Relocation to Cyprus how much money do you need

Relocation to Cyprus how much money do you need

Well, hello and welcome back and a huge thank you for coming back. Where am I? Sitting in Mandrea, by the way. It’s an absolutely fabulous stage. You want to have a quick look? Look at that. There we are. This is the rather nice scenery in the picnic area. Just over there is the main Mandrea Beach, should we say. And this is one of the tracks that you can drive along or walk along. And of course, as you uh go on your travels, you can feast your eyes and digest upon the beauty and of course the spectality of the blue blue Mediterranean Sea. So, like I say, this is the picnic area at Mandrea. And a lot of people like to come out here at all times of the year, by the way. And I like to come here and sit here. I like to get a coffee and come here, gather my thoughts, enjoy those views, and plan my day. Plan the day. So, I thought I’d make a little video for you guys because there seems to be a little bit confusion in the comments about some of the criteria if you are thinking about coming to live in Cyprus. One of them is the amount of money that you need. So, if you are a couple, so husband and wife, shall we say, and you want to come and relocate to Cyprus on a temporary basis. So you’re going to come and do one year and do that consecutively for five years and then after that apply for a fiveyear residency permit. So that will give you 10 years in Cyprus. For that first year you are going to require an income of just shy of 30,000. Okay. So €24,000 for the main applicant and then just under 5,000 for the spouse. So 30,000 euros. Keep the math simple. Primarily most people watching are watching from the UK. These are the guys that are planning on coming to Cypus, dreaming of coming to Cyprus, shall we say. So let’s take 10% off that. That’s about 27,000. That’s what’s going to be required for you to prove as income. That can be an online income. That can be money paid to you from somewhere else in the world. It can be rental income. It can be dividend income. I think you get the idea. Can’t be earned in Cyprus. Has to be transferred into Cyprus. So, £30,000, £27,000 approximately for a husband and wife. Simple as that. There you go. No confusion. Now a lot of people are asking again about normally you are asked when you’ve gone through immigration then you want to go and open a bank account in Cyprus to deposit the sum of €10,000. This is on the first time by the way. Is that €10,000 then just trapped blocked sitting there for ever until the end of time? No. So, when you open the account, you pop€10,000 euros into it. And then, of course, that’s where you’re going to transfer your income from, let’s say, the UK on a monthly, bimonthly, quarterly, whatever it is, as long as within the 12 months, it totals just under £30,000, approximately £27,000 if you are a couple. But no, that €10,000 is not blocked. And in fact, they want you to show through receipts and bank statements that you have been spending money in Cyprus over that previous year when you reapply for the next year. Okay? So, the 10,000 is not blocked. So, I think some people are misunderstanding or getting information from other places where people are saying you’ve got to put 10,000 in, you can’t touch it. No, that’s not true. So basically, if you’re a couple relocating from the UK to Cyprus, you would start off on a temporary visa, unless you’re going to go down the investment route. That’s another story altogether, which I’m sure a lot of people know about. But you are relocating to Cyprus as a couple. You’re going to need approximately £27,000 perom to be provable as your income. Again, that can be rental income, investments, interests, employment income, but it can’t be income that you earn in Cyprus. Now you can work remotely obviously on a laptop but the money has got to be paid into a foreign bank account and then transferred into a criate bank account. Okay. And that’s what you’ll be required to prove and then prove annually from there on should we say. So, £30,000, £27,000 per couple, £10,000 deposited into an account once you’ve started the immigration process and gone down the line to open a bank account. Simple as that. There we go. Hopefully, that has cleared it up a little bit and hopefully a lot of people now are understanding that they can make the move because it’s not that much money. We’ve talked about this before. You know, in the UK and many other European countries, obviously, the salaries, the income that people earn is much, much higher than you even think that you were, should we say. Most people in the UK says are earning 30,000, 35, 40, 50, 60, 70, 80. Yes, they are. Lots of people are earning right up there in the high 