Greece and Cyprus Rank Among the 10 Best Countries to Retire and Enjoy Life

February 21, 2024 · Europe · 11 min read

For many reasons, it comes as little surprise that Greece and Cyprus have become two of the most sought-after places to enjoy a high quality of life.

According to a recent study by Reassured, one of the UK’s largest life insurance brokers, Greece and the Republic of Cyprus rank among the 10 best countries to retire and enjoy life with peace of mind. The findings matter not only to older people but to anyone looking for a place that offers a genuinely high quality of life.

Greece and Cyprus are both beautiful, peaceful, and prosperous European countries, so it is hardly surprising that they have become two of the most sought-after places to enjoy a high quality of life.

True wealth is sometimes measured in quality of life

Wealthy individuals in Europe and other developed countries have long placed as much emphasis on improving and maintaining their quality of life as on making money, and sometimes more. They tend to invest, work, and even choose where to retire in places that still allow them to keep investing and generating income. Today, retirement is no longer limited to people past working age. It is understood more broadly as the point at which a person has achieved a certain level of financial comfort, or financial freedom, and allows themselves to step back, enjoy life more, and spend more time with family.

Reassured, a leading UK life insurance broker, recently published a list of the countries offering the best quality of life in retirement. The report considered several key factors, including pleasant weather (measured by annual sunshine hours), average life expectancy, the cost of living index of each country, and average accommodation costs. Additional factors included the cost of transportation in each country and the share of the population aged over 65.

The report scored each of these six factors, combined the scores, and ranked all countries from highest to lowest. Higher-scoring countries are the best suited to enjoying retirement or, more broadly, to anyone who wants to enjoy life more once they have a stable income and no longer need to focus on work.

Greece topped the list with the highest score. The Republic of Cyprus ranked seventh, ahead of highly regarded countries such as Japan (8th), Poland (23rd), and Estonia (26th). According to the report, Greece and Cyprus are the destinations for anyone who wants warm, pleasant weather and fresh air in retirement.

European residency by investment: a fuller life for the whole family

A high quality of life brings many rewards, from tangible ones such as good health to intangible ones such as happiness and peace of mind. Many investors today have set their sights on this early, planning and investing to build a better future and quality of life for themselves, their families, and the generations that follow.

One increasingly popular option is securing European residence rights and visa-free travel for the whole family through investment. Greece and the Republic of Cyprus, both on the list above, offer residency by investment programs that allow investors and their families to live there and enjoy the best of what each country has to offer.

1. Greece Golden Visa: the world’s most popular residency by investment program in 2023

In 2023, the Greece Golden Visa program set new records, with breakthrough growth and impressive figures, and was named the world’s most popular residency by investment program of 2023. At the time of writing, it was one of the lowest-cost programs, with many notable benefits. However, according to information from the Greek government, investors were likely to have only a short window left to obtain a Greece Golden Visa with the minimum investment of €250,000 (approximately US$280,000).

At the time, a property investment from €250,000 allowed investors and their families to obtain Greek residence permits, with many advantages and benefits:

• The investment and application process takes around 6–8 months, and much of it can be handled from your home country; applicants must still travel to Greece in person to submit their biometrics.
• Access to healthcare, education, and other benefits in Greece.
• Visa-free travel within the 29-country Schengen Area, with stays of up to 90 days in any 180-day period.
• After 7 years of legal residence in Greece, you may be eligible to apply for Greek citizenship, subject to Greece’s naturalization requirements. Once naturalized, each family member, as an EU citizen, could live in any EU member state. The Greek passport offers visa-free access to 185 destinations.

2. Cyprus permanent residence: a tranquil Mediterranean island with a favorable tax regime

The Republic of Cyprus is known for its natural beauty and clean living environment. Education spending accounts for more than 7% of GDP, the third highest in the EU. The healthcare system is modern and meets European standards, and since 2019 the General Healthcare System (GeSY) has provided free care to all residents registered with it, including permanent residents. As a result, Cyprus has been recognized by the World Health Organization (WHO) as one of the places where people enjoy the best health in the world. Immigrants currently make up around 20% of the country’s population. Despite a number of regulatory changes, the Cyprus program has kept its real estate investment level unchanged. With Cyprus permanent residence, investors receive a range of notable benefits:

• Real estate investment: from €300,000 (approximately US$336,000).
• Processing time of approximately 6 months.
• Permanent residence in the Republic of Cyprus, with a potential pathway to Cypriot citizenship.
• Visa applications to other European countries may be easier and faster.
• Cyprus is home to several renowned universities that appear in global rankings.
• High-quality education following the British model, with relatively modest tuition fees of roughly one-half to one-third of those in the UK.

If you are interested in European residency by investment programs, contact IMM Group or leave your details below. Our experienced advisors will provide detailed guidance and help assess your application’s prospects. We are committed to keeping your personal data confidential and will use the information you provide only to advise on your family’s application.

IMM Group

• Tags:
• European immigration
• Greece Golden Visa
• Cyprus permanent residence
• European permanent residence
• Greek residence permit

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