08 Aug Planning an Overseas Retirement? Here’s why Cyprus is an ideal choice.
We all dream of an overseas retirement, in a lovely little house located among picturesque views, and profitable investments, accompanied by peace and serenity. And if you chose to relocate to Cyprus, you can actually make your dreams come true, thanks to the affordable costs of living, great infrastructure and appealing immigration perks.
Cyprus is one of the most popular relocation destination among overseas expat retirees, particularly retirees from Canada, US, United Kingdom and Russia. Cyprus’ tax benefits, financial compensations, healthcare facilities, lowest crime rates and other benefits make it an ideal destination to relocate.
Affordable Cost of Living
Despite using the same euro currency as the European Union, Cyprus still boosts affordable and manageable costs of living. Statistics reveal that the costs of living in Cyprus are around 20.8% less as compared to the costs of living in the US.
For instance, your monthly utilities should cost around $116, while monthly rent for a one-bedroom apartment in the city would be $440. A one bedroom apartment outside the city should be $367, while the yearly mortgage interest rate is 4.48%.
Safest Island with Low Crime Rates
Cyprus has a powerful appeal as it is considered one of the safest islands in the world, a heavenly getaway to escape all the evils of the world and lead a life based on the values of community bonding, cultural respect, and peace.
The Global Peace Index of 2017 rated Cyprus “incredibly favorable” in terms of cases of political instability, homicide, death due to internal conflict, terrorism, deaths due to external conflicts and other factors of deaths and tragedies that could threaten the life quality of immigrants and expats.
Crime rates are strikingly low as compared to the European Union and rest of the world.
Cyprus’ Retirement Visa
Retirees must apply for a Category F form of residency in order to get a retirement visa in Cyprus, and this temporary residence is also available for non-European Union citizens who can afford their the costs of living on the island without requiring a job in the country. In general, the minimum limit for yearly income for one applicant is €9,570 with €4,613 for each additional family member of dependent.
Appropriate sources of income include pension plans, rental income in Cyprus or abroad, bank deposit interests, bonds issued in Cyprus or abroad, dividends, and more. On average, the process of obtaining the retirement permit can take around 6-12 months, however, if you purchase a property in Cyprus worth €300,000, you can get the retirement permit in less than 2 months.
Taxation & other Perks
Retirees can live in Cyprus for as long as they want, and they are always encouraged to apply for the Cypriot Citizenship through Investment program, or even obtaining a second passport through neutralization.
Expats with a retirement visa are charged extremely low income tax rates on pensions, and they are offered advantageous double-taxation treaties based on the deals signed between the Cypriot government and several countries.