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Cyprus Standard & Cost of Living

Cyprus boasts of an excellent geographical location as it is located in the middle of Europe, Asia, and Africa, and is thus a strategically viable place for trade and business. It is blessed with a moderate climate and has been an attractive destination for tourists from all over the globe. Cyprus is also becoming extremely popular for expats considering factors like the low cost of living in Cyprus and the Cyprus standard of living, which is excellent.

Cyprus has vast, pristine beaches that extend in beautiful stretches and are a perfect treat for nature lovers. The countryside of Cyprus is abundantly blessed with historical monuments that were built centuries ago. The people of Cyprus are known to be friendly, warm, and hospitable, and have a rich heritage and culture. Cyprus enjoys a Mediterranean climate which makes it pleasant and sunny throughout the year. One very interesting feature of Cyprus is that it is a UNESCO heritage site and it is the only foreign land where a royal wedding took place. It has the lowest crime rate in the world, making it ideal for children and old people to settle and live. There are places of unique beauty in Cyprus that are rugged, mountainous, and surrounded by beautiful beaches.

An individual can acquire dual citizenship here either through structured investments or by becoming a permanent resident. There are significant contributions the applicant has to make in land development, construction sites, government bonds, or purchase of a residential property. The minimum investment required in acquiring citizenship is not less than €2 million and this investment has to be legally approved by the government according to the department of cyprus.

Unique Facts on Cyprus

  • Cyprus has an interesting history, with Paphos being a UNESCO world heritage site known for its archaeological beauty and ancient charm.
  • Cyprus is the island of love and it’s a belief that Aphrodite, the goddess of love, arose from a rock near the Aphrodite beach – and the waves hitting these rocks create a goddess-like image every time.
  • Cyprus is famous for its wines and has the wine named ‘commandaria’, which is said to be the world’s oldest wine.
  • The Cyprus halloumi is a dense and crispy cheese that is made exclusively in Cyprus of either goat or sheep’s milk and is served almost everywhere in Cyprus.
  • Cyprus is an adventure island for diving and boasts of the world’s best diving sites.
  • Cyprus holds colorful carnivals rooted in historical tradition.
  • The people of Cyprus give a lot of importance to good food and a good life in general. This opens up more options for food and dining.
  • Cyprus has a tree that is decorated with ribbons and handkerchiefs and is known to fulfill wishes and desires. People come here to fulfill desires of reuniting with an old lover or the desire to have kids.

Cyprus Cost Of Living

People in the Republic of Cyprus live a relaxed and calm life as it is a country that offers decent living opportunities in a safe and peaceful environment. Cyprus has a majority of English speaking population that makes it easier for people all over the world to settle and thrive easily since there’s no language barrier. Cyprus cost of living is comparatively low compared to the other nations of the EU and the good news is that the Cyprus standard of living is exceptionally high. Cyprus is particularly attractive to expats because of its moderate climate and low tax rates that enable them to invest in profitable businesses while enjoying the benefits of a high standard of living.

Cyprus is called the star of the Mediterranean and is gaining popularity for being a sought-after expat destination in recent years, thanks to its excellent climate compared to the other European nations which face harsh climates. Cyprus standard and cost of living, coupled with its excellent geographical location makes trade and business extremely conducive, thus making it appealing to those seeking a second citizenship.

The perception of the cost of living in Cyprus is also influenced by the country that a person has shifted from. Most of the goods and commodities are averagely priced and are affordable when compared to the other parts in Europe. In recent years, the cost of living in Cyprus has been affected because of a few amendments made by the European Union. The south of Cyprus is a more lucrative location for new citizens to settle in since there are better job opportunities and good salaries. Having your own vehicle in Cyprus is also cost-friendly.

Factors That Contribute To The Low Cost of Living in Cyprus

  • Low costing utility bills for electricity and water.
  • Property rentals are low which contributes to a low cost of living in Cyprus.
  • Low cost of labor for services like home keeping, gardening, car washing, and janitor services. It is easier for the working force to hire these services without worrying much about the cost and having a high standard of living at the same time.
  • Seasonal fruits and other items are cheap and available aplenty in the local supermarkets.
  • Fine dining is relatively cheap in restaurants.

