Living in Paphos: Enjoy Excellent Standard of Living in Cyprus
Extract from the Shelter Offshore web site – Published on Thursday, October 14, 2010
http://exclusivecyprusproperty.co.uk/
In this report we examine what life in Paphos – one of the best towns in Cyprus – can offer relocating expatriates of all ages. We show how Paphos is a great place for a high standard of international living abroad
One of the main reasons cited by Britons of all ages when they’re asked about why they want to move to live abroad is that they want to achieve a better standard of living. The weather in the UK, the long average commute times, the fact that Brits work the longest hours and have the shortest holidays in Europe all mean that we want a better way of life when we move abroad.
Having lived and worked in many locations throughout Europe, I can honestly say that for quality of life Cyprus is practically second to none…and of all the locations across Cyprus, Paphos is one of the best towns to choose if you want to get the balance right between your social and your work life options.
Whether you’re planning on relocating in retirement, you have family and children in tow or you’re a couple or a singleton going in search of a brand new and better life abroad, this article will show you how living in Paphos you can enjoy an excellent standard of living.
Living in Paphos and Educating Children
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Unlike many international locations, Cyprus is an exceptionally family friendly place for relocation. The international schools on the island are highly regarded – with a former pupil from the International School of Paphos http://www.paphosinternationalschool.com/db/having just achieved a double first class degree from Cambridge University for example. What’s more, healthcare standards are first class, and there are many, many activities and organisations in place for the entertainment and edification of children.
For parents relocating to Cyprus, schooling is of primary concern – and in Paphos there is a fairly wide choice available to you, depending on whether you want to educate your children at the state schools where they will be primarily taught through the medium of Greek, or whether you want them to attend a fee paying international school.
If your child is between 3 months and 4.5 years old there are a selection of pre-school children’s nursery’s such as the excellent Peyia Playschool, http://www.peyiaplayschool.com/ where English is spoken, and your child will mix with other children of mixed nationalities.
If your children are under the age of about 7 or 8 and you intend living in Paphos for good, your child may find it easier to integrate into a state school and learn Greek than an older child will. For older children, and for children of parents who are not sure their relocation to Pahpos will be forever, the international options are the aforementioned, highly regarded International School of Paphos (ISOP) or the American School, Paphos.
ISOP takes children from kindergarten level right through to A levels, and the school’s campus is fabulous. The facilities and amenities are first class, teaching standards are high and former pupils go on to achieve international university placements. The American School in Paphos http://www.americanacademy.ac.cy/articles/view/home is part of the American Academy family of schools across Cyprus. The curriculum is approved by the local Ministry of Education, and students work towards the completion of the American Academy School Leaving Certificate.
According to the school: “Graduates of the school are eligible for entry to British, American, Australian, European and other overseas universities. Our graduates enjoy an excellent placement record with top universities worldwide.”
Healthcare in Paphos
Whether you’re planning on retiring to Paphos or you’re relocating with children, whether you have healthcare concerns or you just want to be prepared, you will be very, very pleased to learn that access to world-class medical facilities is available on this part of the island.
There is a relatively new general hospital serving the greater Paphos area, it’s located in Anavargos, which is northeast of the town centre. It is a fully equipped hospital catering for emergencies as well as ‘routine’ care issues. The address and phone number are as follows: -
Anavargos Street, Anavargos, Paphos.
Tel: 26-240111 or for emergencies tel: 26- 240100.
Call 199 for an ambulance in Cyprus.
There are additional private hospital facilities in Paphos such as Saint George’s Private Hospital which is at 29 Eleftheriou Venizelou Avenue in Paphos. (Tel: 26 947000). Or Evangelismos Hospital on 87 Vasileos Constantinou in Paphos. (Tel: 26 848 000). Or the Iasis Private Hospital which is located at 8 Voriou Epirou and which can be reached on Tel: 26 848 484.
