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Retiring to Cyprus - favourable Tax rates.

08 Sep 2020, 22:29

Okay, so I have always thought about retiring abroad when I finish work in 10 years. It’s not that I don’t like the Uk, but just that I would like to try somewhere different and live in a warmer climate. Not saying I would move permanently but would consider giving it a go to see if I like it.

I have been looking at different destinations and am seriously starting to consider Cyprus, the EU part of the island. Although the summers are seriously hot, the rest of the year the climate is warm to mild and generally sunny. The added bonus of English speaking and driving on the left is also a factor.

But what surprised me the most was the personal tax free allowance of 19500 euros per year, which seems very generous. When compared to Spain which is around 6k, it’s quite a difference. I think from a cost of living Cyprus will be similar to the UK on balance and I think I can find a suitable house for about 150k.

Just wondering if anyone knows people who have moved to Cyprus and had any feedback on what’s it like living out there full time?

Or has anyone else got any other possible destinations they would recommend.

Thanks.

Retiring to Cyprus - favourable Tax rates.

09 Sep 2020, 08:03

Sounds interesting. I'd check to make sure tax rates apply to foreign nationals. I know someone who paid 50% in the Czech Republic, standard for foreigners. I've never been to Cyprus, but the heat in the summer might be an issue. My dad was stationed there for a while in the 1950s, and he said it was a problem at times. I have friends who live on Tenerife and they come over to the UK in July and August to avoid the worst of it as it is too hot. Might be worth considering.

Retiring to Cyprus - favourable Tax rates.

09 Sep 2020, 08:10

Anyone moving abroad in their later years needs to check out the health service availability. At the moment we get reciprocal treatment in EU countries, but that might not be the case in the future. Health care is likely to be needed more as we get older..

Retiring to Cyprus - favourable Tax rates.

09 Sep 2020, 08:20

My dad was stationed there for a while in the 1950s


Mine too.
Two years of drinking, chasing women and lying on the beach according to him.
National service.
It's what the kids of today need to toughen them up. :chuckle

Retiring to Cyprus - favourable Tax rates.

09 Sep 2020, 21:41

heapsy wrote:Sounds interesting. I'd check to make sure tax rates apply to foreign nationals. I know someone who paid 50% in the Czech Republic, standard for foreigners. I've never been to Cyprus, but the heat in the summer might be an issue. My dad was stationed there for a while in the 1950s, and he said it was a problem at times. I have friends who live on Tenerife and they come over to the UK in July and August to avoid the worst of it as it is too hot. Might be worth considering.



Yes the tax free allowance applies to all residents there. You make a good point about the summers, my plan if I moved there would be to go somewhere cooler in those months.

Retiring to Cyprus - favourable Tax rates.

09 Sep 2020, 22:14

Something else has crossed my mind. Have you though about exchange rate fluctuations? Bloke at work told me his dad retired back to Germany. He was worried about his pension due to just that a few months back.

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 15:26

One thing to consider is would you be able to afford to come back if you needed to,One of our managers parents retired to Portugal and everything was great for years but his dad died and his mum wanted to move back but the UK house prices had soared while they were away and for what they sold the place in Portugal for they could get sod all here.
Then again you only get one life personally i'd go for it and enjoy yourself while you can.

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 17:06

heapsy wrote:Something else has crossed my mind. Have you though about exchange rate fluctuations? Bloke at work told me his dad retired back to Germany. He was worried about his pension due to just that a few months back.



Yeah, changes in exchange rate defo something to consider, who knows what will happen to the £ v euro rate

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 17:07

baldrick wrote:Anyone moving abroad in their later years needs to check out the health service availability. At the moment we get reciprocal treatment in EU countries, but that might not be the case in the future. Health care is likely to be needed more as we get older..



If I moved I would take out some private health insurance if needed.

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 17:15

wallop wrote:One thing to consider is would you be able to afford to come back if you needed to,One of our managers parents retired to Portugal and everything was great for years but his dad died and his mum wanted to move back but the UK house prices had soared while they were away and for what they sold the place in Portugal for they could get sod all here.
Then again you only get one life personally i'd go for it and enjoy yourself while you can.


You often here about this happening to people and it’s something to consider. Would probably just rent for a year or 2 out there to see if I definately wanted to stay long term. Very early days just at the planning stage and my partners not keen on the idea yet!

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 17:19

You can get pretty cheap deals to Cyprus on the off season for up to 3 months at a time, my parents used to "winter" there after they retired.

It's a good way to find out if you would be comfortable actually living there for a considerable length of time and a great way to make legal and property connections before you actually take the plunge.

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 17:24

Woody Guthrie wrote:You can get pretty cheap deals to Cyprus on the off season for up to 3 months at a time, my parents used to "winter" there after they retired.

It's a good way to find out if you would be comfortable actually living there for a considerable length of time and a great way to make legal and property connections before you actually take the plunge.


