Hello to all
My name is Michael - and I'm hoping to get some advice/help
My partner and I are currently living in Dorset and planning to move to Cyprus next year - one of the items we are looking at is the Temporary Residence Employment (TRE) permit . We have looked online for advice and can see you need to apply for this if you plan stay after 90 days. When we move we will both be pre-retirement and plan to use a work pension and savings as proof of being self-sufficient. We are looking at either renting or buying.
The issue is trying to find out the level of funds/income be able to show self-sufficiency, as we know that is a requirement (evidence of income or financial self-sufficiency). The information on this varies depending on which web site you look at.
We also know that when applying for the TRE you need to select a category – for us we think it would be Category F - One web site comments:
• Category F – Not working (e.g. retired).
For a Category F permit, you're required to prove that you can support yourself financially, and you won't be allowed to do work of any kind once you have this type of permit. The official wording is: ‘Persons who possess and have fully and freely at their disposal a secured annual income, high enough to give them a decent living in Cyprus, without [their] having to engage in any business, trade or profession
• Evidence of income or financial self-sufficency, including bank statements from a bank in Cyprus showing average balance or pension payments, where appropriate. Note that your annual income should be in the region of CY£6,000 per person, plus around CY£3,000 for each dependent person, although there are no set limits and each case is considered on its own merits.
The above information may be out of date.
Our questions are:
1. Can we use our savings as evidence of self-sufficiency ? i.e. can we use a combination of savings and pension income, if yes, what are the minimum levels for both. Would help to know who to contact so we can get accurate/correct info on this topic – that way we can plan ahead
2. If we apply under Category F (i.e. not working) can we change this if one us finds work? i.e. can we get a different permit ?
Hope you can help – even if it's signposting us to an accurate source where we can find out / ask the questions
Thank you
Michael
Moving to Cyprus - advice sought
you will be fine we are pre-state pension to and have been here for 2 years - we live on private pensions and investment income = there were no questions on our levels at all....
we ve always advised of this information to others and have not heard of any inaccuracies. http://www.cyprusvisa.eu/cyprus-residen … ments.html
never ever heard of a TRE to be honest - as UK EU national you dont need a permit of any kind to work. You do need the yellow slip and to register for tax here whether you pay it or not = also its worth doing the Dual Taxation Treaty thing as well especially if you have income generated outside of Cyprus.. take advantage of the very generous €19500 each tax free annual personal allowances here. I would also go and see Elizabeth Welch in Paphos to sort your bi-annual tax forms out well worth it in my opinion she saved us a fortune.
and you wont need to change anything either if and when you start work part time or full time, just make sure your are tax registered and tax compliant
I personally wouldnt advise buying - well at least not until you are sure of where you want to be as things and people change... renting is so so cheap here its worth doing a rental lease for a year or two till you find the right place for you and your needs. It can take upto two years to find exactly what you want... buying immediately prevents you from having the flexibility to move quickly should things change.. and believe me they do.
we have moved three times in two years for various reasons and we now feel like we ve found the right place for a truly long term rental as its not in our plan to buy here or anywhere else for that matter.
Hi - thank you for the reply and information, much appreciated
Having looked again I can now see the TRE doesn't apply - good news.
We will look at the tax items and thank you for the tips. On the rent v. buy option we are open minded so will look at this some more. It does make sense to rent first and then look at the options. We will be doing research and visits to get a feel for areas before we start the next adventure
Appreciate you taking the time to reply
No worries - have fun
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