totorama

Hi. Folks,

My wife and I are considering retiring in the near future to Cyprus after reading many positive reviews. We are both British citizens and have lived in California for the last 10 years but feel we can't return to the cold British climate.

We obviously have a lot of research to do before hand and to start off we will be visiting the island in April. My big concern is calculating funds needed for retirement.

Can anyone give me a 'ball-park' figure as to what the basic cost of living for one year would be assuming we have no mortgage to pay. (i.e we pay cash for a property).

Veronica-K

The cost of living is fairly well on a par with the Uk as some things are more expensive but others are cheaper. It pretty well evens out overall.
There are also now more andshops opening which bring in British goods at heavily discounted prices so the d ays of having to pay well over the odds for British brands are fast dissapearing.
Also there is now a Euro shop in Paphos which opened on the 1st of this month. There is a two price structure. Everything is either 1 or 2 euros. It is great for all your toiletries, make up, cleaning materials, over the counter meds and much more.
I bought some Boots brand hair colouring for 2 euros. I usually pay 8 euros for hair colour. Shampoo for 1 euro when I usually pay over 3 euros. This will make a big difference to our monthly bills.

Veronica

elkiton

Hi, here in the North, having been here for 2 years I would estimate the net income you need for a comfortable retirement, assuming car and house paid for is in the order of £17K / year. Make that £20K and you will have Health cover and trips to the UK too ! Get below £15K and you will struggle, in my humble opinion. This will maintain an equivalent / better lifestyle than the UK

best regards

Tony Elkin

totorama

Thanks, Veronica-K & elkiton for the quick replies,

Tony, I assume living in the North is less expensive than the South. Any idea what the offset is? also I assume you are quoting UK Pounds sterling not Euro's.

Thanks again the info was just what I needed.

Terry

elkiton

Yes, talking £ sterling. My friends in the South are mush better off than me in terms of pension, and constantly complain about the high cost of living. I did a spell of house sitting 3 months ao and was socked at how little went into the shopping trolley for a lot of cash....estimate col probably 40% higher in the south, open to correction here from those that live there.

A year ago we used to keep the car insured and go south to shop monthly at least...now I and my colleagues only go there for a specific reason, like an airport pickup, visit to M & S etc, and even that is far more expensive that the UK...I still shop at Mark's because the quality of clothes in the North is rubbish, but paying 45E for a mans top is still a bit excessive. Carrefour and Orphanides superstores are good for "utility" clothes and shoes, not bad quality either.

If you do come North, rent for 6 months to get the lie of the land, you can get a 3 bed villa with pool next to mine for £300 a month, although I do live 20 miles away from Kyrenia and 5 miles from the nearest shop...but I do have Black Francolins calling each morning in the valley behind me when the hunters are not around!

Best Regards

TonyE

Veronica-K

totrama please read everything that is availabe on google regarding the property problems in the North. Particulalry the Orams case which was a test case and the results of which mean that many people who have bought property in the North stand to lose everything.

Veronica-K

Take a look at these articles
Cyprus Weekly Article
http://www.cyprusweekly.com.cy/defau...ocalNewsID=905

http://www.mfa.gov.cy/mfa/properties...n?OpenDocument


Veronica

elkiton

Read the latest ECHR ruling after the Orams, the IPC property commission is now legal and cases have to be heard in the North, compensation will be paid.
The Orams case is no longer relevant tp property owners
TE

elkiton

Sorry, had to go offline in a hurry, here are the links / articles relevant to the ECHR ruling which just threw out 1500 cases similar to the Orams, telling them that the TRNC IPC is legally recognised and should be used to try and effect a solution.

The response form the ROC government is to try and find ways of stopping their people using this route and criminalise them.

This is a very emotive subject given the events leading up to 1974, and will not be settled by any EC or UN directives; the two nations concerned have been at loggerheads for thousands of years, and it will not stop now because some politicians say they must live in harmony. They never have and in my opinion never will. - The EOKA led attempts at genocide and Britain's failure to join the police action by Turkey in '74 have set the green line in concrete, in my opinion for ever.

http://www.cyprus-mail.com/opinions/...t-ipc/20100321

http://www.cyprus-mail.com/features/...t-ipc/20100321

The risk of property rights still exists, but there will be no one marching in to throws out the TC's, settlers, and ex-pats in the short term, like in my lifetime.
TonyE

Veronica-K

This was published today...

Tuesday, 23rd March 2010, 17:05:03

COURT RULING ‘WON’T STOP NORTHERN CYPRUS LEGAL ACTION’
Cyprus, Northern Cyprus, Orams, ECHR, ECJ, court, legal, IPC

A new ruling in the European courts is unlikely to prevent legal action being against foreign property buyers in Northern Cyprus, according to lawyers.