Expensive Items in Cyprus

  • Purchasing electronics in Cyprus is expensive even though the demand for electronic products is lesser compared to the other European countries.
  • Getting an internet connection is expensive in Cyprus.
  • The cost of clothing is high due to taxes on imports.
  • Groceries and books are expensive.

Fitness memberships are expensive as well.

Here is a list of the various commodities and utilities in Cyprus and an estimate of the average cost as per 2019. This data is a result of contributions made by more than 426 sources and has been last updates as of May 2019.

Day-to-day Expenses

Milk (1 liter)€1.33
Fresh bread (1 loaf of white bread)€1.43 €
Eggs (1 dozen)€2.59 €
Rice (1 kg)€1.44 €
Cheese1 kg)€7.81€
Beef (1 kg)€8.91€
Apples (1 kg)€1.80€
Bananas (12 bananas)€1.31€
Onion (1 kg)€0.75
Lettuce (1 head)€0.41
Water (1 liter)€0.73
Oranges (1 kg)€1.25
Tomato (1 kg)€1.84
Potato (1 kg)€0.77
Wine (mid-range)€6.00
Beer (1/2 liter)€0.33
Cigarettes (pack of 20)€4.70
Restaurants in Cyprus
Meal in a low priced restaurant€12.00
Meal for 2 in a moderately priced restaurant€40.00
McDonalds Mcmeal or combo meal€6.00
One-way fare in local transport€1.50
Monthly pass€40.00
Taxi normal tariff€4.31
Taxi waiting tariff for an hour€15.00
Taxi 1 km tariff€0.85
Gasoline (1 liter)€1.26
Monthly utilities
Electricity, heating, cooling, water bill (85m2 apartment.€119.69
Prepaid mobile tariff (fixed plan)€0.09
Unlimited mobile plans€30.07
Fitness club memberships (1 adult)€51.69
Cinema (1 adult)€9.00
Private Preschool /kindergarten (1 month)€310.09
International school(primary)(yearly)€5,603
Clothing and shoesRanges from €36.22 to €100
1 bedroom apartment rent in the city€ 582.61
1 bedroom apartment rent outside the city€464.39 €

Cyprus Standard of living

The Cyprus standard of living is known for its brilliant quality of life where both the people and the government lay emphasis on a work-life balance. The sun-kissed beaches and beautiful landscapes make it worth taking a break from the everyday hectic life. The people of Cyprus are basically warm and friendly, which adds to the already colorful vibe of the place and makes it even more attractive. Cyprus boasts of a café culture where it’s fun to walk in a café and have chilled frappe or just soak in the beauty of Cyprus and enjoy a local salad. The Cyprus people have strong family values and will generally be found in huge groups with kids enjoying a Cyprus meze (a large number of local dishes) with glasses of chilled wine.

A good education is of great importance even to an average Cypriot, which makes them highly educated and well versed with many languages like German, French, and Russian. A lot of Cypriots go abroad for education, which opens more avenues for international trade and business. Cyprus standard of living is high, as the major working population strives to maintain a high standard of living even if the cost of living fluctuates. Cyprus gives its nationals the liberty to follow their own religion. This makes it easy for citizens to live in a free environment with no restrictions on language or religion. Many religions coexist beautifully in Cyprus, and this makes life on this island pleasant and appealing.

Benefits of Cyprus Citizenship by Investment

There are myriad benefits of the Cyprus citizenship by investment program.

Cyprus is a part of the European nation and its currency is the euro. A person who has a Cyprus passport can easily travel, work, trade, and study in any of the European nations.

  • Tax and Subsidiaries 

The real pull for expats is the different incentives the government of Cyprus offers in the form of tax and subsidies. The price of residential property in Cyprus is economical as compared to the USA, the UK and other nations of the EU and financial institutions in Cyprus are generally open to finance residential and commercial properties. The entire process of buying a residential property to buy Cyprus Citizenship is simple and hassle-free. It’s important that you find a Cyprus national to guide you in the process so that the process gets easier and quicker.

