Hi
We have been looking to eventually retire abroad, but are not quite at the right age yet (both early 50s)
However we wanted to know more about Cyprus and went to “A Place In The Sun - Live”
We met several companies and one of them had a leaflet on the implications of Brexit.
It stated that as long as you move to Cyprus before 29th March 2019 and I guess get the MEU1 before that date, then you are legally allowed to stay.
It then went onto state that after 5 years you can apply to get a MEU3.
We told the guy that I wanted to carry on working and was willing to commute To / From Cyprus, and that my girlfriend wanted to give her stressful job up and get a lower paid possibly part time job in the Catering sector in Cyprus.
He basically said you might want to work for me, all my staff are expats.
But reading the small print on the web, it appears our only way in is to buy a new property or have one built up to a value of €300,000 + VAT (I don't know what the VAT rate is)
It says it is possible to put down €200,000 + VAT and sign a contract for a property up to €300,000 + VAT
This is under a Category F permit.
But when I read the small print of this, it categorically stated that you cannot seek employment in Cyprus.
So I have a few questions that I am hoping people may be able to answer.
Is it possible for her to work in Cyprus for a foreign registered company to get round this ?
Or any other suggestions.
Can she work with the MEU3 ? ( although by the time 5 years have passed she probably won't want to)
Reading between the lines of the Category F it says.
You need to put €30,000 in the Cyprus bank
Buy a property in excess of €300,000 + VAT or pay a deposit of €200,000 + VAT and sign a contract for one.
Have no Crimnal Record
Pay a fee of Euro 500.
We would need to sell our UK house in order to fund all this.
In theory we could perhaps get a mortgage using some of the equity to go down the €200,000 route and then when the property is ready sell our uk property to pay it all off.
From my perspective the longer we can hold onto our house the better, as we would need to rent prior to the one in Cyprus becoming available + both still working in the UK.
It states that you must become resident in Cyprus 1 year after getting the MEU1 permit.
So I guess that if we apply in joint names (as per his advice) and get the permit by 29th March 2019, we would both have to reside in Cyprus by 29th March 2020 ?
How many days do you have to reside per year to qualify ?
What happens if we sign a contract and it takes longer than a year for the property to become ready ?
We cannot afford to both give up work.
Although we would no longer have a mortgage, we still need to survive until we draw our pensions.
It seem that if you make the move pre March 2019 the benefits are you enjoy NHS type medical cover and the right to live there - Is that correct - Am I missing anything.
If we leave it until post March 2019
There is no guarantee that we have the right to live there permanently and no NHS type cover.
I personally think Cyprus would still welcome British and not force them to leave, but I am unsure of the advantages or disadvantages of the Medical side.
I do not know if I have to take up tax residency in Cyprus and how this affects my Uk NHS cover, payments into ,my Uk pension (and the tax relief I get on that) and NI contributions and record.
It is a bit of a minefield.
But they are all falling over themselves to put us on a plane and visit the area.
My girlfriend is all in. I am a little more cautious and want to know the facts before I get on a plane.
So any help or advice would be gratefully appreciated.
For info I would favour spending the minimum possible, buying a plot of land large enough to extend and building a basic house with pool and perhaps adding to it later to extend it.
Thus keeping our initial costs lower.
Anyway
Thanks in advance for any replies