If you’re considering a place to retire that offers a high standard of living, friendly community and attractive tax benefits, Cyprus is the perfect destination. With a low cost of living, Cyprus offers a great setting for a relaxing and enjoyable retirement. This article explores why retiring in Cyprus is an excellent decision and how this program can make it possible.
The Cyprus Permanent Residence Program is one of the most accessible residency by investment programs in Europe. By making an investment of EUR 300,000 into real estate in Cyprus, individuals and their families can secure permanent residency, providing lifetime residency rights in Cyprus with the opportunity to gain Cypriot citizenship after 7 years of residency. With no language requirement, the program allows permanent residency for the investor, their spouse, children up to the age of 25, and even the investor’s and spouse’s parents, creating opportunities for whole families to enjoy the benefits of living in Cyprus.
Why invest in Cyprus?
Cyprus has a very high quality of life. The island enjoys around 340 days of sun each year, creating a warm, welcoming atmosphere for retirees seeking to escape colder climates. The island has a blend of Greek, Turkish, and British influences and creates a unique cultural environment that offers natural beauty as well as rich culture and history. Cyprus also ranks amongst the safest countries in Europe with a low crime rate and a sense of community. As a member of the European Union, Cyprus provides stability and access to EU benefits.
The residency program of Cyprus allows a broad inclusion of dependents, meaning children and even parents of the applicant and spouse can gain permanent residency through a single application. This makes it possible to plan for family visits and long term stays easily. As long as a visit is made to Cyprus every two years, there is no requirement to reside in Cyprus which provides flexibility for those who may wish to split their time between multiple homes.
The country also has a highly developed infrastructure, excellent healthcare, and a relatively low cost of living, making it a popular choice for retirees (Source). With a range of real estate options, Cyprus provides options to suit different lifestyles and preferences.
Taxes in Cyprus for Residents
Cyprus has a highly favourable tax regime for retirees. There are no inheritance or wealth taxes, low annual property taxes, and individuals who become tax residents may benefit from low tax rates on pension income alongside a low cost of living, making Cyprus an appealing option for those seeking to maximise their retirement savings and investments.
Where is Cyprus Located
Cyprus is located in the eastern Mediterranean Sea, approximately 75 kilometers south of Turkey, 100 kilometers west of Syria, and 236 kilometers north of Egypt. It is the third largest island in the Mediterranean, measuring about 240 kilometers long and 100 kilometers wide. The island features two prominent mountain ranges: the Troodos Mountains in the south, which includes Mount Olympus as its highest peak at 1,952 meters, and the Kyrenia Range along the northern coastline. Between these ranges lies the central Mesaoria plain, which is the most fertile area of the island
Cyprus is well connected to other European and Middle Eastern countries, making it easy for retirees to travel and for their families to visit. The island has two international airports, providing direct flights to a variety of destinations. As a permanent resident of Cyprus, you can enjoy visa-free travel to the Schengen Area once Cyprus completes its join to the Schengen Zone, which is expected soon.
Property Investment in Cyprus
The EUR 300,000 investment must be made in new residential property, providing retirees with an opportunity to acquire a beautiful home in Cyprus. Many retirees opt for properties in scenic coastal towns such as Paphos, Limassol, or Larnaca, each offering its unique charm, amenities, and lifestyle. Alongside the real estate investment, the investor must make a fixed-term deposit of at least EUR 30,000 to be held in a Cyprus bank for 3 years, and provide evidence of a secured annual income of at least EUR 30,000 sourced from outside Cyprus. Additional income requirements apply if a dependent spouse and children are included within the application.
What Are the Next Steps for Retiring in Cyprus?
The Cyprus Permanent Residence Program provides a great opportunity for retirees seeking a peaceful and welcoming destination to enjoy their retirement. With its favourable tax regime, excellent quality of life, and efficient residency process, Cyprus is an ideal choice for those looking to enjoy their retirement in Cyprus to the fullest.
Harvey Law Group is a leading international law firm specialised in residency and citizenship by investment programs since 1992. Operating in over 20 offices worldwide and representing over 25 countries for their respective programs, our firm mostly assists high net-worth individuals, business executives, entrepreneurs, professionals as well as their families to secure residency or citizenship abroad. If you are interested in learning more about retiring in Cyprus, please contact Harvey Law Group at [email protected] or by telephone at +44 0203 405 5762 and we will be pleased to discuss the program or any of our other citizenship by investment or residency by investment programs with you.
