- Population: 1,189,265 (2018 estimate)
- Total area: 9,251 km2 (3,572 sq. mi)
- Capital: Nicosia
Living in Cyprus
In the North Eastern region of the Mediterranean basin, the island nation of Cyprus rests in tranquil blue waters within a region of great historical importance. An official member of the EU since 2004, its strong economy and developed infrastructure have made it an ideal choice for expats looking to relocate to sunnier climes. Along with its beautiful coastline and ample beaches, Cyprus offers great tax incentives to encourage foreign investment, with corporate income tax charged at a rate of just 12.5%. There are multiple other personal tax incentives available which are of great interest to retirees and high-net-worth individuals.
Recent years have seen Cyprus’s tax system evolve, and although there are great benefits to be had, the level of complexity merits speaking to a professional for expert guidance on your wealth management. If you are looking to retire in Cyprus, taking advice on your pension and the possibility of benefiting from transferring into a QROPS or SIPPs will ensure that you maximise your income and take advantage of any financial opportunities. Blacktower can help you make the right decisions and protect your wealth and assets while mitigating your level of tax liability.
Benefits of living in Cyprus
Living on an island in the Mediterranean is a dream that can easily be understood. Cyprus, with its ancient landscape peppered with historical artefacts; its dramatic shoreline and wealth of Blue Flag certified beaches, is particularly well positioned to fulfil this dream. With long summers that stretch into 7 months from April until October, and average winter temperatures of around 17 °C, the climate in Cyprus is exceptional.
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.
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.
Best places to live in Cyprus
There are locations to suit a variety of tastes in Cyprus. Those looking for sea views and access to the beach will find themselves well served in the coastal cities of Limassol and Paphos. The bustling capital city of Nicosia offers the culture lover access to museums, galleries and café culture. For those looking for a more sedate and laidback way of life, the villages of Cyprus’s mountainous interior offer a picturesque opportunity for country living.
With a population of around 36,000, Paphos combines the best of old and new world Cyprus. Listed by UNESCO as a World Heritage Site, there are a wealth of historic, cultural sites and treasures to be enjoyed. It boasts the fabled birthplace of the goddess Aphrodite (a great spot to watch the sun set over the Mediterranean) and some of the most spectacular mosaics in the region.
Home to a large community of British expats and basking in 300 days of sunshine a year, Paphos is a great choice for anyone looking to relocate to escape the cold winters of Northern Europe whilst maintaining excellent links elsewhere from Paphos airport.
The capital city of Cyprus with a history stretching back to the Bronze Age, Nicosia is a city where the ancient and modern bump up against each other, separated only by the original city walls built in the 1600s. The cultural centre of Cyprus and home to the country’s finest museums, Nicosia is often overlooked by tourists who are missing out on an authentic slice of island life.
Check out the café culture by sampling the traditional cakes and pastries along with a strong cup of local coffee as you wind your way through the maze of city streets. Located in the suburbs of the city is the Athalassa National Forest Park, 840 hectares of trees and shrubs surrounding a beautiful lake, ideal for a picnic and a stroll in the cool shade.
Although Nicosia doesn’t have the sea views of the famous coastal towns, it has access to some beautiful mountainous areas and property well off the beaten track. If you are looking for reasonably priced seclusion, then the surrounding area could be a good option for you.
If you are considering relocating to Cyprus, or have already done so, Blacktower has the specialist local knowledge that can help you to make the most of your financial situation and optimise your wealth. With 35 years of experience helping clients to fulfil their financial goals, our expert team of advisors is on call to help with financial planning and wealth management services, including inheritance tax planning, pension planning, pension transfers, savings and investments.
Talk to Blacktower's international financial advisers in Cyprus today to help secure your financial future. Contact the team on +357 25 566 190 or fill in our contact form above so that we may call you back.