My Property Cyprus Blog: Common cost of living factors for Retirement in Cyprus

There are many factors to consider when retiring and relocating to another country. For retirees from the UK it is usually the better climate which is the first reason to emigrate. Cyprus is a very popular destination for British Nationals young and old as most of the islands inhabitants speak English and permanently settling in Cyprus has been made easier since joining the EU. When taking the leap to Cyprus and moving abroad to Cyprus there are many benefits to consider. Below you will find some useful factors to support you make your decision to move to Cyprus abroad and retire in Cyprus and the following link will give you in brief the 10 main reasons to invest in Cyprus and move to Cyprus.

Taxation

Pensioners from overseas who take up residency in Cyprus are taxed on their state pension, personal or company pension at a rate of only 5%. In order to qualify you will only need to live in Cyprus or in the country you choose to retire for a minimum of 183 days. Another advantage is the fact that the inheritance tax in Cyprus has been abolished. For more information on the tax laws in Cyprus go to http://www.mof.gov.cy/mof/ird/ird.nsf/dmlfaq_en/dmlfaq_en?OpenDocument

Visas

It is simpler now for any EU national wanting to retire to Cyprus and enjoy their retirement pension since Cyprus joined the EU in 2004. Attached is a link to the requirements of obtaining a visa to reside in Cyprus. http://www.cyprusvisa.eu/cyprus-residence-visa-requirements.html . A retired person wanting to permanently reside in Cyprus will need to prove to the authorities that they are receiving a legitimate income suffice to support them, also a Cyprus or overseas bank account and lastly a comprehensive healthcare insurance. More information can be found on http://cyprus.angloinfo.com/countries/cyprus/residency.asp

Housing

House sales in Cyprus and Cyprus rental prices are variable as they are in the UK depending on the location and the size of the property. Should you decide to invest in a home in Cyprus then the formality and laws of purchasing a property are very similar to that of the UK. The buying process can approximately take 4 to 12 weeks. If deeds are available transfer of ownership is carried out at the Land Registry Office and once financial transactions between the parties involved have been completed, the title deeds can be re-issued almost immediately in the name(s) of the new purchasers. More information about properties to buy in Ayia Napa or Ayia Napa apartments for sale or villas for sale in Protaras can be obtained by contacting one of our agents based in Cyprus or visiting our website at http://www.sales.mypropertycyprus.com/ . Most UK citizens retiring abroad consider the option to buy abroad as they do not have to worry about the rental payments or annual rent increases. Also they can invest into their estate knowing that their investment in a Cyprus home should appreciate in value greater than putting their savings into an interest account. As mentioned before if you are investing for your family's future there is not inheritance tax in Cyprus. Another key factor is it you as the buyer of a property in Cyprus will have the freedom to choose from a variety of locations and decide on your preference of type of property. Voted as one of the most popular properties amongst the retired moving abroad are the bungalows; it is a 1 level property without a stairwell giving ease of access and freedom of move ability around the bungalow. Here is a link to view some of the great retirement properties for sale, apartments in Cyprus to buy and Villas for sale in Cyprus Resale Cyprus properties and new build Cyprus properties for sale http://www.sales.mypropertycyprus.com/properties/index/1

If you prefer to rent a property in Cyprus to experience the Cypriot lifestyle then there are a number of properties available from coastal like Ayia Napa villas to rent, Protaras Villas and Ayia Napa apartments to rent to rural Cyprus village properties. One of our reputable rental agents will be able to assist you with a Cyprus rental contract which usually runs for a minimum period of 12 months. You can expect to pay anything from €150 per month up to €1500 per month. Obviously all other expenses like Cyprus utilities, Cyprus rates and Cyprus communal fees will usually be separate to the monthly rent. For more information visit our website at http://www.mypropertycyprus.com/.

If in years to come you want to sell your Cyprus property and cash in your invested collateral and remain a resident of Cyprus you can look at the possibility of a retirement home. The following link will take you to one of the Cyprus residential homes http://www.cyprusshelteredhousing.com/

Healthcare

Healthcare in Cyprus is of a very high standard. As well as the main Cyprus General Hospitals there are many privately run healthcare clinics in Cyprus. This is a link to some of the clinics and general hospitals in Cyprus http://www.hospitalsworldwide.com/countries/cyprus.php .Cypriots and EU Citizens residing permanently in Cyprus are entitled to be issued with a Cyprus Medical Identity card. For more information to find out if you would be entitled to free Cyprus healthcare or even subsidise healthcare in Cyprus visit the following link. http://www.moh.gov.cy/MOH/moh.nsf/medcard_en/medcard_en?OpenDocument

Food

Cyprus has a wide selection of supermarkets, fruit markets, butchers and bakeries. Local Cypriot food is quite reasonably priced and foreign products are becoming more competitive with the introduction of European supermarkets thus making the imported produce to Cyprus more inexpensive. Many western products and favourite brands can now be obtained in the local and major supermarkets. Below you will find a list of supermarkets established and new to Cyprus including their website addresses.

