Income retiring to Cyprus

Hi all, we are hoping to sell our house and move to Cyprus within the next year,  as the properties are a lot cheaper for what we need in Cyprus, we would have a decent amount left in the bank question is my husband receives a state pension but I have 10 years to wait before mine starts, he has no other pension whereas I have one which would also start in ten years.  Would I be rejected as I do not have an income or pension if I wanted to live in Cyprus, or would the fact I have money in the bank help my case, it's not a massive amount but would keep me going  a good few years...I don't want to start the ball rolling until I know this as its playing on my mind. Many thanks for your help in advance .

Currently its not a problem at all.... although there may be issues with brexit impacts -  but in all honesty I personally dont think so - as long as Britain 100% reciprocate Cyprus' offering...

As long as you have sufficient income to not be a burden on the RoC you will be fine
Your husbands state pension and cash in the bank will be fine and should suffice.

make sure you apply for your husbands S1 form and both your uk issued ehics as the uk ehics form part of the S1 healthcare entitlement as a pensioner for him and spouse (assuming these are not lost thru brexit) from the DWP as that will cover both of you for healthcare here...

rent first for at least 6-12 months before buying.. make sure you know the locations and their  dynamics as they change over time and also during morning noon and night.

good luck

Thank you Toon I have been reading a lot of the forum some times I think it all sounds so daunting and where do we start... Other days We think we can do biggest worry is I'd bringing my three cats with me and finding somewhere that is pet friendly. I think sell the house..come over find a rental place and then fly the cats over . I hope it doesn't frighten the life out of them . Thanks again

yes I understand it can be daunting = it was for us the first time - especially for me as I am a belt braces and parachute type bloke..... malta was an experience for us but here in Cyprus it was much easier

But once you commit to doing it accepts its a new part of your life a new era lots to see do experience and enjoy... there are challenges but nothing is insurmountable but sometimes it can be frustrating too... but hey take each one as it comes and you will be fine  dont panic... there are plenty of people who have done the same and will help you avoid making mistakes (we all do but dont beat yourself up over it)  if you get stuck, plenty of people to assist when things appear confusing  - manage the expectations and you will do well.

we brought our cat via emirates from Malta and i was more worried about than the missus but here we are 5 yrs later....  and our cat was none the worse for the journey...

Finding a rental home with three cats may be the first challenge but dont let that put you off , also dont be put off by owners who say no pets .. many will allow it if theyre offered a larger than usual deposit to cover any damages and I know cats well  (we now have not only our own indoor cat but 7 ferals we rescued and now feed twice daily in our garden) and they do cause a little bit of damage but again nothing that cant be resolved as long as you accept that as responsible owners then again you will be fine...

I would suggest not even looking for a property here until you know youve sold the house and its in its final stages of contract exchange etc... the market changes rapidly here as do rental prices.... in the meantime you could take a research trip over for a week or two, plenty of cheap flights and breaks around and explore the areas that appeal to you. check out the facebook pages/groups  of buy and rent to get an idea of what you get for your money as they appear to be much more upto date than estate agents web sites... 
Best to start planning to arrive late summer / early winter (octoberniovemeber and even jan feb )  as rental price will then be much lower than start of summer season/.... its also a good time to spot any signs of damp through high humidity and winter rains
dont exchange cash in advance for property that you fancy..... no matter how trustworthy you think the vendor is...  best to get here take a short let to get  your bearings in the area(s) you have chosen - explore make the enquiries on properties take your time to do that  dont rush it and be absolutely clear what you want - have wishes, needs and a nice to have list and try to stick to that as much as possible   dont give the agent a rigid upper budget although they will ask give them a mid to lower range budget and allow yourself some wriggle room to go up in range  as thats what agents will do -- at least there are no agents fees here the landlord pays them is normal to pay a security deposit of one months rent and then a months rent in advance  - and depending on how the landlord wants the bills managed... if they want them in your name you  may need to pay deposits for water and electricity direct to the supplier - this varies from one distrcit / municipality to another e.g here in paphos it can be as much as €200 - €300 per supply,.,,,,,  some landlords will allow their tenants to rent without the bills in the tenants name and simply expect honesty and bill payment on production of the bills.... some will allow you to make an extra deposit sufficient to cover a billing perionds of 2-3 months.

anyway thats enough for now - plenty for you to digest and start planning

So we are now thinking along the lines now
of coming out for 6 months to a year and renting as strongly advised.
We will visit a few areas before deciding where we like..although we have only stayed in coral bay area and heard of Peyis..we have no idea of other area that ex pats was going to start there although I did read about barking dogs in Peyia...any other suggestions for other areas --?