80s, 90,000s. And they’re the guys living next door to you, by the way. And these are the people that shall we say without getting into politics have decided that perhaps their future may be better in a different country and maybe that country is Cyprus. So there’s a lot of people. You’re not the only one. I understand you might be sitting there watching this think, oh, you know what if it goes wrong? What if it’s not as easy as they say? Well, if it’s not, you can go back. It’s not that difficult, is it? A lot of people plan their next move and they plan to come to Cyprus and to spend 12 months which is not long to see if they like it. Now if they don’t like it, what have they actually lost? Let me think. Uh, not a lot really because wherever you are in the world, you will have spent that money on accommodation, on buying a car, renting a car, eating out, paying your electricity bill, your telephone bill, buying a pair of sports shoes, buying some clothes. So, not a lot changed there, did it? If you’re living in the UK and you’re earning 4050,000, you’re probably spending quite a lot of it and not managing to save that much. So if you take a year out, should we say and come and reside in Cyprus and work remotely or perhaps you are in a position where you don’t even have to work, you’ve got that income already. What you’re going to find is at the end of the year, you’ve actually saved a couple of pop because it is cheaper to live in Cyprus. And I’ve had this conversation with many, many people. People pick on individual little items, don’t they? You know, I’ll reference a hot latte coffee. You can go to some places. I mean, Costa Coffee. There we go. We’ll pick on Costa Coffee, which is pretty much a universal brand. So, if I go to buy a Costa Coffee in the Costa coffee shop in Papos or Limol or Nico, not in the airport, okay? It’s going to cost me around about €350. Again, there’s this confusion, isn’t it? People thinking euros and they think in pounds. So, let’s put that into pounds. 350 to make it simple is £3. Perhaps you don’t go to Costa Coffee, but on your next visit into your local town or your local city, pop into Costa Coffee and have a look how much a medium-sized hot latte coffee is. You may not drink it, but have a look on the menu. Mediumsized hot latte coffee. And I got a feeling that it’s probably about £459. That’s £159 more, which is almost €2. And that’s just on one coffee. Now, you may not drink coffee. We understand that. And then people start to pick on things like electricity. Now, in the UK, normally your utility bills are are compressed together, aren’t they? You pay an amount of money for your heating and your gas, these kind of things to one provider. And people say electricity in Cypus is expensive. It is, don’t get me wrong. It’s the second most expensive place for electricity in the whole of Europe. The only place more expensive currently is the Netherlands. That’s the Duchies. They’re the people who pass the football on the left hand side, the wrong side, should we say. But anyway, the duchies, but of course the duchies earn a lot more money than the criates. Their standard of living, should we say, is much much higher in a financial point of view. But, and this is where the big butt comes into it, isn’t it? We all like to go out and spend money. We all like to walk around mous and we buy this and we buy that and we get that uh adrenaline rush and that feelgood factor. But think about it. When you go on your holiday to Cyprus, doesn’t have to be Cypress, could be Spain, could be Portugal, normally people go on a summer holiday. And what they do is go for that sunshine and that relaxed, calm atmosphere. Now, we understand that you’ve paid for that because you bought your holiday, but the actual tranquility, the sitting by the sea, the wandering around the fresh air, knowing the sun is shining when you go on that walk, you’re not going to get damp on the way back. That’s totally free of charge. Yeah. So, you can’t put a price on that, can you? But one thing’s for sure, it’s much, much cheaper to get a sky like that in Cyprus than it is in the UK. But the point of this little video is to, as I say, clear up hopefully one or two issues. So, I’ll go over it again. If you are a couple and you’re thinking about coming to live in Cyprus and try it for a year, you’re going to need to prove an outside income of 30,000 or a smidge under. But keep the math simple, isn’t it? That’s roughly if we take 10% off for the euro pound exchange rate is £27,000 per couple. and you will need to transfer £10,000. Again, that’s about £9,000ish pounds into a criate bank account once you’ve started the immigration process. That money is not blocked. That money is there because it’s your money for