Cyprus has long been a highly desirable destination for international expats, offering affordable living costs, a warm and pleasant climate, incredible culture and cuisine, and a safe environment for families, professionals, and retirees alike.
Thousands of UK citizens dream of a foreign relocation but find the process of calculating costs, setting a budget, and deciding how to manage their property assets and careers daunting.
The global expat wealth management advisers at Chase Buchanan have compiled this summary of the costs of moving to Cyprus to help demonstrate the key decision-making areas before an international move.
Practical Costs of a Move to Cyprus From the UK
There are both short and long-term cost to consider for an international move, and budgeting for both is equally important to ensure you have complete oversight of your finances. Among the immediate expenses necessary to relocate, you should account for the following:
- Shipping your belongings: the average cost for a 20-foot container is roughly £4,000, and £5,600 for a larger 40-foot container, suitable for the contents of a four-bedroom home.
- Travel costs: non-stop flights to Cyprus are easily available, with an average ticket price of £190 per person for a direct flight from London.
- Buying or renting a property: properties vary widely, but the average cost of renting a three-bedroom apartment in a Cypriot city is €1,708 per month, reduced to €1,374 for homes outside the major metropolitan areas.
Depending on whether you expect to continue earning income or pension benefits from the UK or plan to take up employment in Cyprus, you may also need to monitor the exchange rate to ensure you are calculating your ongoing costs accurately.
Visa Routes
Cyprus offers several potential visa routes, including the residency by investment programme, which permits foreign nationals purchasing a qualifying property worth at least €300,000, plus VAT, to apply for permanent residency status.
The scheme was updated in May 2023 and allows expats to apply by making the minimum investment in a new-build property, non-residential real estate, share capital in a Cypriot company, or an eligible collective investment fund. You will also need to prove an annual income of €50,000 for the main applicant, plus an additional €15,000 for a spouse and €10,000 for each additional child
In terms of other visa options that may be relevant:
- Temporary residence permits are granted to expats moving to Cyprus for career purposes or to study at a Cypriot educational establishment. They are normally valid for one year but renewable for the duration of the required stay. For this Visa you will need to prove an annual income of €24,000 amongst other requirements.
- UK citizens who move to Cyprus to work will require a residence permit and a separate Cypriot work permit – residence permits do not automatically include the right to work. Local employers who commonly hire international workers will usually be able to help with this process.
- Family reunification permits are offered to non-EU applicants with a relative who is a legal resident or a citizen of Cyprus. They can apply for temporary permits on arrival and then qualify for permanent residency after five years.
In most cases, children and dependents will be included on the same visa application, although fees vary, and you may need to pay an additional fee for each spouse, parent or child on the same application.
Working in Cyprus as a Foreign National Resident
As we’ve mentioned, a Cypriot work visa is a necessity if you plan to work in Cyprus, set up a business or operate as an independent professional. The economy in Cyprus is fast-growing, and there are several industries, and sectors, where qualified candidates are in high demand, including construction, finance, healthcare, and software development.
Average Costs for Living in Cyprus
Living costs vary between premium coastal resorts, marina and harbour areas and the major Cypriot cities. Smaller districts in Paphos, to the southwest, are more affordable, and Nicosia, the capital city, is less expensive than prestigious addresses in Limassol.
As a rough average, living costs, in Cyprus, are 7% lower than in the UK, with property rental prices 8.4% cheaper. Expats relocating from more expensive areas, including London, will see a more significant reduction in their average expenditure, with even Limassol, as the most costly Cypriot city, 30.8% more affordable.
Families of four require a budget of around €2,840 per month, excluding accommodation, reducing to €815 for an individual.
Property Prices
Rental prices in the cities are inevitably higher than in more rural areas, with an average rental cost of €946 per month, for a one-bedroom city centre apartment, and €706 further out.
Expats choosing to buy a home pay an average of €1,000 to €2,500 per square metre, with luxury villas or apartments with private pools costing in the region of €1 to €2 million. Note that properties qualifying for permanent residency must cost €300,000 or above, plus VAT, and must be approved new builds rather than resale properties.
Education Costs
Foreign nationals often send their children to international schools, where lessons are taught in English. Pupils can also learn Greek alongside their other classes, and the curriculum follows the UK National Curriculum or the International Baccalaureate.
The average cost of a private school is €7,000 per student, per year, but that may vary with location and establishment, with some requiring applicants to sit an entrance exam. International primary schools charge around €6,100 per year, and nurseries cost roughly €380 per child per month.
Health Insurance Costs
Health insurance is normally a mandatory requirement for any visa category, and expats are advised to have good insurance coverage to ensure they can access treatment or medications in an emergency. Insurance that includes repatriation is also advisable should the individual need to be transported back to the UK.
The Cypriot healthcare system provides mostly free treatments for British nationals living in the country with a valid work permit, those with a medical card granted to permanent residents, or short-term residents with a Global Health Insurance Card (GHIC).
Nonetheless, insurance may be obligatory to comply with visa requirements, with international health coverage plans costing from €150 to €400 per month depending on the applicant's age, medical history and any previously diagnosed conditions.
Driving in Cyprus
Finally, UK expats can drive in Cyprus for up to 90 days with a UK licence. However, they must apply for a Cypriot replacement or an International Driving Permit (IDP) after that. An IDP costs just £5.50, and a Cypriot licence €40 – but having this in place before you move or shortly after is essential to avoid fines or even prosecution due to driving without a recognised licence. It should also be noted that cars in Cyprus drive on the left-hand side of the road, like in the UK.
For more guidance and advice about moving to Cyprus and what needs to be considered, get in touch with our Chase Buchanan Wealth Management team located in Paphos.
Read more about Chase Buchanan - Chase Buchanan Introduces Two New Private Wealth Managers Within The UK Team
About Chase Buchanan Private Wealth Management
Chase Buchanan is a highly regulated wealth management company who specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA.
Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15.
Media Contact:
Chase Buchanan Ltd
+357 2501 0455
******
Source Company - https://chasebuchanan.com/
Original Source of the original story >> How Much Does it Cost to Relocate to Cyprus?
