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Planning an Affordable Retirement in North Cyprus

There’s a new demographic in the UK – the FRED – an over fifty, pre-retiree who is Facing Retirement Earnings Deficits and who is seeking an affordable solution for retirement. This group is being impacted by the cost of living in the UK, high fuel prices and accommodation costs and also the fact that many of them are in part still supporting children and even grandchildren because the cost of living in the UK has risen so far so fast.
For those who want to find a solution to their retirement earnings deficit issues but who have no way of topping up their pension pot, what about planning an affordable retirement abroad in North Cyprus?

Northern Cyprus is an affordable haven for property, for lifestyle, for eating out and for every type of day-to-day cost, therefore it makes fine fiscal sense to look more closely at the destination to see whether it would appeal to you for your retirement.

The first thing to think about is that the cost of property in Northern Cyprus is a fraction of the cost of the average house in the UK and also the average house in southern Cyprus. Properties in North Cyprus are priced in pounds as well which makes it easy to compare what you’re getting for your money.
Many a retiree already living in North Cyprus has swapped their British home for a stunning sundrenched Cypriot villa with a pool and landscaped gardens and a lump sum in the bank to make retirement earnings go that much further.

When it comes to the cost of day-to-day living, electricity and gas, water and rates are all affordable. Because the climate in North Cyprus is fabulous in the summer and temperate in the winter, overall fuel costs are very reasonable. What’s more, if you shop as the Cypriots do at local butchers, at the market and you buy what is in season, you will find your grocery bill is much reduced compared to the UK norm.

Finally, the only thorn in the side of those seeking an affordable retirement in North Cyprus is that buying a car is an expensive commodity. But, there are those who get around this issue either by living in or close to Kyrenia and using public transport, or by importing their car from the UK when they move to the island – after all, in Cyprus just as in the UK everyone drives on the left.

Why North Cyprus Comes Top for Retirement Abroad

A great deal of effort has been made on behalf of the British government to alert us all to the pension deficit that the majority of us are likely to face when we hit retirement. What’s more, the media is doing its bit to try and warn us all that the state pension is shrinking in relative terms and is unlikely to even exist for much longer as baby boomers swallow up what small pot there is available.

So the one thing on the majority of people’s minds when it comes to retirement is affordability – but not at any cost. After all, in retirement we want a good standard of living, quality healthcare and also a decent home to call our own which are all reasons why North Cyprus comes top for retirement abroad.

The Turkish Republic of Northern Cyprus ticks every single box for retirees and if you want to know more, here’s our list of reasons why the island nation is the perfect place for would-be retirees to consider as a relocation destination of choice to make their pension income go that much further: -

Cost of living - the cost of everything from your weekly shop to your units of electricity, your petrol to a meal out with all the family will cost you a fraction of what you are used to paying in the UK. The GDP in Northern Cyprus is a lot lower than in many other European nations and of course this has to be reflected in the cost of living. As a retiree coming from the UK or even perhaps from Germany or another EU nation, one notices how much more affordable the cost of living is and this of course ensures pension income goes so much further.

Ease of achieving residency status - unlike if you retire to Australia or Canada, Florida or even New Zealand, you do not need permission in advance to go and live in Northern Cyprus. You have to register your arrival with the police within a couple of weeks of moving to live permanently on the island, and then as long as you can prove you are in relatively good health and you have some money in the bank to keep you, you can have a year’s residency visa which is renewable every year for five years after which time you can claim permanent residency. It’s very, very simple.

Attractive tax regime - As Northern Cyprus is outside the EU and not signed up to the terms and conditions of the EU Savings Tax Directive it is possible and legal, (depending on your own personal circumstances), to offshore all your money legitimately and only pay absolutely minimal tax on the money you remit to North Cyprus. There are financial advisers who specialise in international and offshore finance who can help you arrange your affairs legally and tax effectively so that you can ensure you save maximum tax when living in North Cyprus.

Quality healthcare - North Cyprus did not used to be well known for its standards of health care. However, a great deal of finance is being poured into the development of private clinics and hospitals and slowly but surely the standards of healthcare are improving and the availability of the highest standard of treatment and care are becoming more the norm. It is advisable to have private medical insurance of course, but this is the same advice that the majority of those who are retiring abroad are given.

Affordable property - the property market in North Cyprus is well renowned for being affordable. It is a fraction of the price of property in southern Cyprus and a fraction of the price of property in the UK. What’s more, the range of homes available is broad with apartments, penthouses, villas, older renovation projects and even beautifully restored traditional Cypriot real estate available at bargain prices.

Beautiful climate - the climate in Northern Cyprus is practically perfect. The summer starts in March and lasts all the way into late October, and when the winter comes it is temperate with the majority of rain falling only in December and January. This gives a great feeling of wellbeing, it means fuel costs are lower, sunshine gives you vitamin D – essential for healthy bones and what’s more, it means you get to enjoy a lot more time outside which is of course better for health and happiness.

Increasing accessibility - There are three airports in Cyprus, one in Northern Cyprus called Ercan which does not yet receive direct flights but to which one can fly via Turkey. And then there are two in South Cyprus at Paphos and Larnaca…both have direct, year round flights from the UK with cheap flight operators and main operators such as British Airways all providing flight options.

Improving infrastructure - massive public and private investment is being pouring into infrastructure improvements across North Cyprus. Everything from roads to electricity, from water treatment to beach access are being improved upon. This bodes well not only for the value of real estate in Northern Cyprus but of course for the lives of all those who live in or retire to the island.

Expat community - the expat community in North Cyprus is very well established already meaning that any retiree moving in will find a support network of friends and acquaintances very swiftly. This makes life so much easier and also more pleasant and it is just so comforting to know that you are moving to a place where there are like-minded people from a similar background with whom you can socialise and enjoy life.

Welcoming locals - the Cypriots in Northern Cyprus are incredibly open, welcoming and friendly people who will not only befriend you but include you as part of their extended family given half a chance. This is so unusual for Brits that it can seem strange at first – but just go with the flow and you will quickly see how much better life can be when you have friends from so many different backgrounds.

No major language barriers - everyone in North Cyprus speaks English! This may sound like a cliché but it is true – even those with a very limited experience of British people have been taught English in school and will have a rudimentary grasp of the basics of English. However, the vast majority of people speak a decent standard of English with a strong percentage of professional people having a very high standard of almost fluent English. This just makes life so much simpler! Of course, if you make the effort to learn at least a little Turkish so you can exchange greetings and pleasantries, so much the better, but at least when you first arrive you will not be daunted by the language barrier.

Quality of life - the quality of life in Northern Cyprus for retirees is fantastic. There is so much to do and see, so many events and activities to get involved with, so many people to meet, a great wealth of history and culture to explore and what’s more, the weather is fantastic, the beaches are pristine and inviting, the shopping is good and the climate is conducive to good health and outdoor living. This all adds up and equals a fantastic quality of affordable life in a beautiful location which I why we say North Cyprus comes top for retirement abroad.