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Living in Cyprus
Few jewels glitter more brightly in the European crown than Cyprus. The country brings all the riches of the Mediterranean together with official EU status, a healthy economy, and modern infrastructure, all of which appeal to expats.
It’s not just about the stunning coastal views and delicious Mediterranean cuisine – there’s plenty of attractive and affordable property in Cyrpus, and the country offers many tax advantages to benefit the expats and high-net-worth individuals, with a standout corporate income tax rate of 12.5% in addition to multiple personal tax incentives aimed at attracting wealth and talent to the island.
In recent years Cyprus has had an evolving tax landscape that can be complex at times. It’s important to get expert guidance, to make sure you’re optimising your wealth management, assets and operations. Benefit from expert advice on potentially complicated QROPS and SIPPS, and ensure you’re making the most of unfolding opportunities in Cyprus with Blacktower’s expert financial advice. With the right guidance, moving to Cyprus can be a smart move both for your lifestyle and assets, allowing you to protect and advance your interests.
Benefits of living in Cyprus
From breath-taking scenery to a rich history dating back thousands of years; and an abundance of employment opportunities in the services, manufacturing, and agricultural sectors; it’s hardly a surprise that there are plenty of UK expats who move to Cyprus each year. Here are some of the benefits of living in Cyprus that residents can enjoy on this idyllic island.
Gorgeous scenery and weather
Cyprus is well known for its stunning jewel-blue Mediterranean oceans, and also offers dozens of Blue Flag certified beaches, amongst some of the most beautiful in Europe. The Mediterranean climate offers cloudless sunny skies and scorching summers of around 7 months, but even in the off-peak months, residents can still enjoy snowy peaks and skiing in Troodos.
Quality of life
Cypriots enjoy a fantastic quality of life. There’s a great balance between work and social life on the island, and a Greek-inspired relaxed way of living that involves dwelling on the finer things and taking time to enjoy little luxuries like coffee breaks and long meals. The cost of living in Cyprus is generally a lot less than in the UK, with most products and services between 20-50% cheaper in Cyprus. Cyprus also boasts a strong national healthcare system and low crime rates.
Financial opportunities
With plenty of affordable property and land available, Cyprus can be a highly beneficial place to live when it comes to your finances. There are plenty of incentives for residents, from tax breaks to title deed discount programs. To make the most of Cyprus’ financial opportunities, ensure you’re getting the best advice from financial experts like Blacktower.
Best cities to move to in Cyprus
Whether you’re looking for bustling city life, a quiet country retreat, or a quaint seaside town, there are so many places to consider when moving to Cyprus.
Paphos
- Average house price: 250,000 EUR for a townhouse, 500,000 EUR for a villa
- Pint of beer: 2 EUR (£1.78)
- Cappuccino: 2.56 EUR (£2.28)
- Meal in a restaurant: 7 (£6.22)
- Monthly public transport pass: 40 EUR (£35.52)
Paphos is regularly ranked as the best city to live in Cyprus – combining timeless Cypriot architecture with contemporary infrastructure, Paphos offers the best of both worlds. Located on the coast, this romantic harbour town boasts stunning Mediterranean views and easy access to both beautiful beaches and dramatic hills and mountains.
Property here is affordable despite it being a desirable place to live, and it’s a popular choice for UK expats, with a large and very welcoming British community. With its own international airport and with largescale investment in the area, Paphos is a great choice to settle down, as well as an ideal location for anyone looking to invest.
Limassol
- Average house price: 250,000 EUR for a townhouse, 400,000 EUR for a villa
- Pint of beer: 3 EUR (£2.66)
- Cappuccino: 3.05 EUR (£2.70)
- Meal in a restaurant: 15 EUR (£13.32)
- Monthly public transport pass: 40 EUR (£35.52)
Offering both historical charm and the contemporary buzz of a modern city, Limassol is the business centre of the island, and a popular choice for UK expats living in Cyprus. Limassol has enjoyed the boosted economy of a tourism boom, and now boasts a state-of-the-art marina, and plenty of investment in luxury residential developments.
A busy and vibrant city, there are plenty of good locations to live in Limassol, from seafront apartments by the city’s marina, to luxurious villas in Agios Tychonas. If you’re looking to invest and make the most of your money, you can purchase cheaper and charming properties in the villages in the foothills of the mountains.
Larnaca
- Average house price: 185,000 EUR for a townhouse, 300,000 EUR for a villa
- Pint of beer: 3 EUR (£2.66)
- Cappuccino: 3.22 EUR (£2.86)
- Meal in a restaurant: 9 EUR (£7.99)
- Monthly public transport pass: 40 EUR (£35.52)
Offering a more traditional experience of a Mediterranean port town, the beautiful city of Larnaca is a great choice for UK expats moving to Cyprus. The third largest city in Cyprus, Larnaca has a charming and authentic feel with a stylish seaside promenade, sun-soaked plazas, and a picturesque old town. It’s also the wine capital of the island, and boasts some of the best cuisine.
Larnaca is home to Cyprus’ largest international airport, so there’s easy access for trips to the UK or for family to visit. Larnaca has more of a small-town feel, so amenities and resources are all within easy walking distance of the city centre. Larnaca also enjoys a lower cost of living compared to Limassol or Paphos, which makes it a popular choice with UK expats and retirees.
Managing your finances in Cyprus
Whether you are already a resident in Cyprus or are considering relocating to the country, Blacktower can provide you with specialist expat financial advice to help you optimise your wealth and make the most of your unique cross-border situation.
For more than 30 years, Blacktower has been matching global clients with the right financial products and services to help them fulfil their financial objectives. Our expert team of financial advisers in Limassol can assist with the full range of financial planning matters and wealth management services, including inheritance tax planning, pension planning, pension transfer schemes, savings and investments.
Speak with Blacktower’s international financial advisers in Cyprus today to begin the process of building a more financial secure future. Contact the team on + 357 25 566 190 or fill in our contact form above so that we may call you back.
Quality of Life
Something that is common to all the Mediterranean cultures is their commitment to striking a good work-life balance, and Cyprus is no exception. The strong Greek influence can be seen in the food and coffee culture and the long, leisurely, family-oriented mealtimes. For those visitors arriving from Northern urban centres, it can be a pleasant surprise to find out how much cheaper the cost of living is, with most goods and services costing around 20-50% less. To cap all this, the island enjoys a very low rate of crime and an excellent, modern national healthcare system.
Financial Opportunities
Due to its popularity as a tourist destination, Cyprus has a vibrant property and rental market which has been encouraged at a governmental level. With investment incentives and tax breaks available to foreign businesses, the economy has strengthened in recent years and there are financial opportunities for individual investors also. To navigate these most effectively and extract maximum value according to your circumstances, be sure to take qualified, regulated, local advice from Blacktower’s Cyprus representatives.