Why do Retirees Choose Peaceful Cyprus?

People who are moving to Cyprus for retirement may find that it is not at all a fashionable trend, but rather one which has been gaining momentum in recent years. This decision becomes much more logical when you consider health concerns as well as financial tax rates. In this article, we will discover the reasons why you should consider Cyprus as your retirement destination and how you can get the residence permit.

3 main factors that make retirees want to move to Cyprus:

1. Healthcare

Healthcare on the island is free for all residents with insurance. They can access numerous public and private medical centers that provide health care with European standards.

The health care system in Cyprus can be described as a mixed public-private one. Public hospital treatments are highly centralized. Primary Care is delivered in 38 rural or urban locations with 30 out of those being scattered all over the island, 8 fall under Nicosia District’s control.

2.  Climate

The Mediterranean climate along the coast, with mild winters and hot summers, makes Cyprus a perfect location for those looking to escape the northern hemisphere climate.

The climate in Cyprus is not only good for people who want to maintain their health but also those with cardiovascular diseases or asthma. As there are 340 sunny days per year, taking sunny walks outside will help relieve symptoms. Considering that many elderly patients suffer these conditions, Cyprus is the ultimate retirement location.

3. Good Food

For Cypriots, food is not just something that provides sustenance; it’s an essential part of their culture. The island has been farming for centuries and this sector continues to be one of the most important pillars of their economy. Fresh products can always be found at a low price thanks to not only local farmers but also due to three harvests per year.

Retiring to Cyprus will help you to maintain your health and better be able to enjoy your golden years. This country has been known as the ‘Mediterranean miracle’ due to its natural beauty and pristine beaches, not to mention its mild climate, which makes life here more comfortable than in most other countries.

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!

Retirement in Cyprus

Cypriots can enjoy a state pension at age 65, but they must first be insured by the Social Insurance Fund. The right to a social pension in Cyprus is guaranteed for all those who have legally resided there for at least 20 years after turning 40 or 35, regardless of whether they are EU citizens.

Most tax-friendly country

Cyprus is a tax-friendly country for individuals who receive pensions. For example, if your total annual pension does not exceed 3400 euros per year, then you will never have to pay any taxes in Cyprus! But with incomes that reach or exceed this amount there’s still some good news, there are only 5% of taxes on it.

If you receive a pension in European countries and want to transfer it safely, some people bypass the banking system of Cyprus by paying their pensions directly. This operation is legal because there are special agreements between Cyprus and some other countries.

Comfortable lifestyle

Cyprus has a well-thought-out infrastructure that takes both children and adults’ needs into account. Pensions are available for those who qualify for them. You will immediately benefit from all the necessary amenities nearby-shops, cafés, or banks within walking distance from your home as well as beaches where you can go swimming if you want! Plus, there may even be freshwater dams nearby, so fishing can also be possible in some areas.

Conclusion: A place of opportunities!

Cyprus is a beautiful place with many opportunities for personal development, for making new acquaintances and maintaining your health.

When you think of retirements, many people consider the Mediterranean climate and beautiful scenery in Cyprus. The country offers excellent conditions with their affordable prices for living, and beautiful landscape. This makes every dream come true!