:thumbup, good suggestion.

Retiring to Cyprus - favourable Tax rates.

10 Sep 2020, 22:07

NorthernBoy wrote:
wallop wrote:One thing to consider is would you be able to afford to come back if you needed to,One of our managers parents retired to Portugal and everything was great for years but his dad died and his mum wanted to move back but the UK house prices had soared while they were away and for what they sold the place in Portugal for they could get sod all here.
Then again you only get one life personally i'd go for it and enjoy yourself while you can.


You often here about this happening to people and it’s something to consider. Would probably just rent for a year or 2 out there to see if I definately wanted to stay long term. Very early days just at the planning stage and my partners not keen on the idea yet!


Would renting out your property here and renting instead of buying there be a way forward? If it does go pear shaped at least you would have your home here. :hmmmm

Retiring to Cyprus - favourable Tax rates.

11 Sep 2020, 07:39

heapsy wrote:
NorthernBoy wrote:
wallop wrote:One thing to consider is would you be able to afford to come back if you needed to,One of our managers parents retired to Portugal and everything was great for years but his dad died and his mum wanted to move back but the UK house prices had soared while they were away and for what they sold the place in Portugal for they could get sod all here.
Then again you only get one life personally i'd go for it and enjoy yourself while you can.


You often here about this happening to people and it’s something to consider. Would probably just rent for a year or 2 out there to see if I definately wanted to stay long term. Very early days just at the planning stage and my partners not keen on the idea yet!


Would renting out your property here and renting instead of buying there be a way forward? If it does go pear shaped at least you would have your home here. :hmmmm



Another good suggestion, would consider it as it’s gives flexibility to come back if I still have my place.

Retiring to Cyprus - favourable Tax rates.

16 Sep 2020, 10:29

Turkey is popular with ex pats and health care is cheap as well apparently.You can get a CT/MRI scan for about £70 with a day or two's notice i saw on a documentary recently.

Retiring to Cyprus - favourable Tax rates.

17 Sep 2020, 16:58

Bahia Feliz wrote:Turkey is popular with ex pats and health care is cheap as well apparently.You can get a CT/MRI scan for about £70 with a day or two's notice i saw on a documentary recently.



Turkey is not for me, although I am sure many like it there. Cyprus remains my no 1 choice if I do decide to move abroad. Would definitely rent for a few months to see ifs it really is right for me. My partner was initially not keen but is now starting to at least consider it.

Retiring to Cyprus - favourable Tax rates.

17 Sep 2020, 22:18

If you own a property in the south of England, you would be able to rent yours out, and rent a similar one in most of the med, and be well in profit, which also gives you the return option

Retiring to Cyprus - favourable Tax rates.

26 Sep 2020, 10:32

Edward Hunter wrote:If you own a property in the south of England, you would be able to rent yours out, and rent a similar one in most of the med, and be well in profit, which also gives you the return option



I live in the grim north were you can rent a house for 10 Bob a week! :Very Happy

Yeah, my plan would definitely be to rent mine out initially and then rent in Cyprus for maybe a year to decide if a long term move is the right thing to do. Currently looking at temperatures out there and it’s still 30 degrees, compared to 8 degrees here!

Retiring to Cyprus - favourable Tax rates.

26 Sep 2020, 11:38

NorthernBoy wrote:
Edward Hunter wrote:If you own a property in the south of England, you would be able to rent yours out, and rent a similar one in most of the med, and be well in profit, which also gives you the return option



I live in the grim north were you can rent a house for 10 Bob a week! :Very Happy

Yeah, my plan would definitely be to rent mine out initially and then rent in Cyprus for maybe a year to decide if a long term move is the right thing to do. Currently looking at temperatures out there and it’s still 30 degrees, compared to 8 degrees here!


Once you've acclimatised though the 'winters' out there can feel quite chilly. Was out there for a time and remember parents visiting
at Christmas in shorts and t-shirts and we were wearing long tracky bottoms and sweatshirts, heating on at night and in the morning.

A lot of the restaurants and tavernas that are fantastic in the summer months close up pretty quickly after the tourist season is over.
Advantage is that most Cypriots speak/understand English in the touristy areas, but we found that if you had to deal with
organisations such as their version of DVLA or DWP/HMRC you absolutely had to have a local Cypriot friend to go with you.

Lots of expats there (Ex Armed Forces/retirees) and you need to find such a support group. Golf is a major hobby...!

Retiring to Cyprus - favourable Tax rates.

26 Sep 2020, 13:45

Yellow belly,

Would probably be thinking of the Paphos area as a lot of British settle in this part of the island, quite happy to be in an expat area. Yeah I would imagine that after living there for awhile in winter in may feel a bit chilly. If the winters got to me out there I could easily drop down to Hurgada, Egypt for January, as its not far and rentals are cheap.

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