A Quick Guide on Who Can Retire in Cyprus

Retiring in Cyprus is a great option for those looking to downsize their life and simplify things. Cyprus is known for its warm weather, relaxed lifestyle, and affordable cost of living. In this article, we will provide a quick guide on how to retire in Cyprus, including information on pensions, healthcare, and other important considerations. So, if you are thinking of moving to Cyprus, read this post first!

People from all over the world can receive a pension in Cyprus, even if they still have citizenship in another country. You only need to be over 65 years old, and have legally worked in Cyprus for at least thirteen continuous years. All that is required is an annual salary deduction to the Social Insurance Fund.

Cyprus is a beautiful place to retire and to have a laid-back lifestyle.

Who can retire in Cyprus?

Regardless of the type of social insurance, you must pay social tax to the Social Security Institution of Cyprus. This can be through employment, through a self-employment system, or through voluntary insurance.

The applicant must meet the following conditions:

a) Be a legal resident of Cyprus or other EU countries, countries of the European Economic Area or Switzerland for a period of at least 20 years from the date on which he reached the age of 40; or

b) Be a legal resident of Cyprus or other EU countries, countries of the European Economic Area or Switzerland for a period of at least 35 years from the day he reached the age of 18.

c) The person has been paying social taxes for at least three years.

d) The total income must be 156 times the weekly base salary.

e) There is a possibility to receive pension benefits from the age of 63.

Cyprus has been a popular destination for people to retire since it offers easy access to health care and a low cost of living. Not only does this small island nation offer one-of-a kind financial benefits, but there are also many exciting things going on in Cypriot society that make it worth getting acquainted with the island!

Visa F and residence in Cyprus

To get the status of a pensioner in Cyprus, non-EU citizens will need to apply for an F residence permit. This provides them with temporary rights that allow them to reside on the island and enjoy all its benefits. This is also great news if you are planning to travel around Europe!

The Cypriot government agencies will need just a bank statement showing your savings to obtain the F visa. This is an important requirement, as it ensures that you can support yourself without getting employment after entering Cyprus. There is a set amount determined per applicant; however, on average the lowest income limit is 9,750 euros annually (for those applying individually).

If you are planning on moving to Cyprus for your retirement, then there are plenty of ways that can provide income. You might want to explore renting properties or getting dividends from shares in locally headquartered companies which operate globally.

One of the most popular ways to obtain a residence permit in Cyprus is through buying real estate. The minimum investment starts at around 300.000 Euros. But there is also a faster way to obtain your visa directly without going through all those steps, and it takes 5-12 months.

The Cyprus category F visa is a great way to live in the country without having any restrictions on how long you can stay. To renew your residency, all that is required from you is your name and information about your financial capital or income level like for the first application.

Cyprus is a great place to live the life of your dreams. As an EU citizen, you only need proof that shows sufficient capital or income for a permanent residency!

Pensions

The pension benefit consists of two parts: a basic benefit and a supplementary benefit. The amount of the minimum pension benefit is based on the average weekly income from which social assistance benefits are paid to the social insurance fund.

The basic pension is 60% of the average salary if the pensioner has no dependents. 80% if there is one dependent, 90% if there are two dependents, and 100% if there are three or more dependents.

Payment methods

At the end of each month, pension can be paid in two options: The check is delivered to the recipient’s home address or the money can be deposited into the retiree’s bank account. To receive the money in the bank account, you only have to submit an application. For the paycheck, you have 6 months to cash it.

The minimum amount of the weekly insurance is 174.38 euros, while the maximum amount is 1,046 euros.

Also, Cyprus has bilateral agreements with the United Kingdom, Greece, Egypt, Canada, Australia, Austria, Slovakia, the Czech Republic, Switzerland, the Netherlands, Bulgaria, and Serbia that give credit for study or work experience in one of these countries to your children.

Conclusion: Enjoy your Golden Years!

Spending your golden years on this beautiful Mediterranean island will give you many benefits. We hope that our guide to retirement in Cyprus has helped make things clearer!