Cyprus, an EU member, is a land full of history, beautiful beaches, about 350 days of sunshine, delicious Mediterranean cuisine, and captivating natural mountain and beach areas.
It offers top amenities to satisfy all types of tastes, and this is a big attraction to EU pensioners, including several golf courses of an international standard, marinas and various clubs, including festivities all year round (not least the Limassol carnival categorised as the tenth best in the world).
Despite all the above favourable factors, Cyprus attracts a smaller percentage of the pensioners of Europe than it should.
However, it caters to about 4 million tourists annually and offers various incentives for businesses, residency, and tax incentives.
This helps the increase in the GDP of Cyprus and has a stable yearly increase, as well jobs and investment in different areas, including housing, construction and tourist projects.
The EU’s GDP is estimated at about €15.8 trillion, with pensioners of about 27% plus [varying upwards in some EU countries up to 33%] of the population and with expenditure on pensions about 13% of GDP.
This amounts to about €2 trillion in available income to be spent per year, which can increase, as at present, about 23 million in the EU are in the 55-59 age group.
The total population of Cyprus is about 920,000, of whom 193,000 are foreign nationals representing about 21% of the population.
Pensioners who have worked for almost five decades plan, they save and calculate to have sufficient income to have an easy life without stress and live comfortably in a safe environment, possibly abroad in a country which will offer the necessary facilities to retire, bearing in mind the cost of living that they can afford.
Security and the low crime rate is a major attraction since Cyprus is one of the top three countries in the EU in terms of security.
In contrast, the widely spoken English language is another major plus.
Thus, bearing in mind all the above, the ReAssured insurance company recently produced a report based on six key factors:
- Life expectancy
- Population over 65 years
- Annual sunshine in hours.
- Accommodation costs
- Cost of living index.
- Cost of transport.
Cyprus is no. 7 out of the 30 countries that offer the best conditions, but as always, the best financial capability to live comfortably in a suitable environment.
The report regarding Cyprus states: “If sun is what you are after in your retirement, then Cyprus is the destination for you.
“With a whopping 3,314.1 hours of sun annually, it’s practically summer, all year round.
“Combine this with a reasonable cost of living index at 55.9, and Cyprus is certainly cheaper than other Mediterranean locations.
“However, Cyprus has a relatively low population percentage over 65, just 14%, and has an accommodation cost of £598.78 on average per month, but with a good life expectancy, it is a small price to pay for such a brilliant destination”.
Therefore, Cyprus offers itself as a retirement destination for Europeans and third countries willing to abide by the rules of the land.
By Antonis Loizou F.R.I.C.S. – Antonis Loizou & Associates EPE – Property Valuers, Real Estate Agents and Property Consultants