My son is moving into my house to look after cats until we find a place to buy so will make it easier to find rented accommodation without worry about it being pet friendly.

I guess we book into a hotel until we find somewhere to rent is that the norm..we see alot advertised but obviously we would need to view in person.

As we are planning on staying longer than 3 months we have to apply for a yellow slip I have read ...we would want to come back to UK n go back to Cyprus during that time how many times are you allowed to go back n forth with or without a yellow slip? Do we need a bank account in Cyprus before we can get our slip ?

When opening up a bank account how much would we be expected to deposit to show we would not be a burden on state, I read a sufficient sum required. My husband only has his state pension going in and I would not have anything ... we plan to save for a good few months to a year so we have a pot to come with which would shown be on a statement from our bank here and then once we sell our house we would have the money to buy and spare cash to bank..but this would not be until we have decided on an area and put ours up for sale.

One last thing ..for now..sorry...Brexit..any idea on when the last time we can apply for yellow slip would be without any issues with or without a deal. Not that I have a clue about Brexit...

Thank you so much in advance

Good plan so far - - you could  try and find a short let apartment or a few of them to sample the delights of the various areas...

with a yellow slIp you can come and go as much as  you like as long as it and your passport are valid... without and under no deal you may be restricted to 90 days stay  in each 180 and no return within 90 days of leaving. But in all honesty am not sure how or if it would/could  be enforced  = however a good friend of mine "in the know" thru their work... has said there are active moves to uprate the passport and customs controls at borders... and with micro chips in passports linked to yellow slips databases with cross country co-operation now its much easier to detect.

You are obliged/ required by law to register within 90 days of arrival... as long as you have the appointment you will be ok if your stay exceeds this

you do not need to open a bank account at all but it is beneficial to have one - but my advise would be to open one when you know or have decided where you want to live allowing easier access to your cash and atms etc

you dont need to deposit funds here at all - we didnt - as long as you can prove funds ie state pension and savings and ultimately income from the potential sale of your house.. a valuation might be handy to have.....sufficient to support you and your family  no matter where they are held/deposited  that is more than adequate.

as far as Brexit is concerned  - Cyprus government has said officially that as long as UK reciprocate fully with cypriot nationals living in UK then they wil allow any british national to stay as long as they have a minimum of an MEU1 certificate and a valid british passport.....

That's interesting for me as well, with a special twist, as I'm a Russian citizen. The thing is that thanks to a big contract for my company and an inheritance, we're looking to move abroad and to buy property in Limassol there at the same time; which means that we'll move around the EU (my wife is Polish, she's good to go, but I might not be) regularily, won't it be troublesome for me in terms of visa limitations?

Hello again... thank you for your good advise...
So the yellow slip. ...
I thought I read that you needed to open a bank account to apply for one
Or have I missed read and you need a yellow slip to open a bank account.. I have read so much my brains on overload at the moment.
So we can just take bank valuation..passports, marriage certificate a Cyprus address for the yellow slips ? I am sure I read you need to have a minimum one year lease contract on rented accommodation, is that so as was hoping to do as you I suggested short term rents.
Are we better to check web sites or go to a letting agent for the short term let's.. I've printed off your part 1 2 and 3 already 😁. I get updates on properties put on Facebook too.
So the outcome of Brexit wont affect us at all even if we left it longer than a year ? Again I read had to be in by December us a little longer to save if we can wait that long..mind you I was reading a forum where a guy said he had 4,200 a month to live on over there and would that be enough..I was thinking..what.....🙈 until someone else said once they had settled and laid out initial deposits and got over the first couple months
. They were able to survive on their state pension .
Unless of course you want to be eating out every night that is.
Again many thanks for your advise and your help. I know we aren't coming for a while but I want everything clear in my mind so when we do we are as clued up as possible.

