Retiring to Cyprus can be an exciting new chapter in life, offering a vibrant lifestyle alongside warm weather and stunning scenery.

Read on to find essential information to help make your retirement transition smooth and enjoyable.

Contents

• Reasons to retire to Cyprus
• Choosing the right location
• Residency options for retirees
• Financial considerations for retirees
• Retirement age and eligibility
• Healthcare for retirees in Cyprus

An apartment is an excellent way to embed yourself in a new country

Reasons to retire to Cyprus

Retiring to Cyprus not only promises a sun-filled lifestyle but also comes with myriad advantages that can enhance your overall well-being. Here are five compelling reasons for considering Cyprus as your retirement destination:

A tranquil lifestyle: For those seeking a slower pace of life, Cyprus is the perfect fit. The island’s Mediterranean climate offers numerous opportunities for relaxation, from lounging by the sea to engaging in a variety of outdoor activities like hiking, cycling, or even skiing in the Troodos Mountains during winter. The laid-back attitude of Cypriots fosters a year-round holiday atmosphere.

Bountiful sunshine: With 320 to 340 days of sunshine annually, Cyprus is a haven for sun lovers. The Mediterranean warmth not only enhances your mood but also can be beneficial for individuals with certain health conditions, including arthritis or respiratory ailments. Winters remain mild, allowing for enjoyable outdoor activities without the harsh cold.

Rich history: Cyprus offers an abundance of history and culture, making it a dream destination for enthusiasts. Explore ancient ruins, including the legendary resting place of Aphrodite, Roman theatres, and Byzantine churches. The island’s past provides fertile ground for exploration and learning, ensuring you’ll always have something new to discover.

Make new connections: With a strong expatriate community, Cyprus is welcoming to newcomers. Numerous clubs and groups cater to various interests, from hiking and sailing to art and drama. Engaging in these activities can help you forge friendships while maintaining an active lifestyle.

English is widely spoken: Owing to its historical ties to the UK, English is commonly spoken across Cyprus, making day-to-day communication much easier for British expatriates. While learning some Greek can enhance your experience, you will find it convenient to navigate conversations in English.

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Choosing the right location

As a retiree, your choice of location in Cyprus can significantly impact your lifestyle. Here are some of the most appealing areas to consider:

Limassol: Known for its lively culture and beautiful beachfront, Limassol is popular among active retirees. The varied property market includes two-bedroom houses available for €150,000–€200,000 and two-bedroom apartments for €230,000–€240,000. Bungalows with pools typically range from €220,000–€240,000.

Paphos: Paphos is famed for its stunning coastline and relaxed atmosphere. Property prices start at €150,000, with two-bedroom villas featuring pools averaging around €270,000. More budget-friendly apartments can be found in the €75,000–€100,000 range.

Lania: If you prefer a cooler climate, the mountainous village of Lania may suit you well. This charming wine village, situated near the Troodos Mountains, boasts picturesque views and is a short drive from Limassol. Property prices begin at around €100,000.

Paraklissa: Just a few minutes from Limassol, Paraklissa offers a peaceful atmosphere ideal for retirees seeking tranquility without sacrificing access to urban amenities.

The average residential property price in Cyprus stands at just over €2,000 per square metre, which is competitive compared to other European destinations. Properties vary from modern city apartments to traditional homes with lush gardens.

Residency options for retirees

Retirees looking to settle in Cyprus can explore two primary residency options:

Passive income residence permit (Category F): The Category F residence permit is ideal for those with sufficient financial means who do not intend to work in Cyprus. Eligibility criteria include:

• Proving an annual income of at least €9,600, with an additional €4,600 for each dependent.
• Depositing between €15,000 and €20,000 in a Cypriot bank account.

This permit covers the applicant’s spouse and dependents up to 18 years. Note that this permit does not allow for free travel within the Schengen Area. Additionally, holders must visit Cyprus at least once every two years.

Golden visa (Category 6.2): The Golden visa option requires an investment of at least €300,000 + VAT in local property. This route generally offers a faster approval process and allows for family inclusion, plus the benefit of EU travel.

Financial considerations for retirees

Managing finances efficiently is crucial when living on a fixed retirement income. Here are key points to contemplate:

Living costs in Cyprus are relatively low; however, retirees receiving income in foreign currencies should be mindful of fluctuating exchange rates that could complicate budgeting. Consider enlisting a currency specialist who can assist with strategies like forward contracts to lock in advantageous rates.

We would recommend booking a call with Smart Currency Exchange.

UK retirees benefit from the triple lock pension system, ensuring that your pension remains competitive without losing value over time.

Retirement age and eligibility

The official retirement age in Cyprus is currently set at 65 years old. However, retirees can settle in Cyprus at any age given they meet income requirements based on passive sources such as pensions and investments.

Healthcare for retirees in Cyprus

Access to quality healthcare is vital for retirees. Cyprus has a well-regarded healthcare system, ensuring that residents receive excellent medical attention. Prior to applying for residency, you will need to demonstrate proof of health insurance coverage.

Once you become a resident, you can apply online to join the General Healthcare System (GeSY). Although some healthcare services are not free, the system offers affordable care options, although some costs may not be covered as they would in the UK.

If you are considering retirement in Cyprus, thorough planning and understanding of the local environment can help set the foundation for a satisfying new life on this beautiful Mediterranean island. Talk to us today to learn about your options.