From the azure waters of the coastline to the mesmerizing beauty of its landscapes and the charm of its historic sites, Cyprus offers a unique and enriching experience for those who choose to call it home. It boasts a remarkably high quality of life with its excellent healthcare system, low crime rates, and modern infrastructure. The island’s strategic location between Europe, Asia, and Africa also presents a wealth of opportunities for professional advancement due to its economic stability, favorable fiscal and legislative framework, highly developed infrastructure, ease of setting up and operating a company, government incentives promoting entrepreneurship, and attractive tax incentives.

 

Cyprus at a glance

The economy of Cyprus is renowned for its agility, resiliency, and diversity in the face of the multiple challenges it has tackled in the past decades. Estimates for Cyprus’s Gross Domestic Product (GDP) were $42 billion[1] at the end of 2023, and it is set to grow by 2.2% in 2023, driven mostly by domestic demand. Private consumption has expanded strongly as a result of the continued dynamic growth of employment and wages[2]. Tourism, which has long been an essential contribution to the country’s economy, accounting for 15% of the GDP, has fully recovered from the pandemic crisis as well as from the fallout of the Russian-Ukrainian war. Economic activity is forecast to pick up to 2.6% and 2.9% in 2024 and 2025, respectively. Measures taken by the government to curb inflation, together with the increased automatic partial wage indexation, are expected to continue supporting consumption growth, albeit at a slower pace. Increasing interest rates are set to reduce the demand for residential properties, while foreign investments and the implementation of the Cypriot Recovery and Resilience Plan should boost infrastructure in the green and digital transitions as well as in healthcare, education, and tourism. Benefiting from continued strong economic growth, the unemployment rate is expected to decrease from 6.8% in 2022 to 6.4% in 2023.

The riches of living in Cyprus

Remarkable quality of life

Aphrodite Island also stands out for its high quality and pleasurable way of life, natural beauty and rich history, clean and fresh environment with high living standards, as well as world-class educational institutions and medical centers. It was ranked as the 5th best place for lifestyle amongst major European cities[3] and is certainly a fantastic place to live and raise a family. With its year-round sunlight, distinctive natural landscapes, and rich culture, the nation boasts an appealing environment and lifestyle, offering families a perfect combination to enjoy life and work. Cyprus is also an extremely safe country, with one of the lowest crime rates in Europe. According to Numbeo, Cyprus[4] is safer than Greece, Spain, Germany, Turkey, Malta, and France.

 

Moderate cost of living  

The cost of living in Cyprus is considered moderate compared to many European countries. According to Numbeo, the cost-of-living index[5] in Cyprus is 57.1, compared to 58.9 in Italy, 62.7 in Germany, and 63.7 in the United Kingdom. It is, on average, 21.7% lower than in the United States. For instance, a family of four estimated monthly costs in Cyprus are $3,212 without rent, and single person estimated monthly costs are $916 without rent. However, the cost of living can vary depending on the city or region you live in. For instance, the cost-of-living index in Limassol is 59, compared to 53.7 in Paphos and 53.4 in Nicosia. Rental prices[6] for an apartment with one bedroom in the City Centre are around $932 and drop to $723 outside the center. The purchasing price for an apartment per square foot is $280 in the city centre and $211 outside the centre.

The cost of private preschool for one child is on average $458 per month, and the yearly cost for an international primary school per child is $7,513. Eating out in an inexpensive restaurant is on average $16 per meal, and a meal at a mid-range restaurant is $65 for two people. The cost of one gallon of gasoline is $6.

Top-notch healthcare

Healthcare in Cyprus is of a very high standard, yet generally inexpensive. All major cities have government and private hospitals for their citizens. The Medical and Public Health Services Department of the nation strictly monitors food and water safety. While public healthcare is mostly available free of charge[7], private healthcare is inexpensive as compared to the western and high-quality medical care possible in developed nations. All major towns and cities in Cyprus have both state-funded and private medical care facilities. The Ministry of Health administers the public healthcare system in Cyprus, and under it, all working residents have access to social insurance. The private sector offers two main private health insurance options: international private medical coverage and local private medical insurance.

 

World-class education

Cyprus is a world-class educational and research centre of excellence with high-quality academic institutions, offering a large variety of advanced and fully accredited programs at an affordable cost. The country has put in place a favorable and effective higher education framework that emphasizes lifelong learning, internationalization, and employability. With a booming sector[8] comprising 3 public and 7 private universities and more than 40 public and private higher education institutions enjoying international academic and scientific recognition, the island attracts thousands of international students every year.

Travel privileges

The Cyprus passport has been ranked 14th in the world in terms of the number of destinations its holders can access without a prior visa, giving its holders free access or visa upon arrival to 181 destinations, including Europe’s Schengen area, the United Kingdom, Japan, Malaysia, Singapore, Indonesia, and Latin American countries, among others.

 

Vast business opportunities

Foreign investors aiming to obtain Cyprus residency can take advantage of immense opportunities in several sectors, including tourism, renewable energy, startup ecosystems, ICT, crypto and blockchain, shipping, and financial services. The country’s accession to the European Union and adoption of the Euro have launched a new era of opportunities, so it has become an ideal location for inbound and outbound investments in the EU. Investors can also avail of the incentives provided for the relocation of headquarters to Cyprus and the reforms, including the upgrade of infrastructure for core technologies and mechanisms for the facilitation of strategic investments. Moreover, Cyprus is a perfect choice to start and scale companies because it offers one of the most attractive tax regimes in Europe and has one of the lowest corporate income tax rates in the EU at 12.5%.

How to obtain a residency permit

To qualify for a Cyprus permanent residence visa, applicants must contribute around €300,000 by purchasing real estate. Properties must be new, not resold, and purchased directly from a real estate developer. The main applicant must have an annual account of at least €30,000. A visit to Cyprus once every 2 years to retain permanent residency status is required. The Cypriot residency is granted within two months and can be passed down to dependents and spouses. Applicants can include spouses, children, adult dependents up to 28 years old, and the parents of the main applicant and their spouse. They are eligible to apply for Cyprus citizenship after 7 years of residing in Cyprus.

 

[1] https://www.worldeconomics.com/Country-Size/Cyprus.aspx#:~:text=The%20official%20estimate%20for%20Cyprus’s,date%20GDP%20base%20year%20data.

[2] https://economy-finance.ec.europa.eu/economic-surveillance-eu-economies/cyprus/economic-forecast-cyprus_en

[3] https://www.pwc.com.cy/en/publications/assets/your-journey-to-cyprus-2023.pdf

[4] https://www.numbeo.com/crime/rankings_by_country.jsp?title=2023&displayColumn=1

[5] https://www.numbeo.com/cost-of-living/rankings_by_country.jsp

[6] https://www.numbeo.com/cost-of-living/country_result.jsp?country=Cyprus

[7] https://expatfinancial.com/healthcare-information-by-region/middle-east-healthcare-system/cyprus-healthcare-system/#:~:text=Healthcare%20in%20Cyprus%20is%20of,not% 20need%20to% 20undergo% 20vaccinations.

[8] https://www.investcyprus.org.cy/wp-content/uploads/2021/11/higher-education-in-cyprus-2021.pdf