# Medical insurance in Cyprus



## Mickey33 (Feb 27, 2011)

We are considering a move to Cyprus and have a number of questions we would like some info on:
My wife has epilepsy which is controlled with medication will private insurance or our European Health card cover this?

We have two small children aged 7 months and 22 months will there be a requirement for registering with a local GP and if so what are the costs for visits etc.

We will be staying initially for a 6 to 12 month period as my wife has never been to Cyprus but I have numerous times on business and travel. 

If you are working in Cyprus and paying into the local economy will we be covered on this basis for my wife's medication?

We need to establish what the costs and criteria is for staying for this period or longer.


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## Veronica (Apr 5, 2008)

Mickey33 said:


> We are considering a move to Cyprus and have a number of questions we would like some info on:
> My wife has epilepsy which is controlled with medication will private insurance or our European Health card cover this?
> 
> We have two small children aged 7 months and 22 months will there be a requirement for registering with a local GP and if so what are the costs for visits etc.
> ...


If you are working and paying social insurance you can use the general hospital. You go to a gp at the hospital for a prescription and then you get the meds from the hospital pharmacy at no cost to you. You pay 2 euros per hospital visit.
Private insurance will not cover your wife for her epilepsy meds as it is an existing condition.
Your EHIC will cover you at the hospital for the first few weeks only.


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## Mickey33 (Feb 27, 2011)

Veronica said:


> If you are working and paying social insurance you can use the general hospital. You go to a gp at the hospital for a prescription and then you get the meds from the hospital pharmacy at no cost to you. You pay 2 euros per hospital visit.
> Private insurance will not cover your wife for her epilepsy meds as it is an existing condition.
> Your EHIC will cover you at the hospital for the first few weeks only.


Many thanks Veronica we are just confirming if we can get a 6 month prescription for the initial stay.

The other things I will need to address then is how easy it is to set up a business in Cyprus. I will make some enquiries when I get there and arrange to come to a meeting. We are looking at Paphos or Limassol initially as I know the areas.


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## Veronica (Apr 5, 2008)

Settingup a business is reasonably easy. Depending on the type of business you might want to look at a Ltd company but that means you will have to get your accounts checked by an auditor every year.
To set up a small self employed business is easier but if you want to take advantage of the free use of hospitals you must make sure you register at the social insurance office. The rate you pay depends on the type of business so it is wise to talk to an accountant who can advise you what category to register your business under to keep the amount you pay as low as possible.

What sort of business do you have in mind?


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## Mickey33 (Feb 27, 2011)

Veronica said:


> Settingup a business is reasonably easy. Depending on the type of business you might want to look at a Ltd company but that means you will have to get your accounts checked by an auditor every year.
> To set up a small self employed business is easier but if you want to take advantage of the free use of hospitals you must make sure you register at the social insurance office. The rate you pay depends on the type of business so it is wise to talk to an accountant who can advise you what category to register your business under to keep the amount you pay as low as possible.
> 
> What sort of business do you have in mind?


We have a number of brands in the UK under license in the aftermarket car and commercial pick up market. We want to expand some of the brands into neighbouring countries as well as selling direct in Cyprus if the shipping is cost effective and easy enough. We used to import Nissans, toyota's and Isuzu pick ups and parts via Cyprus in 2006 from Thailand.
I need to come over and see what the logistics are like first hand and what resources are at our disposal for distribution.
I appreciate your input though how long have you lived and worked in Cyprus?


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## steveg63 (Sep 5, 2010)

Micky, what aftermarket brands are you into we, I own an online LCV and pickup finance brokerage, we are moving over to Cyprus in 3 days!

Steve


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## Veronica (Apr 5, 2008)

Mickey33 said:


> We have a number of brands in the UK under license in the aftermarket car and commercial pick up market. We want to expand some of the brands into neighbouring countries as well as selling direct in Cyprus if the shipping is cost effective and easy enough. We used to import Nissans, toyota's and Isuzu pick ups and parts via Cyprus in 2006 from Thailand.
> I need to come over and see what the logistics are like first hand and what resources are at our disposal for distribution.
> I appreciate your input though how long have you lived and worked in Cyprus?