  • Pace Of Life

Isn’t it good to strike a balance between work and leisure? Cyprus offers a slow and relaxed pace of life which leaves time for family, friends, and entertainment after a hard day of work. A slow pace of life makes citizens of the country peace loving and non-interfering and improves the Cyprus standard of living.

  • Comfortable Climate

Cyprus has a warm Mediterranean climate which makes the island experience sunshine almost all year round. A moderate climate is beneficial since it doesn’t affect work and trade, and the experience is quite a contrast to those in places which face harsh climatic conditions. Thus, the weather makes it an ideal place for those people around the world who face harsh winters and cold. Cyprus, thus, is like a golden ray of hope.

  • Negligible Crime Rates

The crime rate in Cyprus is extremely low which makes it a safe haven for expats. Low crime rates in Cyprus makes it extremely secure for children. Parents can be relaxed when their children go to school or play outdoors. Though it is important for every citizen to take everyday defense measures to stay protected, the environment in general In Cyprus is of safety and non–violence.

  • Health and Wellness Standards

Cyprus has private and public health facilities and boasts of an international standard of healthcare. Cypriot citizens that have a low income can receive free healthcare. Cyprus has exceptionally beneficial healthcare facilities for its citizens including free emergency medical care at public hospitals. Cyprus also has private clinics and hospitals run by private practitioners who are qualified and well-versed with the English language.

  • Socio-economic Benefits 

The other factors that make Cyprus a golden destination are the hospitality of Cypriots, fluent English speaking population, excellent geographical location for trade, and a high standard of living.

Challenges In Cyprus

Moving to a new country has its pros and cons. It’s important for a person to weigh the Cyprus Citizenship benefits and challenges before taking a big leap of shifting base to a new country. It is advisable to consider a few shortcomings to life in Cyprus.

  • Average Salaries Are Low 

Although the Cyprus cost of living is low, the average salaries in Cyprus are also low. Even though this is considered a major drawback, the low cost of living makes it manageable for expats to settle and live a decent standard of living.

  • Seasonal Opportunities 

Tourism is one of the major industries in Cyprus and it flourishes in the summers and typically tones down in winters. This slows down the trade and business opportunities in winters and affects tourism-related industries.

  • Eligibility For Social Benefits Takes Time For New Citizens

An expat has to consider this factor to avoid any disappointments. Although Cyprus has many social benefits in the form of healthcare, education, tax benefits, and subsidies, it takes a few years for a new citizen to become eligible for them.

 Relocation to Cyprus

After considering the pros and cons of settling in Cyprus, the next question to ask yourself is whether you are ready to relocate. There are many basic factors to consider before relocating, like housing, transportation, language, taxes, and insurance.

  • Housing

The very first thing when relocating is considering to have a place to live in; everything follows after that. It is pretty simple to search for a home in Cyprus and this depends on each person’s own requirements. A person has to consider major factors like budget, and whether the home will be on rent or it will be owned. Once the budget is decided, it becomes simpler to shortlist the areas to settle in. It is advisable to visit the place rather than to depend on internet images and information. The price of the house differs based on the location, number of rooms, proximity to the city, etc. If applying for the citizenship by investment program, then the purchase of a residential property becomes mandatory and should accordingly be made in compliance with the investment requirements as part of the citizenship programs.

  • Transportation 

Another factor to consider before relocating is the transportation costs and the most practical mode of transport. It is advisable to rent or purchase your own car in Cyprus since there are innumerable options available and you can drive with an international license within the EU.

  • Taxes in Cyprus 

There is no tax on income up to €19,500. Any income above that is taxable from tax rates varying from 20% to 35%. Other than that there is a 6 -7% personal tax on income, which is called the social insurance tax.

  • Language

The national language of Cyprus is Greek but the good news is that English is widely spoken by most of the population and this makes it easier for expats to adjust easily with no language barrier in particular.

A major positive side of residency and citizenship through that the time period to process the Cyprus Citizenship application is not more than 3-9 months, depending on the type of citizenship applied and the investments made. No matter what route an applicant chooses, he/she has the benefit of applying for his/her family in the same application. The most important attraction of Cyprus citizenship is that the applicant has visa-free travel in 122 countries, visa on arrival in 39 other countries and can freely study, work, and trade in the entire EU without any hassle of further applications or registrations.

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