Getting harder to retire here

[WHL]

Looks like it will be harder for people wishing to retire here, with higher income amounts mentioned.

https://www.financialmirror.com/2022/05 ... e-permits/

[MikeTy]

Isn't this very short-sighted by the Govt?

Retiring to Cyprus was something that I was considering albeit not for a few years yet, but perhaps not now. Surely anyone approaching retirement in the near future will look elsewhere? Cyprus losing out on the 'grey pound/euro' taking this stance. Not many will be able to afford 50,000 plus a 250k property

[Firefly]

Indeed very short sighted, unless one considers income tax, if you provide proof of an income of 50.000 Euros, (which you will have to) no way can you avoid income tax on that amount, less personal allowances of course.

[Kili01]

Before Cyprus joined the EU, they had similar regulations for intending retirees concerning the min amount of annual income, and the min price for a property to live in. Only difference was that 25 yrs ago the amount of money and property value was obviously less.
They are happy to accept retired professionals. HoweverIf you look around Europe other countries are also upping the amount of wealth required to retire there. Plus people who retire here have more generous tax free limits and pay much less in income tax than when in the UK.
This situation is unfortunately another 'benefit' for a country which decided to Brexit the EU.
Dee

[Jim B]

Is this the thin end of the wedge? Nothing to stop Immigration looking into income of earlier immigrants. I never believed after Brexit everything would remain the same and as the changes are gradually introduced it appears my concerns are not groundless.

[Devil]

I suggest that some of you are indeed shortsighted without bothering Firefly. This document is not law, is not a bill but is simply a talking point about where to start on the subject. There are more holes in the wording that it would never get to open discussion beyond a pseudo-working committee, let alone the slightest discussion in Parliament. It may be a wannabe, but it is not law or even anything approaching it.

[Expresspete]

I must say I found this report worrying to say the least as we intend to return and retire next month. However having spoken to someone who deals (third party) with immigration on a regular basis, I’ve been assured it’s still ok to come over via the annual temporary residency process and then apply for ‘permanent’ residency after five years. Your response is encouraging Devil.

[Steve - SJD]

It could well be that these changes are being misunderstood -
easily done given the lack of clarity relating to residence permits
in general.

I am no expert on residency permits but as far as I am aware, at present,
depending on how quickly you want the process completed
you can choose various criteria.

So Cat F would be standard - smaller yearly financial amount
required and no minimum property price - then there is a fast track
procedure that allows you to obtain the residency permit quicker.

At present the fast track process requires €30,000 per year per person,
increases by €5,000 for each dependent family member and
property value of €250/€300,000.

Whilst I am not 100% sure, it would seem to me that the changes
alluded to in the original post, are a tweak/uplift to the requirements of the fast track
process. Certainly that would make more sense and would follow
the same financial structure as at present albeit with an increase
in the yearly financial amount.

Cheers

Steve

[Steve - SJD]

I suggest that some of you are indeed shortsighted without bothering Firefly. This document is not law, is not a bill but is simply a talking point about where to start on the subject. There are more holes in the wording that it would never get to open discussion beyond a pseudo-working committee, let alone the slightest discussion in Parliament. It may be a wannabe, but it is not law or even anything approaching it.

Whilst it's not law yet - the proposed amendments have been approved by the Council of Ministers and will
go before parliament for a vote. Given that these are amendments and not that much different to the
fast track criteria at present then I would guess they would pass but who knows.

Cheers

Steve

[Lofos-Jan]

I also agree with Steve as I believe these are the routes for a residency permit (immediate permanent residency). There is still the existing option of an extension to a temporary residence visa for which you can rent or buy (any value) and prove a regular income to support yourself. Retirees or not but no work rights. After a continuous 5 years of temporary residency renewals (they are usually valid for 12 months), you can apply for permanent residency using that criteria.

The article is not talking about that route and would have been more useful to give a bit more clarification.

Jeanne

[Kili01]

Whatever you do, you will need to see the Immigration Dept within your first month who will for sure know the current Govt policy.... Anyone not in possession of an MEU 1or 3, will have their passport stamped at the airport on arrival with a 90 day tourist visa. Rules have changed unfortunately here since UK left the EU. Brits are now called 3rd Country nationals, not of course EU citizens, as we used to be.
Dee

[Uncle D]

If Cyprus makes it too hard there are other countries that are easier to retire to.

[wantoosoon]

I think the government will find that policies intended to inflate house prices will one day backfire.

[Chaddy]

I agree wantoosoon.Or are the powers that be here want the island to be alike to St Baarts.If your a millionair there you are poor.

[Steve - SJD]

I understand that Nigel Howarth is currently in communication with the BHC, as they are
discussing with the Interior Ministry, what/if any impact it will have on Brits going forward.
Will update if I hear anything new and confirmed.

Cheers

Steve

[martinshorthose]

You might imagine my horror upon discovering this story yesterday as I checked out the company of Esme Palas. It appears on their website too, but it was the first I'd heard of it.
How is this not a major talking point still, or did everyone have their say last month?
We are coming over in August when, if things go well, we hope to find a property to retire to - on rather less than 250k.
Without the contributions above, I was ready to shelve our plans and start to come to terms with living out my remaining years in Wales!
The news is of major importance if it does affect ALL retirees, and not just the Fast Track scheme, and could scupper many plans. Also, what are the owners of sub-250k properties going to do when they cannot sell them as permanent residences?
Please do keep this thread updated if clarification creeps out. I'm awaiting this myself, and will hopefully receive a useful response which proves good news before we start viewing properties.

[Devil]

Please do keep this thread updated if clarification creeps out

I don't believe that this will require clarification – clarification is not a Cypriot trait and the government is much more likely to introduce anything that will neither help nor hinder the situation, at least in the short term (less than five years). Don't believe me? Just think of traffic cameras which were first proposed over 20 years ago and are still not fully functional.

[josef k]

The bill has been passed to parliament, where it will be discussed and will be subject to further amendments from the opposition parties. Therefore it is not possible to predict the final outcome that will be passed into law.
It would seem the government want to attract retirees etc who have a greater disposable income, in the expectation that much of it will be spent here. So I don't think they will "be shooting themselves in the foot" as has been suggested. The theory may be that the more people in that category that come here, the more will want to come here, and that more money will therefore come into the country.

[Dominic]

Please do keep this thread updated if clarification creeps out

I don't believe that this will require clarification – clarification is not a Cypriot trait and the government is much more likely to introduce anything that will neither help nor hinder the situation, at least in the short term (less than five years). Don't believe me? Just think of traffic cameras which were first proposed over 20 years ago and are still not fully functional.

All the COVID announcements received numerous clarifications.

[Kili01]

True Dominic!
But the Covid announcements are of interest to everyone living here as we are in a place where claimed ignorance of these health measures won't prevent any individual breaking some of these edicts from being fined €300 if caught by the police!!
Whereas the ramifications for Brits wishing to retire here aren't of much interest to the general public, unless they are developers or estate agents !
Dee