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Buying Property and Retiring in Paphos: Factors To Consider

By Edited Sep 1, 2016 0 0

home for sale paphos

A while back, The Sunday Times published a major article around some comprehensive research conducted by the Homebuyer and Property Investor Show. The research listed the 10 most popular destinations for UK residents moving abroad a mark out of 10 in each category and then added the score together to come up with an overall score out of 80. Cyprus topped the lists of destinations because it has an income-tax rate of just 5% on pensions for retired residents, as well as low property prices and no inheritance tax. It also scores highly on related issues such as ease of gaining residency, low property buying and selling costs and benefits for pensioners. Therefore, if you are thinking of retiring, Paphos might perhaps be one of the places that should feature high on your destination list.

So, what does Cyprus have to offer the retired Brit? There is a significant mountain range in the centre of the island. In the heat of summer, hotels in the Troodos Mountains are very popular with both locals and tourists because of the mountains' beauty and spectacular views. This mountainous range in the middle of Cyprus is far away from the busy resorts on the island and therefore perhaps a better place if you are seeking peace and tranquility. The villas in sea cave area of Cyprus are located in much busier and more popular areas. Bear this in mind.

Cyprus became part of the EU in 2004 and as of January 2008 it also adopted the Euro as its currency. This means it is a fully fledged member of the European Community, offering free movement and relaxed residence and property-owning options for EU citizens. This is another reason why it is so tempting from many retired Brits. Paphos offers over 340 days of sunshine a year which is a huge attraction, they have the same banking system, the same legal system, the same electrical system and they even drive on the same side of the road as those of us in the UK. Therefore, as you are approaching the later years of your life, moving abroad to another country with another culture doesn't seem such a difficult task when it is a move to familiar Cyprus.

English is taught in all of the schools, so communication shouldn't be an issue and a low cost of living, added to top class health facilities, modern amenities and virtually no crime, makes Cyprus even more of an unbeatable choice for UK retirement. If the sea, sun and surf are your thing, it is important to know that a Paphos holiday beach villa is hard to find these days and discount Paphos apartments are even rarer. Therefore, if you are looking for a holiday retirement home by the sea, instead of a move to Paphos indefinitely for example, things get a little more difficult. You might have some luck if you are the first to buy an off-plan unit on a new development, but inexpensive Paphos apartments tend to be small studios these days and it is difficult to get one in the location that you require.

There are many firms that can work with you to buy your overseas apartment in Paphos without any hassle at all and a quick on the Internet will reveal a long list from which to choose from. As with anything you invest into, do your research into the estate agents well and shop around before you choose your favoured company. What is irrefutable is that buying a home in your retirement years in sunny Paphos is perhaps one of the best things that you could possibly do with your hard-earned cash.



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