Retiring to Cyprus is becoming more and more popular as it has many attractions including the warm climate and the relaxed lifestyle. Being able to escape from the dreary British winters is a big plus for many people, especially those who find that their health is affected by the cold and damp. Cyprus is a safe, with a crime rate much lower than most European countries. The cost of living is relatively low, being one of the cheapest places to live in Europe and very good medical treatment is readily available. A large number of private doctors and specialists are available and government hospitals are excellent offering low cost medical treatment.
The climate and cost of living is, of course, a big attraction for those who wish to retire but Cyprus has many other advantages as a place to retire to. The banking system and legal system are both derived from the British systems so will be familiar and easy to deal with. This makes it an easy transition to managing your money and dealing with finances in Cyprus. There are also tax incentives which allow British citizens in receipt of a pension or investment income to receive them tax free.
Almost everyone in Cyprus speaks English, often extremely competently so there is never a problem in communication. The infrastructure is modern with all the facilities you are familiar with in the UK. There are fresh local fruit and vegetables always available and overall the relaxed, easy going lifestyle in a warm climate, with low humidity is a very healthy one. This can be especially important for those who suffer from rheumatism or other complaints that get worse in the cold, damp British winter.
Procedures Required to Retire to Cyprus
Of course there will be some legal paperwork to complete before you can become a permanent resident of Cyprus. The first step is to apply for a residence permit at Migration Department of Cyprus. In Cyprus you will need to fill out an M67 form, obtainable from the local immigration office to apply for permanent residency. The category will be F if you are retiring. You will need to provide evidence that you have sufficient income to support yourself which may be a retirement pension, investment income etc, This must be at least 9360 for the main applicant plus 4,500 for any dependants.
Once approved under category F you won’t be able to work, even unpaid, or run any business in Cyprus so you will have to have sufficient finds to maintain yourself. Your UK pension can easily be paid into a bank account in Cyprus and, as Cyprus has an agreement with the UK, will be index linked so you will receive any pension increases just as you would if you were still resident in the UK.
You can get more information on migrating to Cyprus from the Migration Dept, Ministry of the Interior, 1457 Nicosia. Tel: +357 22 804 502 | Fax: +357 22 804 587 E-mail: migration@crmd.moi.gov.cy
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