Looking to retire to Cyprus? Cyprus has a lot to offer for those wanting to enjoy their golden years in the sun. While the Mediterranean climate is a huge selling point, there’s so much more to the island than just its weather. There are miles of sandy beaches, impressive mountains and it has a low cost of living – bonus!
For a more in-depth look at how Cyprus cost of living compares with other countries, take a look at The Cost-of-Living Index, put together by our trusted partner, Your Overseas Home.
What visa do I need to retire to Cyprus?
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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).
Another great option for pensioners and retirees is the Golden Visa scheme. It allows individuals to get a residence permit by investing in property, business or making a large monetary investment in Cyprus.
This is a permanent residence permit and requires the individual to invest at least €300,000 into the nation.
There are lots if benefits to the Golden Visa scheme. Here are just a few:
- Full residency rights in the Republic of Cyprus
- High return on investment
- Visa-free travel within the EU & Schengen zone
- Includes family members
- After 7 years, you can apply for residency in Cyprus
Financial planning
When it comes to financing your move, there are several options. You can buy using your own money. This is by far the easiest method. Perhaps this is using savings or money from an investment?
You could borrow money. The good news is that Cyprus and the UK have similar legal systems, which means UK lenders are willing to work overseas in Cyprus to help fund your move or property purchase. You would normally have to pay 30% deposit and agree on a mortgage term that ends before you turn 65 years old.
When you get to Cyprus, open a Cypriot bank account. If you’re lost where to go, the Central Bank of Cyprus has a list of approved local and foreign banks. It’s normal to pay for more services at banks in Cyprus, so make sure you know what you’re paying for if you require a service.
Retirees in Cyprus will also benefit from the Cyprus tax for non-residents, which provides foreign nationals with very low-income tax rates and exemptions on pensions from withholding tax.
Find a home
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Now comes the fun part! The bit you’ve been waiting for! Now that we’ve covered visa, residency options and financial considerations, you can start looking at properties.
Homes in Cyprus are typically affordable compared to other nearby islands in the Mediterranean. To keep up to date with the Cyprus property market, check out the Royal Institution of Chartered Surveyors (RICS) as they publish a quarterly price and rent index that’s super helpful.
You can either start browsing property portals like Rightmove Overseas, or you can go through a real estate agent. We recommend you fully research areas that might appeal to you before you do though, as it’ll help you narrow down your search.
There are six major cities in the Republic of Cyprus, although not all of them are suitable for a calm and peaceful retirement! If you like the sound of a laidback life, discover Larnaca. It is known as a retirement goldmine and is popular with expats who retire to Cyprus from all over Europe.
Paphos is right on the coast and boasts beautiful architecture, wonderful harbours and lively locals. Plus, the proximity to the beach is a major plus. You also benefit from the coastal breeze here.
Limassol and Nicosia are both popular with expats, particularly those with business mindsets. English is widely spoken here, and it has one of the lowest corporate tax schemes in Cyprus.
Download our invaluable Buying Guide for help every step of the way.