Orphanides - http://www.orphanides.com.cy/about/index.htm

Carrefour - http://www.carrefour.com/cdc/group

Lidl- http://www.lidl.com.cy/cps/rde/xchg/SID-352EDDAC-C3BFA0ED/lidl_cy/hs.xsl/index.htm

Currency

The Euro is the legal tender used in Cyprus. In September 2010 the rate of exchange from GBP Sterling to Euro was approximately 0.84, thus giving an extra 15% return in exchange therefore increasing transfers from the UK including the pension. This figure has fluctuated between 0.79 and 0.89 over the last year. For further information on exchange rates, currency exchange and money transfers listed are a few of the banks or exchange companies operating in Cyprus.

Bank of Cyprus - http://www.bankofcyprus.com/Main/Default.aspx

Hellenic Bank - http://www.hellenicbank.com/HB/content/en/index.jsp?lang=en

Currency Solutions- http://www.currencysolutions.co.uk/

Smart Currency Exchange - http://www.smartcurrencyexchange.com/

Utilities

The water supply to the island of Cyprus is managed by the Cyprus Water Development Department http://www.cyprus.gov.cy/moa/wdd/WDD.nsf/index_en/index_en?OpenDocument

Water is metered in Cyprus and each local municipality is responsible for the registration and billing of each property within its district. Bills are issued every quarter and are measured on consumption.

The Electric supply in Cyprus is very advanced and has its benefits for anyone bring electrical equipment from the UK as the domestic electricity is 240 V AC, 50Hz and the plugs are the British-type 13 amp 3 flat pin. For more information on the EAC visit http://www.eac.com.cy/EN/Pages/Home.aspx . Billing is issued bi monthly.

There is no mains gas. Natural gas (LPG gas) is the only means of gas in Cyprus. This is mostly used for cooking and gas fire heating in the winter months if favored over central heating or AC heating. It can be obtained at petrol stations, grocery shops and supermarkets. It is sold in canisters which you can collect or arrange delivery if you are purchasing a large amount for gas central heating by contacting the distributors in Cyprus at http://www.eko.com.cy/uploads/LPG%20Distributors.pdf

Telecommunications in Cyprus are of a very high standard. Landlines, mobiles, Internet and broadband to name a few can be obtained from CYTA or PRIMETEL. Both companies have an excellent reputation for the highly developed and sophisticated technology they have to offer. Very competitive price packages can be found on their websites

Law and Legal

For most people law in your own country of origin can be a little daunting but in Cyprus the Cyprus law is closely related to laws of the UK due to the fact that Cyprus was under British rule until 1960. For more information of the Cypriot laws preserved after 1960 please visit the following link. http://www.supremecourt.gov.cy/Judicial/SC.nsf/DMLLegSystem_en/DMLLegSystem_en?OpenDocument

Wills and Inheritance Laws in Cyprus

If you are a EU member residing in Cyprus a pensioner in Cyprus or decided to early retire to Cyprus and an owner of a property in Cyprus it is wise to make a Will concerning your assets in Cyprus. Some people prefer to include their assets in an existing Will which they may have already made from their country of origin or make a separate Will for their assets abroad. Cypriot Lawyers will be able to provide information on creating a Will and should be able to advise you of the best option regarding your estate.

You can find out more information on Wills and Inheritance laws in Cyprus by visiting the following link which was prepared by Louise Zambartas UK Solicitor/Cyprus Advocate http://cyprus.angloinfo.com/information/10/wills.asp

Leisure

Many retired persons and pensioners opt for countries where the climate is good enough for them to enjoy their favourite pastime like Golf, sailing, swimming, walking, biking and visiting historical sites or just simply lounging on a beach or round a pool in the glorious sunshine, well Cyprus can offer all of the above to anyone who does decide to retire in Cyprus. Golf is a big favourite in many Mediterranean countries and for the retired in Cyprus the game of golf will only get better with the introduction of the proposed golf course situated close to Larnaca. There are already golf courses on the Paphos side of the island which are enjoyed by the young and retired in Cyprus. If you are a keen sailor, love the open water and look forward to spending your days bobbing around on a boat in the Mediterranean Sea then we are pleased to announce that Cyprus is constructing large marinas across the Island in Paphos, Limassol, Larnaca and Ayia Napa. More information can be found on either of the following links http://www.cyprus-mail.com/cyprus/new-marinas-aim-sailing-tourists

