Are you planning to start a new life in a European country? If you are, it is worth considering the possibility of moving to Cyprus. This incredibly picturesque island offers a pleasant combination of a Mediterranean resort lifestyle and European comfort. The warm climate, beautiful nature, diverse property in Cyprus, and a positive environment for business make the island nation attractive to investors and digital nomads from all over the world.
Read on to learn about the pros and cons of immigration to Cyprus and find out why foreign nationals choose it as their new place of residence so often.
Content:
- Political, economic, and social situation in Cyprus
- The pros of buying real estate in Cyprus
- What are the pros of living in Cyprus?
- The cons of moving
- Advantages of moving
- Adapting to a new place
- We will help you choose your dream apartment in Cyprus
Political, economic, and social situation in Cyprus
To understand what life is like in this island nation, we should look into the three main aspects: political, economic, and social.
Despite the problems caused by the coronavirus pandemic and the overall political situation in the world, the economy and social environment here remain stable. From an economic standpoint, the island has made significant progress. After the economic crisis in 2013, the country’s GDP in 2022 reached 5.8%. The service and tourism sectors are by far one of the most important drivers of the economy, followed by shipping and financial services.
Cyprus is a multinational state with a diverse population. Over the past few years, it has achieved a major advance towards the reunification of the peoples living in it. In particular, several peace talks were held between the Cypriot and Turkish communities.
Politically, it is a democratic presidential republic with the president being the head of state, elected for a five-year term. The legislature is a unicameral parliament.
The pros of buying real estate in Cyprus
If you are planning a relocation or want to scale up your business, you should consider real estate in Cyprus. The advantages of buying property in the island nation are as follows:
- Lower prices compared to other EU countries;
- High rental income up to 10.5% per annum;
- The prospect of obtaining a residence permit for investment when buying a property worth €300,000 or more;
- Tax reliefs;
- Stable growth of rents and housing prices.
What are the pros of living in Cyprus?
If you are thinking about relocating and you are interested in apartments in Cyprus, the pros of living in this island nation will pleasantly surprise you.
Climate and stunning scenery
The island is rightfully one of the most popular tourist destinations in the world thanks to the warm and sunny climate, which can be enjoyed here all year round, well-groomed beaches, many of which have been awarded a Blue Flag, mountainous landscape, and diverse flora. Together, all this creates a unique atmosphere in which you can take pleasure in a relaxing pastime and outdoor activities.
High quality of life
The well-being of locals and expats is ensured by a high level of healthcare, education, and infrastructure. The local healthcare and education system is recognized as one of the best in the world and is very popular outside the island. The country also boasts excellent public transport links.
Affordable cost of living
Compared to other European countries, living here is relatively inexpensive, making Cyprus a more affordable option for young professionals and retirees. According to some reports, the average cost of living for a family of four in the island nation is €2,653 per month, excluding rent. The living expenses for a single person, excluding rent, is €747 per month. Prices for food, utilities, and housing in the island are lower than in other EU countries.
Low crime rate
One of the biggest advantages of living in Cyprus is the low crime rate. The island has officially been named one of the safest places in Europe.
Of the crimes committed here, most are petty and non-violent, such as pickpocketing or drug dealing.
The cons of moving
Despite the obvious advantages, living here has its drawbacks you need to consider if you are planning to move to this country.
Employment problems
Many expats note employment problems due to the limited labour market. Most of the vacancies are in the tourism sector. However, if you are self-employed, work without being tied to a specific place of residence, or run a business, you are unlikely to be affected by employment challenges.
Political instability
In fact, two separate states coexist in the territory of the island: the Republic of Cyprus and the Turkish Republic of Northern Cyprus. The latter is recognized only by Turkey. Although the country has remained stable in recent years, the situation is ambiguous.
Expensive housing
Despite the relatively low cost of living, villas in Cyprus and other luxury real estate, especially in popular tourist areas, can seem expensive. Having a limited budget will make it difficult to find affordable housing.
Lack of variety
Cyprus is a small island in the south of Europe. Because of this, you may find that another downside to living here is limited shopping and entertainment options.
If you need any specific items while in the island, you may end up wandering through local shops and boutiques for quite some time wishing you could find an international department store.
Although there are theatres, galleries, and other cultural leisure venues in the island, they are few and far apart. However, what the country lacks in entertainment offerings, it makes up for with outdoor activities.
Advantages of moving
Those who have already moved will find it easier to adapt and live in a new environment due to the following factors.
Tax reliefs
There are tax incentives that foreign nationals can also take advantage of. In particular, one of these reliefs is the reduced VAT rate, when, under certain conditions, the buyer of a house or apartment in Cyprus pays only 5% instead of 19%. What’s more, the country has a supportive environment for international business, thanks to which it is profitable to do business here.
The tax rate is scaled, and those who earn less than €19,500 per year are exempt from any additional taxes. Taxes for those earning above this threshold are as follows:
- €19,501 to €28,000 – 20%
- €28,001 to €36,300 – 25%
- €36,301 to €60,000 – 30%
- Over €60,000 – 35%
Multicultural environment
The island’s community is multicultural. The country also has a rich history and culture. Here you can see the influence of various civilizations, in particular, Greek, Turkish, and British, thanks to which citizens from all over the world can feel quite comfortable here.
Expat community
More than 20% of the island’s population are foreigners. These expats relocate from a wide variety of countries, but the largest number of overseas nationals have come here from the UK, seeking a sunnier climate and a more laid-back lifestyle.
Besides British nationals, there are citizens of the United States and many representatives of other different countries. Due to its popularity with digital nomads, the island has many co-working spaces where people can comfortably work and socialise with other professionals in a relaxed environment.
Adapting to a new place
Adapting to life in Cyprus may differ from person to person, but in general, the country offers foreigners a favourable environment for comfortable living and assimilation. Below are some aspects that will help expats adjust more quickly:
- Get to know the Cypriot culture, traditions, and customs. Respect local behavioural norms, discover national cuisine, and attend festivities and events held here more often.
- Learning English and Greek can make it much easier to communicate with the local population. The locals usually speak English, but knowing Greek will make your adaptation even smoother.
- Learn local business etiquette and habits. The state offers a variety of opportunities for work and business, so be aware of the requirements of the labour market.
- Choose the right housing, which suits your needs and budget. Keep in mind that buying or renting may have its own nuances, so seek advice from professional agents.
- Familiarise yourself with the healthcare and education system in the island. The country has many public and private medical and educational institutions, including international ones.
- Join various social groups, clubs, and international communities to expand your social circle and connect with others. The country offers a variety of activities and cultural events to help you meet new people and become part of a local community.
- Enjoy nature and an active lifestyle. Mountains, beaches, parks, and beautiful natural landmarks offer many opportunities for outdoor activities.
All in all, adjusting to a new life in the island is a process that takes some time and patience. With the right preparation and attitude, and a desire to experience the local culture, you will be able to quickly adjust to a new environment.
We will help you choose your dream apartment in Cyprus
Buying an apartment in Cyprus is easier than you think! For a free expert consultation, leave a request on the website. If necessary, our specialist will help you choose a property that matches your tastes and goals, tell you where it is more profitable to buy real estate for business, and ensure the legal security of the transaction.