Living in Cyprus is not particularly cheap, as the cost of living is generally higher than in other countries in the European Union.
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Living in Cyprus can be an expensive affair. While it is true that the cost of living varies from city to city, it is generally higher than in other countries in the European Union. According to the cost of living index, Cyprus has an index score of 65.22, which means that it is ranked 25th out of 138 countries surveyed. This is due to the fact that the island has a high standard of living, which also translates into high prices for basic commodities. For instance, the price of groceries, alcohol and tobacco, restaurants and transportation is higher in comparison to some other European countries.
One of the most significant cost factors in Cyprus is housing. Rents and bills are expensive, especially in urban areas. For example, a typical one-bedroom apartment in Nicosia can cost around €500-€800 per month, whereas a three-bedroom apartment can be around €1000-€2000. Utility bills, including electricity, water, and gas, are also relatively high.
However, Cyprus offers tax incentives and lower taxes for expats, which can make living on the island more attractive for them. According to Cyprus’ tax laws, non-domiciled residents only pay income tax on income earned on the island. The Personal Income Tax (PIT) is progressive and ranges from 0% to 35% on income over €60,000.
It’s also worth noting that Cyprus is considered a safe country, with a stable political situation, and an excellent healthcare system.
According to a quote by International Living Magazine, “Cyprus is the perfect mix of culture, sunshine, and excellent healthcare…you don’t have to sacrifice anything to enjoy life on this beautiful island.”
In conclusion, while the cost of living in Cyprus may not be as cheap as some other countries, the island does offer a great quality of life, tax incentives for expats, and an excellent healthcare system.
|Item||Average cost in Euros|
|Utilities (electricity, water, gas)||€150-€200|
|Groceries (per person)||€200-€250|
|Eating out (for two)||€40-€60|
|Monthly transport pass||€40-€50|
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Cyprus is one of the most attractive countries in Europe for expats, because the quality of life here is quite high for relatively moderate costs.
Living in Cyprus can bring many lifestyle and financial advantages. Life, in general, is more relaxed and there are more opportunities to spend time outdoors. The cost of living in Cyprus is generally lower, taxes are more lenient and the property prices are generally cheaper than in the UK.
Life in Cyprus is generally a lot cheaper than that in the United Kingdom and other European countries. If you do a quick comparison, you’ll find that the actual living costs are around 57% lower in the Republic than in the United Kingdom.
An enviable island lifestyle combined with an all-around low cost of living makes Cyprus an appealing destination for expats, particularly for retirees looking to make their pensions stretch. Overall, the cost of living in Cyprus is comparable to European countries such as Hungary and Bulgaria.
The beautiful island of Cyprus in the eastern Mediterranean is popular with expatriates from around the world owing to comfortable living standards, a low cost of living and the warm, pleasant climate. However, moving abroad requires considering the practicalities, such as healthcare, visa requirements and tax exposure implications.
Moreover, the cost of living is significantly cheaper than in many European countries, and the winters are milder too! So if you’re considering moving to this gorgeous Mediterranean country, check out our list of the best places to live in Cyprus.
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