As an EU national you do not need to open a bank account here at all... you do not need to deposit funds into a Cyprus bank account. I dont know who told you this but they are wrong, unless they are thinking your are a TCN (ie a non eu national third country national).....  Non working TCN's are sometimes asked to make deposits its all down to the individual cases and the residency route they take.

As an EU national you do not need a yellow slip to open a bank account either your valid passport will suffice initially if you are to be resident, once you are resident the bank will ask to see your yellow slip..... think of it this way there are lots of people who have holiday homes here and are not resident as they dont stay for more than 90 days and many of them have bank accounts here.

Nobody knows for certain re Brexit as its all down to if how when UK leave... and ultimately reciprocity shown between Cyprus and the UK.  But the feeling is that there will be little or no changes for brits in cyprus and cypriots in uk - The deadline of December 2020 is entirely dependent on a deal being agreed and if that happens then a transition period to December 2020 will be in place however if no deal occurs then there can be no transition period, 

wow I wish .... €4200 a month... wow you would live very very well here with that..

Most ordinary nonworking folk dont have that level of finances available to them = even most working folk dont...

what you have available is a personal thing as is how you live, where you live, socialising needs etc etc costs of living  is usually based on what it is you expect from your move and life here .. manage that expectation and you should be ok

we know a good few people who live very frugal but very happy lives and just as many who dont and they just do everything they can as long as there is money in their pockets... UK state pension is or can be anywhere between £130-180 per week (due to individual circumstances and working history) so that would at existing rates of exchange equate to about €145 to €200 per week - i would suggest you get something like a revolut card or a better option the starling card whilst still in UK as they give you real time currency exchange without any fees as long as you stay within their limits,.. and their rates are the very best available...beating transferwise and currency fair etc hands down...    Starling allows upto €300 per day from atms here at no cost or fees charged... so a worthy consideration... and the cards are as good as a normal bank debit card in most places. You could just decide to have the pension paid direct to your chosen bank here in euros if you wish.

Some like my wife and I are kinda careful and have always had a financial plan till we are both formally retired and on state pensions. The missus has her pension I dont get mine til Jan 2023. In all honesty our plan has worked well for us in the 11years we have lived abroad and ok we may not have done as much as we would have liked too but we have still done a lot and are very happy with "our lot" and as we progress the finances free up and we do much more. We've got our health, good friends, a good social life, cash in the bank for extras and emergencies... IT WORKS FOR US     

So have a moving plan, have a financial plan and heaven forbid you dont need one an exit plan too should things not work out the way you expect or planned  it to.

For us the biggest expense was getting here and setting ourselves up, with a rented home (most are furnished not so many unfurnished, security deposit of one months rent and a months rent upfront then potentially deposits for electricity and water supplies, internet installation ) sorting out transport (location and needs dependent) which again could mean a chunk of cash for a car.

Fabulous thank you so much you make this all so much easier..and yes 4,200 🙄 ..I wish too..haha
Have good day

This link may help settle your minds a little … 4.2019.pdf

you may find this link buyers guide to the stages of buying a property helpful … cklist.pdf

this may be of some interest to people who come and  go to and from Cyprus … 4-2017.pdf


Thanks for all the links Toon .. Am I reading it right that if it's a no deal then we wouldn't have until December 2020 to move to Cyprus, although the we are hoping to be in a position to be over there renting and searching for properties with a view to buying one by this time next year but if anything happens that puts us back a couple of months am worrying re the December deadline now being sooner.

I was reading another forum and read that if it was a no deal then we would have to purchase property for 300,000 and have an income of 30,000 is that true as that would stop our dream going forward.

Congrats on your five years  :)

If it is a no deal then there will not be a transition period however that deadline may not be relevant to any cyprus and UK agreement - that is entirely down to UK reciprocity regarding Cypriot nationals in UK and vice versa...  unikely in my opinion to make much of a difference except to incoming migrants' legality to be here - Cyprus may  enforce border controls better (it is my understanding that border/customs controls have already tightened up on the 90 day thing) and make it a little more difficult to get residency but from where I am sitting I doubt its going  to be anything major to worry about.