http://www.free-press-release.com/news/200802/1202818165.html

Many people dream of buying a boat when they retire and spending their retirement on a boat in warm Mediterranean waters. With lots of boats to choose from and the peace of mind knowing that there is plenty of mooring space the dream of retiring to Cyprus and owning a boat in Cyprus can now become a reality. If you are not sure if you want to completely invest in a boat and own one outright then there are places in Cyprus where you can part own the boat and book the days you want to use the boat. More details can be found by visiting the following link http://www.myboatshare.eu/. There is also the opportunity to to clay target shoot across Cyprus and in the Famagusta town of Paralimni. The following link will provide more information about this

http://www.cssf-shooting.org/inter2/09ParGP_03_general%20Information.pdf

Also there is a darts league in Cyprus which is usually played during the winter season. Retirement in Cyprus means you have time to enjoy the Cyprus beaches and where else but the tranquil island of Cyprus can you enjoy a leisurely swim in the Mediterranean Sea in crystal clear, safe warm waters nearly all of the year round.

Infrastructure

Over the last ten years the roads in Cyprus have vastly improved therefore making the travel time shorter and trips from Famagusta to Paphos a lot smoother. Driving in any foreign country can be intimidating although for UK nationals retiring to Cyprus driving will feel the same. As in the UK you drive on the left in Cyprus but the motorways are only two lanes, well signposted and never swarming with vehicles. The major cities like Limassol, Nicosia and Paphos have a larger volume of traffic than the rural areas but it is still minimal in comparison to other major EU cities. As the volume of traffic in relatively low in Cyprus the pollution levels are also low. It is not only the benefits of low pollution but the car tax is also calculated on the CC of the vehicle making small cars in Cyprus relatively cheap to run. If you are moving abroad and retiring to Cyprus or near to retirement and have a fairly new vehicle which you would like to keep and take with you when you move abroad to retire to Cyprus you can read more information on car taxes and importing a car on the following link http://www.mof.gov.cy/mof/customs/customs.nsf/ced07_en/ced07_en?OpenDocument

Travel

Due to Cyprus being centrally located flanked by the Middle East and the rest of Europe exotic locations that you have always wanted to visit for a holiday in your retirement like Indonesia, Thailand, Russia, Abu Dhabi or even Australia means that the travelling time from Cyprus is shorter. The new Cyprus International Larnaca Airport was completed in 2009 and more destinations from Cyprus were added to the list of existing places to visit. Budget low cost airlines are now flying from the UK to Cyprus like Easyjet, Ryanair and Monarch. To return to the UK from Cyprus to see loved ones it is only a 4 and a half hour flight. Cyprus has a number of travel agents which will be able to assist you with holiday information and nearly all of the representative have a good command of the English language.

Pets and Vets

For all the animal lovers that are concerned about bringing their pets with them and getting the proper pet care or getting a pet when they retire to Cyprus abroad you will be pleased to know that Cyprus has veterinary clinics and pet shops all over the island. The Brits especially are a nation of animal lovers and you will be pleased to know that most clinics are capable of carry out the following procedures; General Examinations, Inoculations, Chipping, Spaying, Neutering, X Ray, Ultra Sound, All operative procedures, Dietary advice, Scientifically designed foods and Grooming. For more information you can visit the following link http://petcarecyprus.com/

Beers, wines and dining out

Just because you're on a pension and you are a pensioner living abroad in Cyprus you still deserve to treat yourselves to a few nights of wining and dining. Try the traditional dishes of Cyprus and what could be better than sitting al-fresco in a traditional tavern in the heart of the Cypriot countryside enjoying delicious food and good wine. Make sure you are hungry and have plenty of time to relax when you order a Meze as there can sometimes be over 20 dishes. There is either a meat or fish Meze which will depend on the restaurant. The average cost of a Meze for 2 persons and a bottle of wine will cost as little as €35 (village tavern's will usually be slightly less expensive than the main tourist areas). Cypriots enjoy their traditional fare but are also keen to try other international cuisine and dishes from all over the world. If you are a non-Cypriot retired in Cyprus and like something unusual or want to stick to a dish closer to your homeland then the choice is enticing. Attached is a link to some of the restaurants in Cyprus http://www.cyprus.com/restaurants.html

Other Websites and Useful information

Direct Gov - UK portal - http://www.direct.gov.uk/en/BritonsLivingAbroad/BeforeYouGo/DG_4000018

HM Revenue & Customs - http://www.hmrc.gov.uk/pensioners/paying-abroad.htm

Republic of Cyprus Government site - http://www.mfa.gov.cy/

Application forms for immigration permit to Cyprus - http://www.mfa.gov.cy/mfa/embassies/hagueembassy.nsf/All/0864CFF440269433C1257101004F0060/$file/M.67.doc

10 reasons why Invest in Cyprus. - http://www.mypropertycyprus.com/articles/view/10-reasons-why-invest-in-cyprus

Permanent Residency Permit into Europe - http://www.mypropertycyprus.com/articles/view/permanent-residency-permit-into-europe

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