The beautiful sunny island of Cyprus in the eastern corner of the Mediterranean has an obvious colonial past, which has helped it remain a firm favourite with British retirees. Cyprus has everything you’d want from a beach island destination, from beautiful stretches of sand and friendly communities to traditional villages and that laid-back Cypriot lifestyle.
Now throw into the mix the legacies of its days under British rule, including English being widely spoken, driving on the left, English civil law and its easy to see why so many expats feel immediately at home there. Not forgetting it offers year-round sunshine.
The most affordable route to getting residency in Cyprus is through its renewable Category F visa, which does not allow you to work. Applicants need to show a yearly income (from abroad) of at least €9,568, plus €4,613 for each dependent person, and deposit €15,000-€20,000 in a Cypriot bank.
Typically, a Category F visa takes around a year to be processed, but often longer, after which you are granted permanent residency status. A more expensive but faster route to permanent residency is through the investment visa, which requires a higher income and requirement to invest in a property worth €300,000.
Cyprus also offers strong financial incentives to foreign pensioners, who can choose to have their pension income taxed at a fixed rate of just five per cent, with the first €3,420 (£2,923) completely tax free.
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