Cyprus is a wonderful island. Many people think that this is a real paradise on earth! Sea, sun, fruits and vegetables all year round, friendly locals, and this is the EU. And much-much more.
But, nevertheless, for those born outside the union, Cyprus is a foreign place. And not everyone is ready to live in it permanently. Longing for the homeland, friends and relatives, traditions and customs - all this keeps many foreigners from changing their place of residence.
The question "to move or not to move" is very subtle. It is especially relevant for those who are going to buy property in Cyprus. In this case, you can move to live on the island, having obtained a temporary residence permit and even permanent residence - or make the house a residence for family vacations. What to choose? - Let's try to figure it out in detail.
Pros of permanent residence in Cyprus
Let's start with the pros. But, please keep in mind that the pluses may seem like minuses to someone! Therefore, look at each advantage critically, from all sides. Ask yourself: “Is this really about me? Will I like this? "
So, here are the arguments in favor of permanent residence in Cyprus:
- Wonderful climate. It is warm from March to November, during the winter months the daytime air temperature does not drop below +10 degrees on the coast. But there is snow in the mountains in winter! So you won't miss the snowdrifts.
- Excellent ecology. There is only one manufacturing plant in Cyprus - a cement plant. But it's not dangerous. The sea is clean, the air is fresh, fruits and vegetables are natural.
- It's great to raise kids. Kids in Cyprus are adored - there is a real children's cult here. There are kindergartens for Greek-speaking, English-speaking, Russian-speaking kids and more. There are even mixed kindergartens! So that the child can speak several languages from early childhood. The situation is the same with schools. And there are also many colleges and universities, after graduating from which, your child will receive a European diploma!
- Convenient to do business. Whatever you say, Cyprus is an island loyal to foreign businessmen. You can open a branch or a new company here, or you can do business remotely.
- Security and confidence in the future. Cyprus is part of the EU, which means that the island enjoys stable growth in all areas of life. From politics to security.
- Affordable real estate prices. If we compare Russian or American housing prices with Cypriot prices, it turns out that Cyprus is even more profitable!
Of course, these are not all the advantages. There are many more of them - but they are individual. Someone likes the unusual nature, someone is happy with the proximity of the sea, someone has joined the relaxed southern rhythm of life.
To understand what exactly you like - read the blogs of people who have already moved to Cyprus. Some are happy to share their stories.
Cons of permanent residing in Cyprus
Pink glasses are a temporary accessory. Sooner or later, the cons begin to show through, and some of them cannot be reconciled.
In order not to be disappointed, it is worthwhile to take a sober look at things in advance and decide what can be dealt with, and what will be the preponderance in favor of non-residence in Cyprus.
Here are the problems of the island that the foreigners who have moved are talking about:
- Weather. Oddly enough, the climate of Cyprus is not suitable for everybody. This is especially true for those who have chronic diseases of blood vessels, heart, respiratory tract... The humid heat of Cyprus is unusual for a resident of northern countries and is destructive for the heart. And in winter, winds on the coast are so strong that one cannot hide from them even at home.
- Houses: there is no united urban heating system on the island. Thus you will spend much electricity to warm your place up, but it is terribly expensive on the island.
- Utilities in Cyprus are expensive. The prices for electricity and water are especially high. Therefore, the locals are accustomed not to waste both resources.
- Homesickness. It can be quite difficult for people over 30 years to move to another country. In addition, friends and relatives stay in their home country, and without them, many can become sad even on a paradise island.
- Lack of action. First of all, lack of cultural life. Yes, there are cinemas, theaters, exhibitions, bars in Cyprus, but… All this is not enough. Former residents of big cities feel the contrast very strongly and at first they generally call Cyprus “the village”. Yes… a quiet and measured life is not for everyone.
- 'Disadvantages' of local mentality. The locals are friendly people. But southerners are southerners. They are characterized by a lack of obligation, unhurriedness, an unusual (for us) arrangement of priorities (family is more important than work). Many people even call southerners lazy! Because they tend to be contemplative. Some emigrants gladly adopt the southern lifestyle, while others are so annoyed by it that they cannot reconcile and have to leave the island.
- Foreign language. Cyprus has two official languages: Greek and Turkish. Okay, English is de-facto official. It is easier to speak English, but not always and not everywhere it is possible. Plus, you still have to learn Greek if you are going to obtain Cypriot citizenship. And this is not an easy language!