We have been here 7 years now. We spent the first 2 years researching the market thoroughly before launching our business.


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## Toxan (Dec 29, 2010)

Setting up a LTD company is fairly straight forward. I would recommend that route, it is more costly, but the rewards are worth it. If you go theo other route, and grow fast, you will probably want to have a LTD company later anyway. LTD companies also provide protection for personal assets, and there are great tax savings, like purchasing your property via a LTD company for a start.


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## Veronica (Apr 5, 2008)

I would not agree that a Ltd company is the best way to go initially. Better to start off as self employed at first. Once you have a Ltd company it is not easy to disolve it without extra costs. 
My advice is wait until you see whether the business is going to be successful before becoming a Ltd company.


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## Toxan (Dec 29, 2010)

It all depends on why you would want to dissolve a Ltd company. You can sell the company or transfer it to another juristiction. it all depends on your circumstances and outlook. When large sums are involved, a Ltd company provides protection.


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## Veronica (Apr 5, 2008)

Toxan said:


> It all depends on why you would want to dissolve a Ltd company. You can sell the company or transfer it to another juristiction. it all depends on your circumstances and outlook. When large sums are involved, a Ltd company provides protection.


You can only sell a company if there is someone wanting to buy it.
These days I would not imagine it would be easy to find a buyer especially if the company is not doing well.
Also as the original poster poster is only talking of initially coming here for 6-12 months to test the waters it would not make sense to go to the expense of setting up a Ltd company until they have made up their minds that this is indeed where they want to be for the foreseeable future.


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## Toxan (Dec 29, 2010)

Really need more information to make a fair judgement on this. Looking into expanding into neighbouring countries, selling in Cyprus, all this and settling in will probably take longer than 6 months, so when does the actual trading commence?
A Cyprus Company is very effective as an import / export vehicle. Sales generated in the UK, invoiced via a Cyprus Company, for export is a very tax efficient model. 10% Corporation Tax, plus Defence Tax. Still, need more information.


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## Mickey33 (Feb 27, 2011)

Toxan said:


> Really need more information to make a fair judgement on this. Looking into expanding into neighbouring countries, selling in Cyprus, all this and settling in will probably take longer than 6 months, so when does the actual trading commence?
> A Cyprus Company is very effective as an import / export vehicle. Sales generated in the UK, invoiced via a Cyprus Company, for export is a very tax efficient model. 10% Corporation Tax, plus Defence Tax. Still, need more information.


I sell an supply hardtops and accessories throughout the UK under license we have some of the best brands in the market and I have sold them all over the years.

We also sell complete van accessories including bulkheads, ply linings, seat covers and full styling packages side bars and front bars including security. Plenty of options just need to get a feel first for how the market is and the costs etc.

Going to treat the first few months as pure fact finding with a break attached there is huge potential plus I will be supplying the UK from Cyprus with other brands unavailable in the UK at present so it is a double edged sword really.

Be good to meet a few like minded business people when I get there and explore the options.


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## Toxan (Dec 29, 2010)

Location may be an important factor, presumably you will need storage and will need delivery options. I also presume you will be sending your stock via ship to Cyprus.
Limassol has a harbour, is centrally located on the island with easy access to the other cities and mountain villages. Nicosia is ideally located if you will be trading with North Cyprus, but can be pricey, and traffic is terrible. Paphos, Larnaca and Ayia Napa areas present logistic problems. I am sure other people will chip in with ideas.


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## Mickey33 (Feb 27, 2011)

Toxan said:


> Location may be an important factor, presumably you will need storage and will need delivery options. I also presume you will be sending your stock via ship to Cyprus.
> Limassol has a harbour, is centrally located on the island with easy access to the other cities and mountain villages. Nicosia is ideally located if you will be trading with North Cyprus, but can be pricey, and traffic is terrible. Paphos, Larnaca and Ayia Napa areas present logistic problems. I am sure other people will chip in with ideas.


I will need storage and will be shipping in and also looking at trade in the North as well. Delivery options in and out will also be required along with an exercise on shipping import and export costs to other countries in the region. I appreciate the input. This will save me a lot of time.


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## Toxan (Dec 29, 2010)

Limassol is the best option for you i think.


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