Cost of Living in Cyprus 2023
Cyprus, the pearl of the Mediterranean, offers many opportunities both as a tourist destination and in terms of job opportunities. With almost year-round sunshine, sandy beaches and plenty of outdoor activities to enjoy at your leisure, living in Cyprus is becoming more and more popular.
If you are looking for a fresh start and are curious about Cyprus, let’s explore this wonderful destination together.
Why is Northern Cyprus a Great Place to Live?
Cyprus is an island country divided in two. The south is home to Greek Cypriots and the north is home to Turkish Cypriots. Geographically it is considered to be in Asia, but culturally, economically and politically it is like a European country.
For those tired of the endless hustle and bustle, the quiet life in Cyprus is a paradise. With its climate, outstanding natural beauty, and low cost of living, North Cyprus offers many reasons to live there. Although North Cyprus is referred to by some as the “Cyprus of the rich” due to its high standard of living, it is one of the safest countries in the world with low crime rates and a stable economy.
Climate
North Cyprus has a wonderful climate. Summers are warm and sunny, between 25 and 35 degrees Celsius, while winters are mild and pleasant, rarely dropping below 10 degrees Celsius. Typical Mediterranean summers with warm days and cool evenings are perfect.
Easy Property Purchase Process
The cost of living in North Cyprus is low compared to other European countries with similar quality standards and living conditions. In a rapidly growing real estate market, it is great to move and buy property at the same time.
Banking and Financial Services
The banking structure in North Cyprus is the same as in Turkey. Commercial banks and international bank branches follow local Central Bank regulations and most offer currency exchange services.
Low Crime Rate
Very low crime rates make North Cyprus one of the safest countries to live in with your family. According to some studies, it is one of the best places to live in Europe.
Job opportunities
Since joining the European Union in 2004, Cyprus has become an excellent business location for financial and corporate services, with its beneficial infrastructure. It has become home to immigrants from all over the world, especially for IT and technology companies.
Health Insurance
Foreign nationals enrolled in the North Cyprus public health insurance can use public hospitals with a 20% discount on treatment and ambulance service if needed.
Transportation
During the tourist season, public transportation lines run along the coast and take you almost anywhere in the country. In the fall and winter, the routes shrink considerably. For people used to long distances, everywhere in Cyprus is close together.
Entertainment
Cyprus is a most festive place, especially during the summer months, full of bars, entertainment and all kinds of fun. First of all, the island is famous for its nightlife and is the number one address for summer tourism.
Under current tax legislation, Cyprus has one of the most favorable tax regimes in Europe, allowing you to experience luxury at affordable prices in North Cyprus. If you’re interested in owning property in North Cyprus, contact us now. At Mornvest, we have a great portfolio of new properties for sale. We will guide you through every step of the buying process.