You will probably want to choose a medical centre close to where you’re living, but there is wide and varied choice – try St James which is in Kato Paphos on 8 Tombs of the Kings Avenue – tel: 26 949 100/99 or the Blue Cross Medical Centre 51 Demokratias Avenue(Tel: 26 221 111) if you need to find a centre in an emergency and you have not had time to register with a doctor.
In terms of whether you need medical insurance – unless you’re covered by the likes of forms E106, E109, E121, E123 or E112 (see the department of health’s website) you may need to pay for all or some of any treatment you need when you’re living in Paphos. Do not believe that your European Health Insurance Card will cover you, as this is just for emergency treatment for temporary visitors to a country within the EU.
If you’re going to be working in Cyprus and paying tax, you will be paying towards state healthcare and should have an entitlement to treatment for free as a result. But you need to ensure you are properly registered and that you know the level of care you and any dependents will be entitled to.
The Cyprus Ministry of Health’s website is an excellent place to research any entitlement. If you realise you will have to pay for any or all treatment, you may decide that buying health insurance is a good way forward to protect your health and that of your family. Look around at local insurers’ offerings in Cyprus as well as the policies offered by the likes of Bupa International and so on. Insurance costs can be reduced if you increase your excess for example – and it always pays to shop around. You can also ask fellow expats what they do in terms ofg insuring their health when you move to Cyprus.
The Paphos Lifestyle
The lifestyle that you can achieve in Cyprus is excellent – the fine weather for up to 9 months of the year, the laid back attitude to life enjoyed by local people, the excellent and healthy Mediterranean cuisine and the fabulous coastline and beaches all add quality and enjoyment to life.
Paphos can take all of this a stage further however because it has great infrastructure and amenities – from shopping malls to hospitals, from schools to good roads and brilliant nightlife. In fact, if you want to achieve a best of all world’s situation, consider living in Paphos!
In Paphos you have many fine restaurants and bars – and as a resident locally you will soon discover where the locals eat and drink away from the tourists and you will get better food, better service and better value.
In Paphos you have an historic centre, ancient and fascinating remains, you have fabulous modern architecture, beautiful villas and apartments and you have all of this blended against the backdrop of the beautiful Mediterranean Sea.
In Paphos you have shops, jobs, schools, modern hospitals – you have your own airport and good roads linking you to the whole of the rest of the island…
Whether you’re moving to Cyprus in retirement or you’re young, free and up for a good time or you have children and you want to really integrate into the local community, there is so much going on in and around the Paphos area for people of all ages, you will never be bored or lonely!
Is Paphos Perfect?
From reading the above you may just be thinking, ‘hang on a minute I have found paradise on earth, I’m off to live in Paphos!’ However, Paphos is not perfect, nowhere is! Yes the town offers one of the best lifestyles in one of the best locations in Europe if not the world…however, it does have a few downsides that I should mention so that I present you with as balanced an opinion of the town as possible.
Because Cyprus is a very tourism-centric island, and Paphos is one of the most desirable places to stay, the town can be overrun with visitors for the long summer season. This also has the effect of pushing prices up in the likes of bars and restaurants. What’s more, despite the global economic downturn and the knock on effect this has had in economies everywhere, property prices in Paphos remain amongst the highest in Cyprus.
There are also not as many employment opportunities as there were, and competition for jobs and business is intense. If you’re going to be working or running your own business when you move abroad you need to know that if you’re moving to Paphos you will need to work hard. The good news is you can also play hard and enjoy an exceptional standard of living and way of life outside of work.
In Conclusion
Paphos has an awful lot in its favour. It is a very easy place to relocate to for Britons who are 100% familiar with many aspects of Cyprus in general – from the side of the road the cars drive on, to many of the shops on the high street for example. Nearly all Greek Cypriots have a very high standard of English, (although you should learn Greek if you want to enjoy more of your life on the island), and there are thousands of Britons living in Cyprus already, meaning that making friends will be much easier.
