Why choose Cyprus for your retirement?

www.elysianfieldsproperties.com/properties-for-sale/cyprus-retirement-village

There are many reasons why British and other EU retirees choose Cyprus for their retirement.

For retirees from the UK one major reason is usually the weather followed closely by the fact that most of the islands inhabitants speak English and permanently settling in Cyprus has been made easier since joining the EU.

When making the decision to move to Cyprus there are many benefits to consider. Below you will find some useful factors to support you make your decision to move to Cyprus for your retirement

Taxation

In Cyprus you can choose one of two taxation methods. You can choose to go with the personal allowance of 19.500euros before tax or you can choose to pay 5% on all of your income if you have large pensions and income from investments etc.

Therefore most British retirees who have only their UK government pension will pay no tax at all if they choose the personal allowance. Those who have extra income from personal pensions, investments etc can decide which method to choose depending on which works out most beneficial for them. Below is a table of taxation rates.

– up to EUR19,500 nil

– from EUR19,501-28,000 20%

– from EUR28,001-36,300 25%

– above EUR36,300 30%

In order to qualify you will only need to live in Cyprus for a minimum of 183 days per year. Another advantage is the fact that the inheritance tax in Cyprus has been abolished

Visas

It is simpler now for any EU national wanting to retire to Cyprus and enjoy their retirement pension since Cyprus joined the EU in 2004. Attached is a link to the requirements of obtaining a visa to reside in Cyprus. http://www.cyprusvisa.eu/cyprus-residence-visa-requirements.html . A retired person wanting to permanently reside in Cyprus will need to prove to the authorities that they are receiving a legitimate income suffice to support them, also a Cyprus or overseas bank account .

Housing

House prices in Cyprus and Cyprus rental prices are variable as they are in the UK depending on the location and the size of the property. Should you decide to invest in a home in Cyprus then the formality and laws of purchasing a property are very similar to that of the UK. The buying process can take approximately 4 to 12 weeks.

See our article on the buying process http://www.elysianfieldsproperties.com/admin/article.php?mode=article&articleid=289

If deeds are available transfer of ownership is carried out at the Land Registry Office and once financial transactions between the parties involved have been completed, the title deeds can be re-issued almost immediately in the name(s) of the new purchasers. Most UK citizens retiring abroad consider the option to buy abroad as they do not have to worry about the rental payments or annual rent increases. As mentioned before if you are investing for your family's future there is not inheritance tax in Cyprus. Another key factor is that you as the buyer of a property in Cyprus will have the freedom to choose from a variety of locations and decide on your preference of type of property.

If you prefer to rent a property in Cyprus to experience the Cypriot lifestyle without committing yourself to buying a property in Cyprus then there are a large number of properties available for rental on a long term basis which usually runs for a minimum period of 12 months.

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