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Cyprus: less tension for your pension

Thursday, October 16, 2008

With the credit crunch and the rise of inflation strangling the purse strings of many in Britain, more UK residents are looking to pack their bags and head to sunnier and cheaper options abroad, with many arriving on the sunny isle of Cyprus.

The recent Quality of Life Report from NatWest International Personal Banking revealed that the number of people who will retire abroad is set to rise from 1.8 million in 2025 to 3.3 million in 2050.

There was also a comprehensive vote of confidence given to the concept of retiring abroad by those questioned by NatWest, as 91 per cent said they are happier abroad than when they were in the UK.

In fact, 99 per cent of respondents to the bank's poll admitted that they had no regrets about moving.

Cyprus is one of the most popular tourist destinations in the Mediterranean, attracting over 2.4 million visitors each year.  South of Turkey, west of the Levant, north of Egypt, and east of Greece, this former British colony is still part of the Commonwealth and a recent EU member.

Dubbed the ‘Island of Love' and known by many as ‘The Birthplace of Aphrodite,' this beautiful island is at the top of the list for many UK retirees, due to its lack of inheritance tax, favourable income tax rate on pensions and affordable property prices.

The island also has a strong expatriate community and is regarded as one of the healthiest Mediterranean countries, well known for its first rate health care, well trained doctors, its priority in preventative medicine and a network of both public and private medical facilities.

In addition to its superb climate - averaging 340 days of sunshine a year - Cyprus has beautiful beaches and delicious cuisine, as well as a very low crime rate in both city and village areas. Cyprus also has a reputation for being a particularly respectful and safe environment for women and children.

With two international airports servicing the country and the introduction of low-cost charter airlines flying there on a regular basis, it is easy and inexpensive for friends and family to visit.

Compared to many countries, buying property in Cyprus is now relatively easy. The law regarding buying property there has changed recently, allowing a non-Cypriot resident to buy unlimited properties on the island.

There's sun, relaxing fun and mileage for your pennies, making Cyprus the mature option for those looking to retire abroad.

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Photo by tomeppy

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