And again a disclaimer: these are the most popular disadvantages among those who have long or recently moved to live in Cyprus. Almost all of them are solvable, which is the most important thing! Forewarned is forearmed.
How much money do you need to live comfortably in Cyprus?
Everyone has a different concept of comfort, so let's start with a minimum. If you have your own home (and you don't pay mortgage payments), there are no loans and it is summer on the street, then 1000 euros per person per month can be easily met. Is there a rent or a mortgage? Add at least € 500-800. Don't forget about your heating costs in winter: they can reach €300-500!
Food prices are not high here: seasonal vegetables and fruits cost euro-cents. Dairy and meat products are more expensive.
Household appliances and electronics are more expensive, but you can bring some with you or buy them online. Also, gas prices will not be low.
Pros of staying in your own Cypriot residence
It is not at all necessary to live in Cyprus all the time if you decide to buy a home here. It is quite reasonable to use an apartment or house as your summer residence. Part of a year you can stay there, the rest of time you can rent it out.
It should be noted that each season in Cyprus has its own advantages.
An unusual (for northern countries) winter. The air temperature during the day on the coast is +8-+15c. It can be +5 degrees at night or even colder. At the same time, there are cold winds, and there are warm and sunny days that you want to spend in nature. It rains but moderately.
The sea water cools down to 17-18 degrees. Thus you can swim if you really want to.
And there are greens all around. Palms, cypresses, magnolias and other shrub trees are evergreen. As well as green grass and conifers. And some of them bloom even in winter!
But in the mountains, there is a real winter. The air can be less than 0, but not lower than -6 - -7c. A dense snow cover falls on the highlands. The only ski resort opens.
Blooming and festival spring. Spring in Cyprus formally begins in late February - almonds start to blossom and the temperature goes up.
And the season of agricultural festivals is also starting. First, there is the grandiose Apokries carnival, which takes place in Limassol and Paphos. And then the festivals come one after another: pink, tulip (and generally floral), cherry, strawberry, watermelon…
In addition to such entertainments, which have a very soulful and pleasant atmosphere, others become available. For example, nature trips. And from April you can try to sunbathe and swim in the sea. There is no sweltering on the island yet, but the weather is pleasantly sunny and warm.
Hot and active summer. If you love the beach season, then summer in Cyprus is the perfect time. All water activities, including surfing and diving, are in full swing along the coast.
Many guest performers come to the resorts: theater, art, dance. Exhibitions, performances, installations, competitions are held everywhere. Fruit and berry festivals are also continuing. By the end of summer, they gradually turn into beer and wine festivals.
If you have your own accommodation in Cyprus, you will significantly save on your summer vacation. The cheapest room will cost 50 euros per day. Can you imagine how much you will save for a week of rest? Per month? For the season?
Pleasant autumn. One of the most beautiful moments in Cyprus. You can sunbathe and swim, but the flow of tourists decreases significantly. It becomes calm, quiet and very peaceful.
Entertainment prices are falling, but entertainment itself is in full swing. You can go to the mountains, go to the villages (this is agritourism), visit the sights. Autumn in Cyprus continues the season of theaters and exhibitions.
What to do in Cyprus on your vacations?
In winter, foreigners come to bask in the sun and take a break from northern winters, to Christmas under palms.
In spring, summer or fall, visitors enjoy beach holidays and outdoor travel.
Why else do they come to Cyprus?
- Universities. Students live on the island for most of the year, and go to their country for summer and winter vacations.
- Work. Young people come to earn extra money during the tourist season (for example, as animators). The businessmen go on business trips, to meetings, conferences and forums.
- Medicine. There are hospitals in Cyprus which are very well developed. At the same time, treatment or rehabilitation is cheaper than in Germany or Israel, and the quality is the same. Reproductive medicine, plastic surgery and cosmetology, and recovery after surgery are especially popular on the island.
- Exercises. Many world-class athletes spend the winter in Cyprus, as snow and cold weather in their homeland impede outdoor training. On the island, you can go in for athletics, windsurfing, swimming (outdoor pools), playing sports (football, basketball, etc.).
So, Cyprus is ready to meet everyone, at any time of the year and for any purpose!
You decided to buy real estate in Cyprus: is it better to live here permanently or to go on vacations?
It all depends on what goals you are pursuing. If your business is in Cyprus, then, of course, it is better to choose permanent residence. Moreover, we are talking about both business and university studies.
