For UK pensioners who are potentially looking to the island of Cyprus as a destination for their retirement, a degree of caution may now be required. Presently the conditions for UK retirees seeking to relocate to Cyprus mean they have to acquire a property for at least €150,000 and have an annual income of €10,000 to be considered for a residence permit, however it appears these rules may be changing.
Currently, there are discussions at parliamentary levels in Cyprus which would see the above amounts increasing quite significantly. The entry levels currently in place for residence applications may see an increase on the value required for a property purchase rising from €150,000 to €250,000 and additionally, anyone looking to live in Cyprus who will not have full time employment, needing to have an annual income of at least €40,000. For any additional family member, this will require a further €10,000 per person.
Should these changes to the granting of residence permits to none EU- nationals ultimately be signed off by the Cyprus government, the impact both on the ability of retirees to make the move to Cyprus and on the local economy could be substantial.
Naturally, the rumours regarding these possible financial increases has, in the short term anyway, generated a huge uplift in enquiries to the island’s real estate agents from individuals looking to Cyprus to retire as they accelerate their plans hoping to obtain residency ahead of the proposed changes.
Whether the changes being proposed to the residence permits are a consequence of the huge decline in government incomes from the now defunct and disgraced citizenship for investment scheme in Cyprus, one can only speculate, what is clear however, is UK pensioners seeking to make the move to Cyprus may need to re-evaluate their current retirement plans.
If you would like to discuss your retirement plans or simply would like more information a member of our team will be happy to take your call on a confidential basis at 01438 840258 or via email to firstname.lastname@example.org or even arrange a teleconference Zoom/Skype conference to discuss the matter.