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Retirement for Expats in Cyprus

Author: Jim Newham
Submitted: August 2017

Cyprus is almost an ideal country in which to retire. This is especially true for English speakers, as English is spoken throughout the island. There is little to worry about from crime, and though the political situation is not ideal, it has been stable for decades now. The high number of other retired people means that there is plenty of support and comradeship available.

There is a steady inflow of the over 60s into Cyprus. According to the 2013 UN statistics, 20,000 of Cyprus’s expats were over 60.

Immigration

Once you have decided to retire in Cyprus, one of the first steps is to obtain a visa. Normally, you will need to apply for a permanent resident visa; you can normally do this when you have been resident in Cyprus for five years.

There are incentive schemes to attract people to retire to Cyprus. For more information about visas and immigration, see Immigration > Visas and Passports.

Health

As you are more likely to fall ill during your retirement, access to medicine, doctors and hospitals becomes increasingly important. Normally, you will be required to have adequate medical insurance when you apply for a visa. This enables you to gain access to the health services via the Cypriot Health Service at a reduced cost or sometimes even free.  For more information, see Healthcare > National Health Services.

Pension

The first thing to note is that there is a very low rate of income tax on pensions when they are transferred. In addition, rules about transferring pensions are simple and easy to grasp. For more information on pensions, see Financial > Pensions.

Taxation

Before considering retirement to Cyprus as a long-term resident, it is important to look into the tax consequences. Tax residence is the primary determinant of Cypriot tax liability. Individuals classified as tax residents in Cyprus are subject to tax on their worldwide income. Non-residents are taxable only on Cyprus-based income. The number of days spent in Cyprus is an independent criterion in determining tax liability. If an individual stays in Cyprus for more than 183 days out of 365, he or she is deemed to be a tax resident for the whole year.

 

 

 




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