The thing you really need to keep in mind however is that nowhere is perfect, so ensure your expectations for your relocation are realistic – it will still take time to find a home, make a home, get your children into school and perhaps find work you enjoy…however, the many, many sunny days and the fabulous lifestyle will make any ‘hardship’ seem much, much easier!
http://exclusivecyprusproperty.co.uk/
Thursday, 30 December 2010
Why it pays to retire abroad
Extract from Shelter Offshore 10 December 2010. Why it pays to retire abroad.
The big pension news in the UK this month is that annuity rates have risen for the first time in ages – much is being made of this increase in underlying offerings from the likes of Legal & General, Aviva, Aegon, Just Retirement, LV= and Canada Life…however, the fact of the matter is, the long-term outlook for annuities is actually far from positive
At the moment annuity providers pay men more than they pay women, but this is likely to change next year when it’s widely expected that the European Court of Justice will rule that this is unfair on sex equality grounds. Annuity rates for men will then probably fall – inflation is also starting to nip at the heels of annuity rates offered, and all in all, if you’re planning on retiring in the UK with a British pension, the outlook is far from positive for you.
However, we’re not in the business of promoting doom and gloom! Which is why we’re here to tell you that it can actually pay – quite literally – to retire abroad instead. Not only can you likely benefit from better weather, a lower cost of living and an improved lifestyle by retiring to a paradise in the sun overseas, there are also far, far better options open to many overseas retirees when it comes to benefiting from their pension income.
Have You Heard of QROPS?
QROPS is an acronym for qualifying recognised overseas pension schemes…they came into being in April 2006 when it was announced that British expatriates could move their pension benefits offshore and into these schemes with the UK tax authority’s approval.
The number one, overriding, most magnificent benefit of these schemes is that you do NOT have to buy an annuity with them – ever! Which means, you can enjoy your entire pension pot…and anything you don’t get around to spending can be left as an inheritance for the benefit of your heirs.
Can You Benefit from QROPS?
If you’re a UK resident and planning on remaining in the UK throughout retirement, or you’re a resident or citizen of the United States then you’re unlikely to be able to benefit from QROPS – but anyone else is eligible to explore the potential benefits.
QROPS are certainly going to be of interest to you if you’re an expat already, you’re planning on retiring abroad or living outside of the UK for at least 5 tax years, or if you’ve already retired overseas but not yet accessed your pension.
How You Can Benefit from QROPS and Why it May Pay to Retire Abroad
The main general benefits of QROPS are as follows, however, as you will already be aware, when it comes to any financial arrangement, the potential benefits and advantages will depend a great deal on your personal situation. So, ensure you get qualified financial advice before you make a firm decision about QROPS…
1) You do not need to buy an annuity with your QROPS
2) You can therefore leave any unspent money to your heirs
3) You have great investment freedom for the benefit of your money
4) You may be eligible to take a tax-free lump sum when you come to retire, this can be up to 30% of your pension pot
5) You can potentially tax efficiently draw down income from your QROPS (depending on where you’re tax resident)
6) You can invest and enjoy income/a lump sum in the currencies of your choice
7) You will enjoy greater investment confidentiality
8) There are also potential IHT benefits
In terms of why it may actually pay you to retire abroad – I expect you can already see how much more of your pension pot you could enjoy if you didn’t have to tie it in to an annuity. What’s more, by being able to invest and draw down in the currency of your choice, you can potentially avoid negative exchange rate fluctuations and currency conversion charges.
Furthermore, by having great investment freedom you can ensure your pot is well diversified and earning as much as it possibly can while you’re not spending it.
How to Learn More About QROPS
Annoyingly, QROPS are not directly accessible by an individual, rather the QROPS providers take pension transfers through appointed and qualified intermediaries. In part this is to protect you – after all, making any decision about the movement, reinvestment and management of your pension requires you receive independent, qualified and regulated advice.
Therefore, the QROPS providers want to ensure you are making the right move for your money, therefore they will only take your transfer in if it comes via an intermediary who they appoint as being qualified to offer best advice.
