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BRITISH expats living in Cyprus can be divided into two categories. There are those who are here for the lifestyle: the good weather, the relaxed pace, the relatively low cost of living. They may have moved here in retirement or with plans to retire in the near future.
For others, the expat life comes with the job. They are often serial movers who could find themselves in Dubai or Dublin next year, Hong Kong or Hamburg further down the line. These people will have been carefully studying the latest survey from ECA International, the global mobility experts.
It looks at the cost of rental accommodation around Europe and the world and shows some startling variations.
London remains the most expensive place for rental accommodation in Europe, but other cities have jumped up the league, including some that are attracting UK firms and their employees fleeing from Brexit.
Dublin has entered the top five most expensive locations in Europe for expat rental accommodation, making it costlier than Paris, Copenhagen and Stockholm. The average rental price for an unfurnished, mid-range, three-bedroom apartment in the Irish capital has risen by €277, an eight per cent increase on last year’s figure of €3,129 a month.
Dublin has leaped 35 places to 26 in the global rankings. The only other locations to increase their ranking more than the Irish capital are Madrid (45 places), Lisbon (45 places) and Barcelona (40 places).
Cyprus does not figure in these rankings, which is good news. The Cyprus Property Price Index puts the equivalent rent here at around €800 to €1,200 per month, making this a very attractive destination for expats.
But property prices are by no means the only factor ensuring a happy expat lifestyle. The Expat Insider is the world’s largest and most comprehensive survey of people who live abroad. Last year they interviewed more 18,000 expats around the globe, looking at cost of living, quality of life, career prospects and many other factors.
They rated Cyprus at number 30 in the league of best expat countries, ahead of, among others, France, Germany, the UK and the USA, but behind Australia, New Zealand, Canada and Malta.
Within that ranking there was an unexpected gender divide. In a separate league of 67 countries, men placed Cyprus at an impressive number three. But women rated it only 29.
Men and women took a similar view of lifestyle here. The big discrepancy was over personal finance. Some 38% of expat women in Cyprus said their disposable household income was not enough to cover costs. This was a complaint with only eight per cent of men.
Women ranked Cyprus a lowly 55 in the Working Abroad Index with 38% rating their job security negatively.
The survey also revealed that work was no longer a major role for a large number of respondents in Cyprus. Thirty per cent of women and 46% of men were retirees.
The overall figures point to the need for good planning if an expat wants to achieve a happy lifestyle, while working, or a contented retirement.
A good financial adviser will help you set a plan for getting and keeping your finances in shape. Woodbrook Group are experts in this field. We offer a free pension review, helping clients plan for the future. We can help you understand your options, how to address your income needs in retirement and how much wealth you will need to support it.
Our pension plans are individually tailored to meet our clients’ needs. They are reviewed every day and if an investment isn’t performing to our rigorous standards, we can move the funds with immediate effect to a fund house we have recognised to be outperforming the markets.
Due diligence, full diversification and actively managed funds are the foundation of what we do and the key to satisfaction with the expat life.