As for purchasing property the figures you mention are I am told certainly and currently relevant to TCNs  (UK nationals will be TCNs  IF brexit occurs) but its usually meant to be a means of fast tracking temporary residency (ie the current MEU1)  and doesnt hinder residency applications if you dont buy to that value. The deposit of 30k is also a requirement of fast tracking residency but again doesnt hinder applications if you dont

I think that the current requirements of EU nationals arriving here to live permanently will be maintained for UK TCNS  in that you will still be required to prove to have sufficient funds to support your selves and/ or have jobs to go to (work contracts and maybe even work permit/visas-but i dont think it will come to that) and of course evidence of healthcare cover.

In reality and I view it this way ....think of the numbers of non UK TCNs ( bangladeshi indians sri lankans arabs libyans iranians etc already here it cant have been that difficult for them to be legally registered  here.. and none of them look as though they have 300k houses or 30k deposits in the bank.... (nb I dont mean that in a bad way,, just a real time observation)       

Thanks for the congrats on our 5 years - we are currently pulling together all the evidence of our 5 years legal residency here  for our MEU3 application and will visit the immigration dept soon to make the appointment.

Latest update from UK Government regarding UK nationals living in Cyprus

WITHOUT A DEAL (NO DEAL) … es-no-deal

Thanks Toon you are really kind to put this on my post.. There's a lot on there but am I right in saying that they are saying nothing will change with no deal and things will stay as they are in both countries ?
I didn't see the December 2020 mentioned at all either ..
I have another couple questions.... So sorry

I have seen the word tax mentioned.. What tax would we be paying as here we pay tax on earnings but if we not working in Cyprus what tax would we be paying and how much a year are we looking at...I think I read my husband would pay tax on his state pension.

If we decided to rent instead of buying for a couple years and rent our house out in the UK for regular income , to prove we wouldn't be a burden on the state, how much would we be expected to come over with.  We are going to be saving hard for the next year, but what would be a sufficient amount in their eyes..
When we apply for yellow slip.

One last thing what web sites are the best for rental properties just so I can an idea of the costs
Many many thanks

Not quite - it all depends on  the reciprocity of UK and Cyprus  - If UK allow Cypriots to stay unhindered or should I say within the rules/law (ie settled status) then Cyprus will reciprocate and allow Brits to stay unhindered or within the rules/laws (ie legally resident with a minimum of MEU1)

As for tax - you are allowed to earn €19500 per year tax free each - and you must submit an annual  tax return online in Cvprus, no matter where the earnings come from. I would suggest you look at the Dual Taxation Treaty between UK and Cyprus as this will remain unchanged & opt for it  - it is currently €80 each (one off payment) and allows you to be solely taxed here in Cyprus thus giving you the benefit of the much higher tax allowances than UK. Your hubby's pension can still be paid into a UK Bank if you so wish then transfer it using one of he many  currency exchange services available OR you can request the DWP to pay it direct to a Cyprus bank and it will use the £ to € rate of the day.

If you rent your UK home out to maintain a further income (as many people here do) that can also be used to support your application for residency and you simply declare that as income on your cyprus annual tax return...  bring evidence of that income with you and maybe think about putting that in your name as income and thus offset it against your tax allowances here

As for cash savings as long as your total income/savings  is sufficient to support you both ( and the feeling is that it is based on a level equivalent to a Cyprus minimum wage  - about €800 - €1000 per month)…. But I would say don't worry about that... they are not too strict - I know lots of people came here with nothing and now so some work to make ends meet.... Once you ve got your yellow slip they do not check your eligibility again.

Just be sure to get your hubby's form S1 from the DWP  once you are established here with an address  as that will hopefully cover you both for healthcare....

apologies... I missed the last bit  - - try the facebook buy sell rent or hire pages and groups  for an uptodate picture of properties as they seem to be more recent - although i have had personal experience of Sunseakers and Buy and Sell agents in Coral Bay, Mr Rent is quite good too. 

