income derived from non-Cypriot-sources of not less than €10,000, plus €5,000 for each dependent. Additional income may be required at the discretion of the Civil Registry and Migration Department.
Housing rent and utilities
However, its cost can be attributed to the main advantages of living in Cyprus. Renting a one-room apartment in the central part of a big city will cost 730€ per month, on the outskirts from 600€. For a three-room apartment, you will have to pay from 1200 to 1500€ per month.
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.
What is the average monthly cost of living in Cyprus? To live in Cyprus alone, you would need around €1,800—2,000 per month with rent included. For a family of four, it is at least €4,000—4,500 a month including rent.
Important information you need to know – Visas & Residency Permits. As a non-EU citizen moving to Cyprus from the USA, you will require the necessary short or long-stay visas and residency permits. If you are staying longer than 90 days you will need to apply for the long stay visa.
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.
On average, 1 m² of housing in Cyprus is €2,400. An average house costs around €300,000. Coastal properties are more expensive and can exceed €1.5 million.
The Cyprus tax system is favourable. Buying and renting property can be expensive but still lower than in other parts of Europe or the UK. Bills, utilities, shopping essentials, health and leisure are not too expensive for the average retiree. Transport is not sufficiently well-developed, so you will need to own a car.
The average cost of real estate in Cyprus is €1,678 per m². The most expensive villas and apartments are in Limassol, Nicosia, and Larnaca. Cyprus permanent residence can be obtained by foreigners who have bought apartments in new buildings or new houses at a price of €300,000.
How long can a US citizen stay 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.
Yes, Cyprus is generally considered safe for female travellers, including those travelling on their own. Crime rates are low but personal attacks, including sexual assault, do happen. The UK Foreign Office says that drug-assisted rape is a risk in Cyprus, and includes the use of drugs such as GHB and liquid ecstasy.
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.
| City | Apartments in the downtown, € / 1 m² | Apartments in other districts, € / 1 m² |
|---|---|---|
| Nicosia | €2,466 | €1,750 |
| Larnaca | €1,975 | €1,358 |
| Paphos | €1,891 | €1,948 |
| Ayia Napa | €1,500 | €1,230 |
Cyprus is generally more affordable than Spain, with a lower cost of living and affordable healthcare. The island also enjoys a warm climate and a relaxed lifestyle. Spain, on the other hand, has a rich culture and history, and is known for its art, architecture, and food.
Prices in the Cyprus real estate market have been going up in recent years. This increase is mainly due to higher costs of construction materials and growing demand. As a result, both rent prices and home/apartment sales are on the rise.
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.
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.
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.
The official languages in Cyprus are Turkish and Greek, but English is also widely spoken. English is less popular than Greek, but it is widely used in many areas, especially in tourism and culture, and most people in the country, are familiar with English.
Are people friendly in Cyprus?
Hospitality, accompanied by authentic smiles and friendly faces, is what characterizes Greek Cypriot people. Loyal to family bonds, traditions and culture, lovers of nice food and endless entertainment, Cypriots are always friendly and approachable.
Mortgages in North Cyprus
This is probably the single most important reason as to why property in North Cyprus is so cheap. Can you imagine what the UK property market would be like if there was no mortgage system? In North Cyprus there is no well established mortgage system.
We dive deep into the four most affordable locations to buy property in Cyprus – Famagusta, Larnaca, Paphos, and Nicosia.
Most expats live in the major cities in the south, including Larnaca, Paphos, Limassol and Nicosia. You can review properties to let or buy through multiple sites, including Home CY, Pafilia and Buy Sell Cyprus.
Unlike many other countries, Cyprus has no rent control laws, which means that landlords are free to charge whatever they want for their properties. This has led to some landlords taking advantage of the situation and charging exorbitant rents for substandard housing.
