For elderly people moving to Cyprus is not at all a fashionable trend, but a balanced and rational decision related to health, finances, taxes and desire to lead an active, interesting and safe life. Why retirees choose Cyprus and how to get a residence permit in Cyprus for pensioners, we will discover below.
Favorable climate, healthy food and European health care
These are the three main factors that make people think about moving to Cyprus in their retirement. The advantages of each of them are obvious:
Retiring to Cyprus can help you avoid most of illnesses and complications associated with age, as well as mitigate the course of chronic diseases.
Visa F Cyprus residence permit for retirees
To obtain the status of a pensioner in Cyprus, a person who is not an EU citizen will need to apply for a category F residence permit, which provides the right to temporary residence in Cyprus.
Please note that in order to obtain a Category F visa, you must prove that you have sufficient income or capital to support you without getting employment in Cyprus. In each case, an individual minimum amount is determined, but on average it is 9 750 euros per year per applicant. Cypriot government agencies will need just a bank statement showing your savings.
If you are planning to move to Cyprus for a nice peaceful retirement, you can also use the following sources of income:
Obtaining a visa in Cyprus takes 5-12 months. But there is also a simplified fast option for obtaining a residence permit for pensioners - buying real estate. The minimum investment in real estate for such a permit is 300 000 euros.
Having received a category F visa, you can actually live in Cyprus for an unlimited amount of time, as the visa can be renewed. For renewal, you will need to provide exactly the same information about capital and income.
EU citizens only need to obtain an alien registration card to receive their permanent residency in Cyprus. To do this, you must prove that you have sufficient capital or income.
Retirement age in Cyprus
Cypriots are eligible for a state pension upon reaching 65 years of age. In order to receive benefits from the government, a person must be insured by the Social Insurance Fund.
All persons who have legally resided in Cyprus or any other EU country for 20 years after turning 40 or 35 years after turning 18 have the right to a social pension in Cyprus.
Pension payments in Cyprus can be claimed by:
Note that regardless of the retirement age in Cyprus, while living on the island you can receive a pension in your home country since in some other countries residents retire much earlier.
Low taxes for retirees in Cyprus
Cyprus is the most tax-friendly country. For example, if the total annual pension is less than 3400 euros, then you will not have to pay any tax on it. For pensions over 3400 euros, the tax will be 5%.
If you receive a pension in European countries, in some cases the money is paid directly - bypassing the banking system of Cyprus. Such an operation is legal, which is facilitated by a special agreement between Cyprus and other countries. For example, in a similar way, Cyprus pension is paid to its citizens by the United Kingdom.
In addition to double taxation treaties on pensions, Cyprus benefits are:
If your annual income is more than 19 500 thousand euros, the income tax will be 20-35%.
Investing in real estate is one of the ways to get a pension in Cyprus
The opportunity to easily buy property in Cyprus is another important magnet for international residents. Buying real estate allows you to quickly obtain a residence permit in the country, as well as qualify for a pension in Cyprus.
Cyprus real estate advantages:
Comfortable lifestyle for retirees in Cyprus
Each city has a well-thought-out infrastructure that takes into account the needs of both children and adults and pensioners. Having moved to Cyprus, you will immediately notice that regardless of the location of your home, there will be all the necessary amenities nearby - shops, cafes, banks, hospitals and various clubs. Also in the immediate vicinity there may be a beach or fresh water dam for walking and fishing.
Cyprus is a place with plenty of opportunities for self-development, making new acquaintances and maintaining health. In almost every city you will find:
Considering the warm climate, a residence permit in Cyprus for retirees is almost a year-round sanatorium, allowing them to lead an active life.
International airports - travel without borders
There are two international airports on the island - in Pafos and Larnaca. On the one hand, it makes it easier for residents of other countries to get to the island. On the other hand, it opens up endless around the world travel opportunities for the retirees of Cyprus. Given the location of the country at the crossroads of Europe, Asia and Africa, seniors have many opportunities for short flights and trips to different countries.
Safe and friendly population
For many years Cyprus has been included in the list of the safest countries to live and travel, with a population of less than 5 million inhabitants. Buying a property in Cyprus and moving here for permanent residence, you can safely walk around at any time and not fret about whether you forgot to set the alarm on the vehicle.
A pension in Cyprus is attractive for other reasons as well:
Considering all of the above factors, it shouldn't come as a surprise why so many people over 50 are considering moving to Cyprus. Pension on such a beautiful island with a comfortable climate is a dream of any person, which may well become a reality.