Why North Cyprus is one of the most cost-effective retirement destinations
Moving overseas for retirement helps you to cut your retirement costs and expenses while seeking more adventure and pleasure for yourself. North Cyprus is one of the most cost-effective retirement destinations. Foreign currencies like the British Pound, Dollar, Lira, and Euro have made the Aphrodite island a more viable alternative for retirees since it is a location with similar high living standards to the Eurozone.
Before relocating, you should evaluate the cost of living, real estate affordability, infrastructure, residency options, taxes, health care, recreation, international access, crime rates, ex-pat community alternatives, and the language spoken in that specific location. Retirees have the option of relocating to a country that better matches their interests and finances. Finding a home that will satisfy all of your retirement demands, however, is one of the challenges they encounter.
Many interesting findings emerged from a NatWest Bank survey on retiring abroad, the countries people prefer for their overseas retirement, and the reasons for considering leaving the UK behind, including the fact that cost and standard of living are driving factors for many would-be expatriate retirees’ thoughts about moving abroad when they retire.
North Cyprus now has British pubs selling all-day breakfasts, and shops, banks, roads, and even flights to and from the island are far busier. There are numerous facts and terms to consider when it comes to the realities of retiring to North Cyprus. First and foremost, while property in North Cyprus has increased in value, it is still available for sale for a fraction of the cost in the UK or in south Cyprus, for example.
Next, if you want to live in North Cyprus all year, have central heating installed in your villa or apartment. Do not argue over it; just do it because temperatures in Cyprus dipped so low at different points across the winter months that snowfall in lower lying locations, and there are usually hail storms and terrible howling winds. Because the weather in Cyprus is so unpredictable for a short period of the year, you will desire and need central heating, and you will be sorry if you do not have one.
The cost of living in North Cyprus can be more than affordable on a daily basis. However, if you persist on being a big user of electricity and gasoline, your monthly costs will quickly rise. Also, if you insist on shopping for English brand things at Tempo and Lemar rather than buying in-season fruit and veggies and whatever else is more easily accessible, such as on Sunday Market, your living expenditures will skyrocket. Simply said, if you shop like the natives do and think about what you buy, you will be able to live comfortably. Another good news for those who enjoy eating out and going to the bar for socializing is that there are so many pubs, cafes, and restaurants in North Cyprus, and the vast majority of them are affordable, if not cheap, so you will be able to enjoy a varied and enjoyable social life for less when you live there.
You may simply take up residency in North Cyprus if you are a British retiree or someone from the Nordic area retiring to the island and possess an EU passport. Upon settling on the island, you must begin the residence procedure within three months. You present your passport to the main police station in Girne (Kyrenia), Famagusta, or Lefkosa, where you must undergo a brief medical examination, provide proof of your address and financial means to support yourself, obtain an ‘in and out certificate’ from the main police station in Nicosia (a piece of paper indicating how many times you have entered and exited the country prior to applying for residency), and then submit all required documents.
It is simple to access your pension income while living in North Cyprus – the best way is to keep your foreign bank account and credit cards, so you can get the money paid into them and either access the cash through a sweep card when you need it, or open an account with a local bank in North Cyprus and pay a cheque from your original account in your country each month. An overseas transfer can cost you a lot of money, but depositing a check into your account will cost you little or nothing – although it may take a month to clear.
Because you will be residing in North Cyprus, you can de-register for taxation in your former country by contacting the relevant tax department and informing them that you have relocated. When they acknowledge that you are no longer a tax resident, your pension in North Cyprus becomes subject to income tax. However, this only applies to money you remit to the country, and you should get guidance from a tax expert or accountant on how to manage your finances. Many British and Nordic residents on the island put all of their money in an account outside of the country and so pay little or no tax. Whether this is legal or advisable for you is dependent on your unique circumstances – it is recommended that you should seek professional counsel.
Finally, North Cyprus has a lot in its favor when it comes to making it an appealing retirement option. The island of Aphrodite is stunning, and it has a fantastic climate for the majority of the year. Real estate is a good investment if you want to buy a reasonable home and where the cost of living is low. The living standard might be comparable to that of other European countries such as the United Kingdom.
You can lawfully relocate to the island and possibly save money on your taxes. Although retired ex-pats should seek private health insurance coverage, the health care system is affordable and easily available. If you are thinking about getting health insurance, be sure you are covered in North Cyprus and consider what you would do if you require long-term care. Northern Cyprus is a strong contender as a prospective retirement destination for ex-pats.
You can also read more about why retirees prefer North Cyprus