For you, this means you need to speak to a qualified, regulated and independent financial adviser to ensure you get best advice…
Exclusive Cyprus Properties Property for sale in Cyprus.
The big pension news in the UK this month is that annuity rates have risen for the first time in ages – much is being made of this increase in underlying offerings from the likes of Legal & General, Aviva, Aegon, Just Retirement, LV= and Canada Life…however, the fact of the matter is, the long-term outlook for annuities is actually far from positive
At the moment annuity providers pay men more than they pay women, but this is likely to change next year when it’s widely expected that the European Court of Justice will rule that this is unfair on sex equality grounds. Annuity rates for men will then probably fall – inflation is also starting to nip at the heels of annuity rates offered, and all in all, if you’re planning on retiring in the UK with a British pension, the outlook is far from positive for you.
However, we’re not in the business of promoting doom and gloom! Which is why we’re here to tell you that it can actually pay – quite literally – to retire abroad instead. Not only can you likely benefit from better weather, a lower cost of living and an improved lifestyle by retiring to a paradise in the sun overseas, there are also far, far better options open to many overseas retirees when it comes to benefiting from their pension income.
Have You Heard of QROPS?
QROPS is an acronym for qualifying recognised overseas pension schemes…they came into being in April 2006 when it was announced that British expatriates could move their pension benefits offshore and into these schemes with the UK tax authority’s approval.
The number one, overriding, most magnificent benefit of these schemes is that you do NOT have to buy an annuity with them – ever! Which means, you can enjoy your entire pension pot…and anything you don’t get around to spending can be left as an inheritance for the benefit of your heirs.
Can You Benefit from QROPS?
If you’re a UK resident and planning on remaining in the UK throughout retirement, or you’re a resident or citizen of the United States then you’re unlikely to be able to benefit from QROPS – but anyone else is eligible to explore the potential benefits.
QROPS are certainly going to be of interest to you if you’re an expat already, you’re planning on retiring abroad or living outside of the UK for at least 5 tax years, or if you’ve already retired overseas but not yet accessed your pension.
How You Can Benefit from QROPS and Why it May Pay to Retire Abroad
The main general benefits of QROPS are as follows, however, as you will already be aware, when it comes to any financial arrangement, the potential benefits and advantages will depend a great deal on your personal situation. So, ensure you get qualified financial advice before you make a firm decision about QROPS…
1) You do not need to buy an annuity with your QROPS
2) You can therefore leave any unspent money to your heirs
3) You have great investment freedom for the benefit of your money
4) You may be eligible to take a tax-free lump sum when you come to retire, this can be up to 30% of your pension pot
5) You can potentially tax efficiently draw down income from your QROPS (depending on where you’re tax resident)
6) You can invest and enjoy income/a lump sum in the currencies of your choice
7) You will enjoy greater investment confidentiality
8) There are also potential IHT benefits
In terms of why it may actually pay you to retire abroad – I expect you can already see how much more of your pension pot you could enjoy if you didn’t have to tie it in to an annuity. What’s more, by being able to invest and draw down in the currency of your choice, you can potentially avoid negative exchange rate fluctuations and currency conversion charges.
Furthermore, by having great investment freedom you can ensure your pot is well diversified and earning as much as it possibly can while you’re not spending it.
How to Learn More About QROPS
Annoyingly, QROPS are not directly accessible by an individual, rather the QROPS providers take pension transfers through appointed and qualified intermediaries. In part this is to protect you – after all, making any decision about the movement, reinvestment and management of your pension requires you receive independent, qualified and regulated advice.
Therefore, the QROPS providers want to ensure you are making the right move for your money, therefore they will only take your transfer in if it comes via an intermediary who they appoint as being qualified to offer best advice.
For you, this means you need to speak to a qualified, regulated and independent financial adviser to ensure you get best advice…
Exclusive Cyprus Properties Property for sale in Cyprus.
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