Living in Cyprus: Pros and Cons

The Pros

As an often-forgotten Mediterranean gem, Cyprus is far from anyone’s first thought when it comes to moving to the European Union. It is exactly this underratedness which makes the choice of living in Cyprus all the more compelling.

The island's beautiful landscapes, pleasant climate, and rich history provide a stunning backdrop to lead a high-quality life, supported by excellent healthcare and educational systems, and a very welcoming community. Cyprus presents an opportunity to enjoy a peaceful yet vibrant lifestyle, making it an attractive destination for those seeking a new home within the European Union.

Mediterranean Living

The Mediterranean is known for the undeniable influence it has had over the centuries on countries whose shores are bathed by the iconic sea. Cyprus is no different, embodying the imagery that comes to mind when we think of the Mediterranean lifestyle. The summers are long and warm, and the sun shines brightly even during the short, mild winters, allowing for plenty of time to be spent outdoors and in nature. 

While the island offers a laidback lifestyle, Nicosia, the Cypriot capital, finds a healthy balance between relaxation and the vibrancy of a modern European city, and achieves a perfect mix of the past and the present. The city boasts bustling markets, chic boutiques, and trendy cafes, alongside historical landmarks and museums that tell the Cypriot story. The modern infrastructure, excellent public services, and a growing business hub make Nicosia a lively place to live and work. 

Cyprus, as a whole, offers a refreshing change with the chance to unwind while still enjoying the perks of urban living. Whether it is relaxing by the sea, exploring the vibrant cityscape, or immersing oneself in the local culture, Cyprus has something to offer everyone.

Lower Cost of Living

Even though Cyprus is a full member of the European Union, with the Euro as its official currency, you will be pleasantly surprised to find the cost of living is nowhere near comparable to countries like Germany or France. A family of four can easily live in Cyprus with around €3,000 (around USD $3,250) each month. However, some items might be slightly more expensive, which makes sense when you factor in that Cyprus is an island and has to import certain products.

While the overall cost of living may seem reasonable, it is worth noting that prices are typically higher in the urban centers, like Nicosia. Despite this, with careful budgeting and planning, Cyprus remains an attractive destination for those seeking a Mediterranean lifestyle within the European Union.

Cyprus Golden Visa

The country’s lower cost of living reflects across all Cypriot sectors, including real estate. Both the housing rental market and properties for sale in Cyprus are considerably more affordable, with prices for decent housing dwellings starting at around €200,000. You can take full advantage of these lower prices with the Cyprus Golden Visa, which will enable you to get legal residency status in the country through the purchase of property at €300,000. 

The Cyprus Golden Visa lets you acquire a house and freely and legally reside in Cyprus. The best part about it is that you can bring your family to enjoy all the benefits of living in Cyprus.

The Cons

Despite being a truly wonderful country to live in and settle down in, Cyprus is not without its issues, as with any other country in the world. While it is not paradise on Earth, life in Cyprus may very well be the closest imaginable. However, it is important to be aware of some of the challenges that come with living on this beautiful island. 

Firstly, it is worth noting that Cyprus is not part of the Schengen Zone, despite being in the European Union. This means that while you can enjoy the benefits of living in an EU country, you may face some travel restrictions when moving between Schengen countries and Cyprus. Nonetheless, this can also be seen as an advantage, as it allows Cyprus to maintain stricter border controls and a unique identity within Europe. 

While Cyprus has its set of challenges, the pros far outweigh the cons. The unique blend of cultures, the beautiful landscapes, and the relaxed yet vibrant lifestyle make Cyprus a fantastic place to live and create lasting memories.

Limited Work Opportunities

Due to Cyprus’s smaller size, the employment scenarios on the island are not the most favorable. Companies may prefer to hire local talent fluent in Greek, which may cause some difficulties for expats wishing to move to and live in Cyprus. 

However, those working remotely for other countries should find no issues, even when declaring taxes in Cyprus, with a friendly regime applying to both personal income and corporate income. For instance, Cyprus applies no tax on personal income if the annual income is less than €19,500. It also has one of the lowest corporate tax rates in Europe, with the standard at 12.5%.

Bureaucracy

There may be a higher degree of bureaucracy involved with the process of moving abroad to Cyprus, especially when it comes to the Cyprus Golden Visa. With a vast array of documentation required, the process becomes significantly easier with Investment Visa’s experienced hand and guidance.

However, bureaucracy is far from the headache it is in other countries, as there is a considerably smaller language barrier. Greek may be the country’s official language, but it is far from being the exclusively spoken language. As a former British colony, English has remained a common shared language widely spoken across the country. Many of the street and road signs, advertisements, and public notices are also in English.

Difficulties in Fully Exploring the Island

Internationally, the territory encompassing Cyprus is only recognized as one country. The story is different within its borders, which are disputed. The northern part of Cyprus has been under Turkish occupation since 1974. While there are no ongoing conflicts in the area, it may prove cumbersome to fully explore every corner of the island.

Another example of Cyprus’s peacefulness is that it is consistently among the safest countries in the European Union, with one of the lowest crime rates, especially regarding violent crimes. Most criminal activity in Cyprus occurs around petty theft.

Move to Cyprus and Get a Second Residency in Cyprus with Investment Visa

Currently, the Golden Visa presents the most encompassing, cost-effective solution to move to Cyprus. Not only do you get your own house in Cyprus, but you also get full, legal residency status in Cyprus. After 5 years, you become eligible to apply for citizenship, and unlock the much-coveted EU passport. According to the Global Passport Index, the Cypriot passport is the 9th most powerful in the world, granting access to 170 countries visa-free, including those in the European Schengen Zone. 

Cyprus, apart from Ireland – which has its own special situation, holding a common travel agreement with the United Kingdom, a non-Schengen country – remains the only European Union country not to be in the Schengen Zone. However, its accession is bound to occur sooner or later. When it inevitably happens, the Cyprus Golden Visa will most likely witness a price increase. 

With all the advantages Cyprus provides, and its Golden Visa at an attractive price, the time to act is now. Investment Visa is here to help guide you through the bureaucracy and land you both the Golden Visa and your beautiful new property on the island that once belonged to Cleopatra. 

Investment Visa is the Harland & Poston Group’s specialized investment immigration company, focused on Golden Visas, Residency & Citizenship programs. We pride ourselves on our decades-long experience, and on our 100% success rate on Golden Visa applications and on the personal connections we have established all over the world with our global clientele. 

Make sure you get your own Cyprus Golden Visa and start your journey toward a brighter future with Investment Visa. Fill out our query forms, and one of our representatives will contact you as soon as possible.