Retiring or moving to Cyprus after Brexit can offer many benefits to UK nationals. The island nation is located in the eastern Mediterranean, and it offers a warm and sunny climate, making it an ideal destination for those looking to escape the colder weather in the UK. Additionally, the cost of living in Cyprus is generally lower than in the UK, which can be a big advantage for retirees on a fixed income.
One of the main benefits of retiring to Cyprus is access to the country’s well-developed healthcare system. Cyprus has a good reputation for healthcare and has both public and private hospitals that offer a wide range of medical services. Additionally, nearly all of the population can speak English, which makes it easy for UK nationals to communicate and settle in.
Cyprus is also known for its relaxed lifestyle and friendly people. It is a great place to enjoy outdoor activities such as hiking, cycling, and swimming. The island also has a rich culture and history, which retirees can explore through its many historical sites, museums and festivals.
Another advantage of retiring or moving to Cyprus after Brexit is that a foreign pension received in Cyprus is taxed either at a 5% flat rate for amounts exceeding €3,420 per annum or at normal personal income tax rates, and may be eligible for additional tax benefits.
UK nationals are eligible for a Cyprus permanent residence permit under Category F (Section 5) of the Aliens and Immigration Regulations, without the necessity of a property purchase.
The Category F residence permit is a long-term residence permit available to UK nationals who wish to live in Cyprus for more than 90 days in any 180-day period. It allows UK nationals who have a secure and regular annual income that is sufficient to provide a decent living in Cyprus without having to engage in any business, trade, or profession in Cyprus to apply for and obtain a Cyprus permanent residence permit for themselves, their spouse, and/or their children (under the age of 18).
The major benefit of the Category F residence permit is that no property acquisition is required. It is sufficient to just rent a property in Cyprus. Furthermore, the minimum yearly income requirement is significantly lower than the corresponding requirement of the fast-track residency process under Regulation 6 (2). However, processing the application takes substantially longer than processing an application for a fast-track permanent residence permit.
The minimum annual income for one application is €9568, plus €4613 for each dependent person. In addition, the applicant must deposit between €15,000 and €20,000 in his or her Cyprus bank account. This sum is not a pledge, but rather a deposit that may be utilised once the application process has been completed.
The Immigration Control Board reviews applications, and the Minister of the Interior grants final permission. The examination and processing of applications takes between 12 and 18 months.
Once the application for a Category F residence permit is approved, the permit is valid for five years and can be renewed upon expiration.
This is the best option for people who want to retire in Cyprus and have money or a pension or income from overseas, or for UK nationals who want to migrate to Cyprus after Brexit.
At Chambers & Co, we undertake all matters relating to the residency applications from collecting all required information, completing and submitting the necessary applications and liaising with the immigration department until the permit is granted.
Contact us today for a no obligation quote.