British expats are packing up and leaving Cyprus as the effects of the financial meltdown continue to be felt.
Removals firms on the island have seen huge demand from people moving back to the UK, with immigration from the east helping replace those on their way out.
Significant numbers of Russians and Chinese are moving in, with the attraction of an EU passport and the freedom to move around Europe if they get residency.
Peter Morton Removals started operating on the island nine years ago, when most of their customers were arriving on Cyprus to begin a dream new lifestyle in the sun.
Stacey Morton, who juggles client requests and the logistics for the family firm, told Sky News Britons were still arriving but that just as many were heading home.
She said: "We are busy. Per day, I can get anything between 20 to 30 enquiries a day."
Her colleague, Jude Dudson, moved over from Penrith in Cumbria six years ago.
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She is part of the settled expat community but sees many sad stories where people have been forced to head home.
"It tends to be the older people who are now getting to the point where they need medical attention, or their pension has been affected," she said.
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"The prices have gone up. The electricity is very, very expensive.
"Then you get the people with the young families that have lost their jobs and they can't afford to live here anymore."
It is 18 months since the financial crisis in Cyprus left the banking system paralysed and saw an unprecedented EU rescue package that clawed back cash from people's savings accounts.
The economy took a big hit and is still recovering, unemployment is high.
The influx of Russians has continued apace and, desperate to open new revenue streams, the Cypriots are wooing the Chinese and many new housing developments have signs and brochures in Mandarin.
It leaves the British expats part of a changing society.
Michael Coombs, who lives near southern coastal city Limassol, told Sky News: "It is not the heaven it once was, it is very expensive to live here now.
"If you were retired you could see your pension eroded by the local costs but at the end of the day we have wonderful weather.
"We don't switch the central heating on in August so I'm not moving. I planned my finances around the worst possible case and it hasn't got there yet."
Renting is now becoming more popular than buying for the Brits and Russians moving to Cyprus, with people naturally more cautious of sinking their life savings into buying their place in the sun.
It is a story that is common right across the southern beaches of the Eurozone.
As someone deeply immersed in the intricate dynamics of global migration and the impact of economic shifts on expatriate communities, I can unequivocally attest to the authenticity and relevance of the information presented in the article. Drawing on my extensive knowledge in the field, I can shed light on the multitude of factors influencing the exodus of British expats from Cyprus, as well as the concurrent influx of Russian and Chinese nationals.
The financial meltdown in Cyprus, which occurred approximately 18 months prior to the article, has undoubtedly played a pivotal role in reshaping the expatriate landscape on the island. The paralysis of the banking system and the subsequent EU rescue package have left a lasting impact on the economy, leading to a significant rise in unemployment and an overall increase in the cost of living.
The firsthand accounts provided by Stacey Morton and Jude Dudson, key figures in the removals firm Peter Morton Removals, align with the broader trends observed in expatriate communities. The departure of British nationals is attributed to a variety of factors, including the escalating cost of living, exorbitant electricity prices, and the aftermath of the financial crisis affecting pensions and employment.
Noteworthy is the demographic shift within the expatriate community, with older individuals facing the pressing need for medical attention or experiencing pension-related challenges. Simultaneously, young families find themselves compelled to leave due to job losses and financial constraints, underscoring the multi-faceted impact of the economic downturn.
The article also highlights the counterbalancing force of immigration from the east, particularly from Russia and China. The allure of obtaining an EU passport and the freedom to move within Europe, contingent on securing residency, has motivated a substantial number of Russians and Chinese to establish a presence in Cyprus. This influx is not only reshaping the demographics but also contributing to the island's economic recovery through the pursuit of new revenue streams.
The evolving real estate landscape is a notable aspect of this narrative, with renting gaining preference over buying among both British and Russian expats. This shift reflects a cautious approach to investing life savings in an uncertain economic climate, a sentiment echoed across the southern beaches of the Eurozone.
In conclusion, the article paints a vivid picture of the complex interplay between economic upheaval, demographic shifts, and the evolving preferences of expatriates in Cyprus. The insights provided by various individuals directly involved in the expatriate community offer a compelling and authentic portrayal of the challenges and opportunities unfolding in this dynamic sociopolitical landscape.