you to spend and you keep a record in your bank statements for when you go back next year to show that you have been spending money in Cypus. You don’t have to spend the €30,000. They want to see that maybe you spent 145,000 in that year and then they’re going to give you another little slip of paper that allows you to stay in Cyprus for a further 12 months. So hopefully that’s cleared that up and hopefully you enjoy these little videos. Please drop in the comments what you’d like me to talk about. We’re going to start to talk about humrum life things because these are the things that you are going to get involved with when you come here. You know, everyone thinks that, oh yeah, you’re not just going to sit on a beach when you come here. That’s something you do when you’re on holiday. When you come to live here, you’ll get involved with going to the electricity authority to change your bill. When you perhaps move from one apartment to the other, one villa to the other. You can pay the bill online via the bank or walk into the electricity office and pay it with your plastic friend or of course in cash. I think you’re paying cash at the moment anyway. Cash is one of them things, isn’t it? The governments of the world are desperately trying to get rid of that stuff, aren’t they? So, drop in the comments, do you think we should keep cash or should cash go? Be a terrible word if cash goes. I promise you. So, anyway, back to it. Couple thinking about coming to Cyprus from the UK. You need £27,000. That equates to approximately 30,000. and you will need to deposit 10,000 of that into a separate bank account when you have started the immigration process. Simple as that. Not even that much money, is it? As we said, many many people in the UK now earn considerably more than that. With no disrespect about what I’m about to say now, in ordinary jobs, very humdum jobs, and you will earn £30,000 or a lot more. Now that’s brilliant. That’s wonderful for the people from the UK. And of course, if you are lucky enough that you can work remotely or perhaps coming to the end of that working career, shall we say, Cyprus could be that perfect place for you. Lots of advantages as we’ve saw over and over and over. The weather, you know, we’re in October now. We’ve just started into October and I’m pretty sure that you understand summer is still with us and it’s going to be with us for a long long time. Whereas unfortunately in the UK, if you’re watching this video today, I’m pretty sure that there is a massive massive storm crashing down on you and uh hopefully everyone’s safe. Please take care when you’re driving on the roads and those kind of things. Huge thank you for watching. Please hit that thumbs up, the like button, and please consider to subscribe to the channel. We appreciate it very, very much indeed. And I will look forward to your company again very, very soon indeed. If you want to see that view again, there it is in the distance. Mandrea on a fabulous, fabulous day. By the way, it really is. Look at it. The sun is beaming down. This is the little picnic area. Imagine yourselves coming out here perhaps with a coffee perhaps at lunchtime and you just bring a nice little ham roll something like that cheese and onion sit here and enjoy those views and they are spectacular views and of course it is the blue blue Mediterranean Sea. All that’s missing is you. So come on, get yourself on a big bird or a canoe and start paddling like crazy because Papos, Cyprus, Mara, and me, you’ve guessed it, we’re waiting especially for you. If you need any help, any advice on relocating to Cyprus, our contact details are in the video description. You can contact us via our website. You can contact us via email and of course our telephone number, WhatsApp are in the description as well. If you’d like to have a face-toface talk, why not send us a message and let’s get your dream started off and perhaps you could be starting the brand new year, which is only just around the corner on the island of love, which of course is Cyprus. Thanks for watching. I’ll see you again very, very soon indeed.

In this little episode of Marika and Me we join Mr Paul for a talk about relocation to Cyprus, and how much money you will need to show as an income or as savings, so the income requirements if you are planning on emigrating to live in Cyprus.

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For more help and advice about moving to Cyprus please feel free to get in touch, our contact details are as follows.

Website
marikaandme.com

Email
relocatetopaphos@gmail.com

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(+357) 99934423

We look forward to hearing from you and helping you to achieve your dream.

Kind Regards Marika and Paul.