I also know of a good private agent where we got our Bungalow from.... but i cannot name them here

Thanks again Toon..I think when we are nearer the time of coming over I will try and get my head around the tax business ..its just sounding all so confusing ...there are so many things to remember when we come over and I will be so scared of missing something and they deport us or throw us in jail 😱 I just want it all to go smooth and trying to get as much knowledge as possible but there's something new every week and I am like 🙄🙄🙄
And of course we still have to wait for the outcome of Brexit too 😳 😂

Have a good day and thank you

Best advice I can give you is to try to stop worrying about the formalities - as no matter how much prep you do this is still Cyprus and it takes its own time in most things including formalities - relax and do what you can - take your time - there are lots of people about - not just on forums like this  but lots of avenues to get help assistance guidance from people who have been through it and done it and theyve all had the same worries and concerns as your goodself  yet all have come through it unscathed. I know that you may  not be able do so.... but it really isnt worth the worry....YOU WILL NOT BE JAILED OR DEPORTED ...... There are hundreds if not thousands of brits here who are not even close to being legally here.... okm thin ks may change slightly but its not likelty to be major changes....  FWIW I used to worry a lot about these things but not any more.. take things at your own pace  = you are along way off making the move.....

so make yourself a check list of the things you need to do things you need to provide and as you prep tick them off one by one - eventually there will be a list of unticked items that you probably cant do or provide until you get here.... then prioritise those items once you are here.

also make yourself a check list of the things that are important to you in looking and finding an appropriate suitable home - then split those things into a) need b) want and c) nice to have but not essential - in our case we had 21 items on our list and we fulfilled 19 of them in the home we have

anyway dont think too hard on these things as you have plenty of time, but it will fly by

As for Brexit what will be, will be - there is not much we can do about the outcome whatever it ends up being so its difficult to plan / prepare for it.... even in worse case scenario for us we are here to stay  UK is history for us.... and so far its been the best move we could have made.

Thanks Toon I know I'm a worry guts I just dont want anything to go wrong.. we are coming out in May for a couple of weeks and will try and get around to a few areas to get a feel of them. Then hopefully within a few months after will make the move.. it will soon come round.
Thank you again take care and enjoy your day.

no worries - take it easy - dont stress  - Cyprus and all it has to offer will still be here


So need to of applied in time for December 2020 is that right.. or more drawn out .
Thank you..only read it quickly as at work but will read more thoroughly on train.. thanks again  really appreciate it

Take your time and digest it all

😟 Well I read it and read it again and I'm just no clearer.. I can't get my head around it at all.. Is this the final agreement ? As its seems the same as before whereas they mention December  2020 .. I'm not good with government  papers and wordings..😔 ..why does it all seem so confusing all of a sudden... Something that seemed such a fantastic way to retire ..sell,our house.. Come over and live the dream but there so many other things to sort too but as you said get a tick list together .. So,far I know yellow form from DWP for health cover once we are there
Well it's looks a small list when I type it out 😂 But reading about it all seems daunting but as you said there are many who have done it ..and hopefully whatever the outcome of brexit we won't have any problems.

I have just seen your comment re the agents so will check their webpages out just for an idea on costs for a two bed rental always good to have a recommendation for agents thank you

Dont get bogged down in what appears to be a lot of the red tape - its not really worth worrying about - just take each and every item as it comes prioritise them .... thousands of brits here have done it and they seem happy dont stress it

Sadly rental prices are going up quite dramatically... decent two bed apartments and townhouses 5 years ago could be had for €350-400 they are now priced at about €550-600, two bed villas with pool were €550-650 now they are not less then €750-850... but you can still find bargains in property...  the euro to pound exchange rate is having an impact on what is now affordable for those on sterling based incomes... Prices in shops have risen albeit gradually. Electricity costs seems to go up with every bill despite lowering consumption. Fuel cost is so bouyant that you never know what the price at the pump will be.. and that impacts on electricity costs as they still run their generation plants on the dirtiest of heavy oils.   

In my opinion I think that what we are seeing in Cyprus now is what happened 5-6 years ago in Malta  - in that the sales & rental market spiraled out of control and it led to the local people not being able to afford to buy and are forced to rent but even to do that they needed to have 2-3 jobs... and that is still the case today.

It doesnt sound too good but in all honesty these things happen and impact on all of us.. and no matter where you live you must deal with these things there too....but its better to be informed and have the knowledge than to not have it.. plan as much as you can make your budget that ties in with your needs wants and nice to have lists. Be careful when setting your budget to not over-egg on the expected exchange rate as that can be fatal.. keep it realistic and err on the side of caution.... 

It is still a beautiful island with lovely genuine people a great lifestyle - it can and will be  exactly what you make it - manage the expectations and you will be fine - do the homework  on expected costs  locations areas etc

id rather be here than the UK thats for sure.....

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