Living in Cyprus: What Is Cyprus, and Why Do So Many Britons Settle There?
July 24, 2024 · Cyprus · 10 min read
Cyprus is known not only as a European holiday destination of captivating natural beauty, but also as a place where many Britons choose to settle.
Set in the heart of the Mediterranean, Cyprus is known not only as a European holiday destination of captivating natural beauty, but also as a place where many Britons choose to settle. Here is what makes living in Cyprus so appealing.
A Mediterranean gem at a strategic crossroads
Cyprus — officially the Republic of Cyprus — is an island nation in the eastern Mediterranean. Its strategic position at the crossroads of three continents, Europe, Asia, and Africa, makes it an important trade hub for the region and the wider world.
Cyprus’s strategic geographic location
Cyprus joined the European Union (EU) in 2004 and adopted the euro in 2008. Geographically, it lies close to Western Asia, yet it is known for a rich European culture and a history stretching back 10,000 years. The island is often called the land of the gods and the birthplace of Aphrodite, the goddess of love and beauty.
With an area of just over 9,000 km² and a population of more than 1.2 million, Cyprus has made skillful use of its strategic location and natural scenery to become a well-established financial and business services center, as well as one of Europe’s best-known holiday destinations. The country has also repositioned itself to attract international investors through an investor-friendly tax system, a low-cost business environment, well-developed infrastructure, a skilled workforce, and continued investment in quality of life.
As a result, the Cypriot economy has grown faster than the EU average. In addition, large natural gas discoveries, with substantial reserves expected to help Europe reduce its reliance on Russian energy, are projected to support further strong growth for the island’s economy in the years ahead.
Limassol, Cyprus’s business hub
With a Mediterranean climate of mild winters and hot, dry summers, and more than 300 days of sunshine a year, Cyprus offers ideal weather for European visitors looking for a getaway. Known for its beautiful southern beaches, Cyprus is also home to the ancient heritage city of Paphos, regarded as a cradle of Greek mythology and inscribed on UNESCO’s World Heritage List. Cyprus is also rated among the safest countries in Europe and, in one international ranking, the 5th safest in the world.
The heritage city of Paphos
More and more British expats are living in Cyprus
Thanks to these advantages, Cyprus has become a destination of choice for many international residents. According to a recent survey, Cyprus has the third-highest share of foreign-born residents in the European Union, and people from the United Kingdom are the second-largest foreign-born group in the country. Besides Britons, many people from Australia, Germany, Russia, and elsewhere also live in Cyprus.
Foreign residents are drawn by the mild climate, stunning scenery, and relaxed lifestyle that Cyprus offers. Quality of life is high by European standards, yet the cost of living is only about one-third to two-thirds of that in most European countries or the United States, so residents can enjoy a comfortable lifestyle without undue financial strain. Many residential neighborhoods are within walking distance of the sea, giving residents fresh air and a setting close to nature that makes it easier to relax and live well.
With such a large foreign population, English is widely spoken on the island alongside Greek. As many as 88% of school students speak English, and many universities in Cyprus teach in English. Since joining the EU, Cyprus has invested more than 6% of its GDP in education, and the country’s education ministry has aligned the Cypriot education system with European standards and regulations to meet the highest benchmarks.
With clear advantages in climate, quality of life, reasonable living costs, and an attractive environment for business and employment, it is no surprise that more and more Britons and residents of other countries choose to settle in Cyprus. The large international community not only enriches local culture but also contributes to the country’s economic and social development.
Today, the Cyprus permanent residency by investment program also draws investors from around the world.
Non-EU investors can settle in Cyprus by purchasing real estate worth at least €300,000 (approximately US$336,000), subject to the program’s other requirements. There are no education or management-experience requirements. Cyprus permanent residence is granted for an indefinite period, and investors need only visit Cyprus at least once every 2 years to maintain it. Investors and their families may have a pathway to Cypriot citizenship by naturalization once they meet the legal requirements, including the required period of physical residence in Cyprus.
If you are interested in the Cyprus permanent residence program, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your eligibility and the strength of your application. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s case.
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