The same applies to parents who are involved in the education of children from a very young age. A child can be placed in a British school, which will give him a great advantage when entering a British university. And the diplomas of British universities, as you know, are appreciated all over the world!
Those who also want to live in a warm and ecologically clean place are moving to live. Unfortunately, many cities in Europe are cold and dirty megalopolises, dangerous for health. It is especially acutely felt by allergy sufferers, people with chronic diseases, asthmatics and other people with poor health. Therefore, life in Cyprus is the path to well-being and longevity.
Buying a home for holidays is an opportunity to invest in real estate in Cyprus and even earn money. Option one: buying a house or apartment, renting it out and then resale. This is the most profitable option if investments are made during the construction phase of the facility.
Option two: just renting out an apartment or a villa. It can be both short-term and long-term rentals. Moreover, in both cases, it is not at all necessary to come to the island often in order to check housing: specialists can be engaged in renting out for a commission.
Average income from rental housing is 5-10% per annum. This means that a year from an apartment that costs 200 thousand euros, you can get about 20 thousand euros a year!
What property to choose for permanent residence, for recreation, for investment?
Important note: you can combine these three goals into one! But for convenience, we will discuss them separately.
If you want to move to live on the island, consider the simplified Permanent Residence Permit. This is a permit to live on the island all year round.
Long-term permanent residence is issued on the basis of the purchase of one or more properties in Cyprus for a total of 300 thousand euros or more. At least one object must be residential.
A few nuances:
- you must immediately make a contribution of at least 200,000 euros
- you must provide a certificate of income from abroad, if the whole family receives permanent residence, then for each family member
- when obtaining permanent residence through investment, you cannot work in Cyprus - money must come from abroad.
Why is it attractive to get a Permanent Residence Permit when buying a property:
- issued to the whole family, including adult children under 28 years old
- easy to renew permanent residence
- you don't have to live in Cyprus all the time - just visit it at least once every two years
- makes it easy to obtain a visa for travel in the EU, Schengen and other countries
- gives a discount for university students - and a low tax rate for those who decide to become a tax resident
- includes medical care.
Note: DOM real estate agency in Cyprus helps to select suitable properties and complete a turnkey transaction. At the same time, it is not necessary to be on the island - the specialists also work remotely.
The most important thing when buying a home for yourself is the choice of an area and a convenient home plan. You are free to choose whatever you like! Closer to the sea or the mountains, in the busy city center or in a picturesque village - it's up to you.
There is no such freedom if you are planning to buy a vacation home or property to rent. Here it is worth starting from the location of the apartment or house: they are better to be at the seafront. Or, if you are more focused on long-term rentals - in the center or near a major transport interchange.
In any case, there should be good infrastructure nearby. As a rule, tenants prefer to live closer to places of work and rest, and the wilderness is a specific choice that is suitable only for those who decide to live in far places.
It is also worth paying attention to the furnishings and maintenance of housing: you need to think over everything so that it is convenient for you to do it remotely. Another option is to entrust everything to specialists.
Finally, investment. The most profitable thing is to invest in business and elite class facilities under construction. According to analysts' forecasts, now property prices in Cyprus are at a lower level - compared to other European countries. However, this will not always be the case.
Demand is already actively growing, in the primary housing sector, a sharp rise in prices is expected. This may happen in the next six months, or maybe in a few years. But experts have such confidence!
The most profitable areas are Larnaca and the Paphos suburbs.
You can learn more about investment here.
As it turned out, both living and traveling to Cyprus are convenient and pleasant. If you are not yet ready to leave your country, take a closer look at purchasing your own home for renting it out, and coming on vacation or for business.
Well, if you want to become the owner of the European Union permanent residence (and later a passport), then welcome to Cyprus!
Interested in housing in Cyprus? Go to the DOM Real Estate website. The portal has the largest database of real estate in the country - from residential to commercial. Choose and contact professionals who will help you make the right choice!
- First acquaintance with Larnaca (link)
- Where to live in Limassol? Coastline vs mountains (link)
- Paphos Real Estate Market Overview (link)
- Paphos or Limassol: all pros and cons (link)
- Permanent residence permit in Cyprus (link)
- Investment in real estate in Cyprus (link)
- TOP 6 apartments in new buildings with breathtaking views in Cyprus (link)
Photos: pixabay.com, free images.google