What is the cost of living in Limassol?
The average sum required to live in Limassol as a family of four is €3,000 without rent; in Paphos and Nicosia you would need €2,600 and €2,700, respectively. Limassol is also more expensive than Nicosia and Paphos in terms of consumer, restaurant and grocery prices. What is the average monthly cost of living in Cyprus? To live in Cyprus alone, you would need around €1,800—2,000 per month with rent included. For a family of four, it is at least €4,000—4,500 a month including rent.Median Income Cyprus ‘ Cyprus’s median monthly income is €2200 (approximately $2295). Fifty percent of workers make more than that salary, and the other half earn less.Here’s What to Know About the Minimum Wage in Cyprus As of January 2024, the minimum wage is €1,000 gross per month for full-time employees. This applies after six months of continuous employment with the same employer. However, new hires start at €900 gross monthly during their initial six month period.Limassol’s property market is the most expensive in Cyprus, with high demand driven by limited supply, international business presence, and its seaside lifestyle. Rental prices vary widely depending on location, size, and whether you’re looking at an apartment or a house.Average salaries and living standards in Cyprus The average salary in Cyprus in 2024 is 1500-1800 euros per month. In the field of IT or finance – up to 2500-3000 euros. The unemployment rate is low, and the quality of life is significantly improved due to the warm climate, low crime rate and friendly atmosphere.
Is Cyprus rich or poor?
The economy of Cyprus is a high-income economy as classified by the World Bank, and was included by the International Monetary Fund in its list of advanced economies in 2001. The Cyprus golden visa is a permanent residence by investment program in Cyprus. Under this programme, you and your family can permanently reside in the Republic, provided you meet investment, income, and personal/quality criteria.The Cyprus Golden Visa is a program that enables foreign investors and their families to obtain permanent residence in Cyprus by purchasing assets worth €300,000 and demonstrating an annual income of at least €50,000. After living in the country for eight years, investors can apply for citizenship.
What is the average salary in Cyprus?
The average salary in Cyprus is €2398, or roughly $2502. It can be calculated by adding wages across the country and dividing them by the number of workers. As of 1 January 2024, the national minimum wage in Cyprus is EUR 1,000 per month for full-time employees, based on 12 monthly payments per calendar year. However, employees who have been engaged by their employer for six months or less are entitled to a lower minimum wage of EUR 900 per month.Month Salary In Cyprus, the practice of offering a 13th-month salary is at the discretion of private companies, often seen as a means to strengthen the employer-employee relationship.What is the minimum wage in Cyprus? As of January 1, 2024, Cyprus’s minimum wage rates are: €940 per month. Applies to specific occupations; other sectors may have different rates.While not mandated by law in Cyprus, it is customary to pay employees a 13th salary instalment in December. If a 13th and/or 14th salary is stipulated in a collective agreement or individual employment contract or has become an established company practice, it becomes obligatory under the Protection of Wages Law.Full-time employment in Cyprus is legally defined as 40 hours per week, typically distributed as 8 hours per day across 5 working days. This standard forms the basis for employment contracts, benefit calculations, and overtime determinations across the country.
What income do you need to live in Cyprus?
Cypriot residency permits This requires you to demonstrate enough income to cover living expenses: at least €2,000 per month with more for family members. There is also an expectation that non-EU expats would have bought or be renting a property already, plus have at least €10,000 in a Cypriot bank before applying. Cyprus grants permanent residence to foreigners by investment, by an immigration permit, or after 5 years of living on the island with a residence permit. The fastest way to get permanent residence is to invest €300,000 in the country’s economy.To get a Cyprus passport, many applicants follow the naturalisation route. To qualify, a foreigner needs to live in the country for at least 8 out of the last 11 years before submitting the application. It is also possible to obtain Cyprus citizenship by descent, marriage, or investment.Obtaining EU citizenship is relatively straightforward in Portugal, Spain, Greece, Hungary and Italy. These countries offer paths to naturalisation, typically requiring at least 5 years of residence. Investors can also obtain Malta citizenship for exceptional services by direct investment in 1—3 years.
Why is Cyprus so expensive?
Some travelers find Cyprus expensive because: Tourist trap pricing in certain areas like Ayia Napa and parts of Limassol. High car rental insurance costs that aren’t always clear when booking. Resort dining that charges premium prices. Tourism is one of the main sectors of Cyprus’s economy. Every year, millions of tourists visit the island, creating high demand for hotels, restaurants, and entertainment. Local businesses cater to these high-spending visitors, which reflects in the prices.With a mix of budget-friendly accommodations, affordable local cuisine, and reasonable transportation options, Cyprus can be a surprisingly economical destination for travelers.The cost of living in Cyprus is generally moderate but varies based on location and lifestyle. Major cities like Limassol and Nicosia tend to be pricier, particularly when it comes to housing, while smaller towns and villages are often much more affordable.Dual citizenship/nationality is allowed both in Cyprus and in the UK. For more information click here. For general information and guidance so as to establish which application you need the criteria for, you may consult the website of the Directorate of Civil Registry of the Ministry of Interior.To become a permanent resident in Cyprus, you must either live in Cyprus for five years with a valid temporary residence permit, invest a minimum of €300,000 in the country, marry a Cypriot, secure permanent employment or own a company registered with the migration department.