# retiring to paphos



## de.zero51 (Jul 10, 2012)

Hi there
thanks to everyone who replied to our questions regarding the cost of living in paphos. We have so many questions, another one we have been looking at is wether or not it is best to have everything paid into uk account eg private and gov pension, or is it best to have it paid into bank in Cyprus. We think keeping bulk of money in uk is probably best and transfer when needed. Can anyone advise.
Many thanks
Clive and Dawn

ps can you open a bank account in Paphos before being fully resident


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## David_&_Letitia (Jul 8, 2012)

de.zero51 said:


> Hi there
> thanks to everyone who replied to our questions regarding the cost of living in paphos. We have so many questions, another one we have been looking at is wether or not it is best to have everything paid into uk account eg private and gov pension, or is it best to have it paid into bank in Cyprus. We think keeping bulk of money in uk is probably best and transfer when needed. Can anyone advise.
> Many thanks
> Clive and Dawn
> ...


To open a bank account you will need either proof of purchase in Cyprus or a tenancy agreement. Some Forum members have also said that you need a Cyprus utility bill, but that was not our experience when we opened an account with Hellenic Bank.

In my opinion, you would be safer keeping the bulk of your funds in a UK account and transferring your monthly/bi-monthly needs via a FX company to your Cyprus account (we use Currency Fair).

If retiring here, be aware that when you apply for residency, Immigration will need 3 months worth of your UK bank statements amongst other things, and they will primarily be looking for evidence of pension payments into your UK account as proof of your ability to support yourself financially.


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## Veronica (Apr 5, 2008)

We also have our pensions paid into our UK bank and transfer some as and when we need to.


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## expatme (Dec 4, 2013)

If you have not already done it. Set up electronic banking with your UK branch before coming out here, it makes life so much easier.


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## Hudswell (May 14, 2010)

I would say the sensible option would be to have your monies paid into your UK bank and transfer when needed...you will be effected by exchange rates whichever option you choose but I would suggest having the bulk of your money in a UK bank is definitely the safer and more prudent option....Internet banking is so easy these days...and secure....I sometimes wonder how we would have managed coming out here 20 years ago....!! We also use Currency Fair and the rates are excellent...and it is very easy to use...


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## PaulDickinson (Feb 28, 2015)

David_&_Letitia said:


> To open a bank account you will need either proof of purchase in Cyprus or a tenancy agreement. Some Forum members have also said that you need a Cyprus utility bill, but that was not our experience when we opened an account with Hellenic Bank.
> 
> In my opinion, you would be safer keeping the bulk of your funds in a UK account and transferring your monthly/bi-monthly needs via a FX company to your Cyprus account (we use Currency Fair).
> 
> If retiring here, be aware that when you apply for residency, Immigration will need 3 months worth of your UK bank statements amongst other things, and they will primarily be looking for evidence of pension payments into your UK account as proof of your ability to support yourself financially.


When we did our Residecy last year only one bank statement was required to show evidence of supporting yourself. Of course we took supporting paperwork from the DWP and CSP to back up the monthly payments of pensions. We were in and out in 20 mins, the lady who did the paperwork was most helpful and chatty. When you go to immigration to book an appointment they give you a list of items you must produce at the interview.


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