# income



## Golfa (Mar 3, 2014)

Hi All
What would you all consider to be a reasonable yearly income to survive on in Cyprus.This is for two adults no offspring and no mortgage?:


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## Rema (Aug 12, 2012)

Golfa said:


> Hi All
> What would you all consider to be a reasonable yearly income to survive on in Cyprus.This is for two adults no offspring and no mortgage?:


So many people ask this question without providing any information about preferred lifestyle so it's really difficult to provide any firm guidance. After all one persons meat is another persons poison!

However in an attempt to be helpful, I understand that the immigration department require proof of at least €20,000 annual income before they will issue a residence permit.

Mind you, the more the better! Good luck.


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## Veronica (Apr 5, 2008)

I think that that figure is totally wrong Rema.
Many UK pensioners have only their retirement pensions of under €6K per year and have no problem getting their residency. The higher figures are for non EU citizens.

A basic UK retirement pension is tight for living on if you want to be able to enjoy some of the finer things of life, run a car, go out for dinner etc but I know of some older people who manage on their basic pensions even if they do have to watch the pennies. 

So Golfa, as Rema says how much you need really depends on the lifestyle you want. Personally I would find it hard to manage on a basic pension but if I had to I would rather manage on that here than go back to the UK. 

Veronica


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## PeteandSylv (Sep 24, 2008)

I think it fair to say that we find the total cost of living here on a par with the UK. Therefore you require an equivalent income and/or part of your inheritance to live on.

Pete


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## robwprice (Oct 9, 2013)

We are just moving here permanently now, but I have lived here when in the Army and being on holiday. We have found the cost of living in Cyprus to be good and fairly reasonable.
This may because the last 11 years we have lived in Dubai and KL Malaysia very expensive.
Also now I am working 28 days on 28 days off cost of living will be a lot less for us and also we do not have children. 
So I feel we can live a very good life due to this on about €15,000 to €20,000 a year. Also we do not have to worry about accommodation.
But this is just my first impression, I could be proved wrong very quickly LOL ,,,,,,,,,,,.............


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## Veronica (Apr 5, 2008)

15K - 20K will give you a good standard of living.


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## Rema (Aug 12, 2012)

Veronica said:


> I think that that figure is totally wrong Rema.
> Many UK pensioners have only their retirement pensions of under €6K per year and have no problem getting their residency. The higher figures are for non EU citizens.
> 
> A basic UK retirement pension is tight for living on if you want to be able to enjoy some of the finer things of life, run a car, go out for dinner etc but I know of some older people who manage on their basic pensions even if they do have to watch the pennies.
> ...


Yes, I was quoting the requirement we were told for a non-EU citizen. They are presumably expected to have a better standard of life than UK pensioners!


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## robwprice (Oct 9, 2013)

Veronica said:


> 15K - 20K will give you a good standard of living.


That's what I like to hear :thumb:


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## Veronica (Apr 5, 2008)

Rema said:


> Yes, I was quoting the requirement we were told for a non-EU citizen. They are presumably expected to have a better standard of life than UK pensioners!


I think that part of it is that non Eu citizens are not entitled to free healthcare or other benefits so they must be totally self sufficient. They must also prove that their income comes from outside Cyprus.


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## Golfa (Mar 3, 2014)

Thanks everyone these figures are very encouraging and i can tell you now theres not a hope in hell of existing comfortably in New Zealand on that kind of income.If we were to buy a appartment to rent to the holiday makers during the season is there going to be a problem in keeping it occupied due to the amount of rentals available?


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## Veronica (Apr 5, 2008)

Golfa said:


> Thanks everyone these figures are very encouraging and i can tell you now theres not a hope in hell of existing comfortably in New Zealand on that kind of income.If we were to buy a appartment to rent to the holiday makers during the season is there going to be a problem in keeping it occupied due to the amount of rentals available?


That would depend on the area in which it is located. Holiday makers prefer to be within easy walking distance of the beach and bars and restaurants.


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## PeteandSylv (Sep 24, 2008)

A bigger problem is the lack of people to rent to.

As I understand it there is a lack of people coming to Cyprus for holiday, those that come are often going for hotel all-in packages. What is needed is a lousy summer in the UK to start bringing people back, unfortunately last year was a good summer and the latest propaganda is predicting another good one this year.

Unless you have a property with high occupancy the risk of even 1 bad renter could easily eat up any profit in repair bills.

Pete


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## Veronica (Apr 5, 2008)

It is very true that many holiday makers are now going for all inclusive deals rather than self catering. 
My feeling is that it is better to go for long term renting these days as many people who move over here are now opting to rent for at least the first year rather than jumping straight in to purchasing. Better to have someone in long term than to have a place empty most of the time. Having said that you only need to get a bad tenant who leaves owing rent and unpaid electric bills etc and you can end up out of pocket. It is essential to get prospective renters thoroughly vetted and unfortunately some of the rental agents can't be bothered to do that.

Of course for long term renting you need to be looking at totally different areas as people don't want to be living full time among noisy holiday makers.

Veronica


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## robwprice (Oct 9, 2013)

I was very surprised at the amount of accommodation that is empty when I was over last month.
Also how cheap it is also to rent and buy.
I heard so many horror stories of people just leavening there rented accommodation with bills unpaid and also emptying places of furniture.
I know it is was out of season when I was there and we stayed in a friends holiday villa in Anirita. But in the area we where there was only 3 -4 villa occupied.
There is always a option to avoid losing out totally if renting out long term, (some people will not agree) go for a slightly lower rent but ask for 6 months to 12 months paid upfront.
You then know you will have people who will not just be running when times become hard.
You will then know what type of tenant you are getting. Also it will not be empty competing with all the other empty villas and flats. I know a few who do this and it works well.


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