The pleasant climate and low cost of living are big attractions for those who wish to retire to Cyprus but it has lots more to offer. The banking and legal systems are both derived from the British systems so, as a result will not be hard to adapt to if your are from the UK. Managing your money in Cyprus will be relatively trouble free. For those in the UK receiving a pension there are good tax incentives.
Almost everyone in Cyprus speaks English, often really proficiently, consequently you'll be able to communicate easily. The infrastructure is modern with facilities as good as those in the UK. There are fresh local fruit and vegetables always available and overall the relaxed, easy going lifestyle in a warm climate, with moderately low humidity is very good for the health. This can be specially important for people who have rheumatism or other conditions that get worse during the cold, damp British winter.
Official Procedures for Retiring in Cyprus
Paper work needs to be filled out and submitted before you can become a resident in Cyprus. The first thing to do is fill in a form to apply for a residency permit. An M67 form, obtainable in Cyprus from an immigration office locally needs to be submitted. The category will be F if you are retiring. Evidence is needed that you can support yourself and any dependants. This may be investment income or a retirement pension,
Having been approved under the F category you cannot work, even unpaid, or run any business in Cyprus so you will need to have ample money to sustain yourself. UK pensions can be directly paid into an account in Cyprus and, as Cyprus has an agreement with the UK, will be index linked so your pension increases will continue as if you were still living in the UK.
ConclusionCyprus is increasingly becoming popular to retire to for UK citizens. It has a similar, but more relaxed lifestyle, and you can usually expect a trouble free transition. If you are thinking of retiring in the sun, consider Cyprus as an ideal location to enjoy a relaxed retirement.
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