The European Court of Human Rights (ECHR) earlier this month ruled that Greek Cypriots with claims to property in the North would have to take them to the Turkish Cypriot Immovable Property Commission (IPC) before filing a case with the court.

The outcome of the case, known as Demopoulos v Turkey, has been welcomed in Northern Cyprus by those who argue it could provide a defence against future legal action such as that which led to a British couple, David and Linda Orams, being forced to abandon the home they had built on Greek Cypriot-claimed land in the North.

However, Greek Cypriots are not bound to comply with the decision of the IPC and could still file claims against foreign owners in the Cyprus court system, according to international property lawyer John Howell.

'Marginal case'
“This new case is marginal because it relates to a limited set of circumstances,” he told OPP. “The ruling was that a Greek Cypriot making a claim on land has to apply to the IPC first, not that they can’t go to the ECHR.”

The final Orams judgment was made by the European Court of Justice (ECJ) and ruled that decisions made in a Cypriot court must be upheld by other European Union member states. This left the Orams open to legal action in the UK if they did not comply with the Cypriot court’s ruling.

“The new case doesn’t alter the fact that if a someone goes to a Cypriot court, the ruling has to be applied throughout the European Union,” said Howell. “The Orams case is the better authority because it deals specifically with this question.”

Possible impact
The Demopoulos case may still impact the situation. Although commentators had predicted that hundreds of cases against foreign buyers would follow the Orams ruling in January, the Orams’ lawyer, Constantis Candounas, has suggested the IPC is now the best option for those who have claims on property in the North.

“Every Greek Cypriot refugee should apply,” he told Cyprus’s Sunday Mail newspaper. “In the past people had the option to choose either the ECHR, which took a long time, or the IPC, which was a much quicker procedure. Now we only have the IPC as an option.”

Oncel Polili, a lawyer for the Turkish Cypriot Human Rights Foundation, told OPP: “The ECHR ruling doesn’t stop people from pursuing the new owners of their land. But if that land is now held by the government they would have to sue Turkey, which isn’t within EU jurisdiction. The IPC is the best option at the moment.”

However, as the IPC is expected to offer most claimants compensation rather than restitution of their property, those who aren’t willing to give up their land may reject the IPC’s decision or ignore the commission altogether.

DerekM

The comments on the cost of living on both sides seem realistic. Which ever side you fancy living on.......the best answer is definitely rent. Rentals are very cheap at the mo and you can get a good feel for the whole picture and how it suits you. Both economies are in a pretty poor shape from what I hear from friends over there, so many empty properties that cant be let or sold.
Talking of finances, taxation in the south is pretty lenient and gives a special rate for British Expats. Cant comment on the taxation policy in the north. Perhaps others can.

johnh009

Here is what the Foreign Office says about Cyprus. Like many travel advisories, it may be a bit sensationalist, but the part about buying property is worth reading. I am sure people "on the ground" there can give you some good advice, as they have done already:

http://www.fco.gov.uk/en/travel-and-.../europe/cyprus

Veronica-K

john is aboslutely right in saying that there are issues with buying property in Cyprus. However in the South as long as you do you homework, use a reputable agent and good independant lawyer who has no connection with the vendor the chances of getting stung are very slim. The important thing is
DO NOT LEAVE YOUR BRAIN AT THE AIRPORT. Do not do anything you would not do in your home country. Wherever possible try to buy a resale property with title deeds or if buying from a developer, try to buy a completed or almost completed property as then at least you know that the property has actually been built. There were a number of rogue 'developers' (mainly British) who sold off plan, often selling the same property a number of times, then vanished from the island without ever laying a single brick, taking with them millions of pounds of 'clients' money.

In the North the problems are very serious with many people facing possible confiscation of their properties, which have in most part been built illegally on Greek owned land by Turks. Many Greek Cypriots are now pursuing cases in the courts to regain ownership of their family land and homes and the Ormas case which has been well publicised was test case which has resulted in the Orams not only having to leave their villa, but also have it demolished and pay compensation to the rightful owner of the land. If they do not comply he can claim agaisnt their Uk property. The Orams have appealled agaisnt the ruling but it their appeal failed and they have no further right to appeal so they have now vacated the property.
The link which john gave mentions something which I was not aware of and that is that anyone who BUYS such illegal properties could also face up to 7 years imprisonment. There were a great many Brits who bought in the North fully aware of the fact that the properties they were buying were illegally built but they had the attidude , its cheap so its worth it. I wonder how cheap they think it was now? These people must be bitterly regretting their greed now.
I have said so many times, DO NOT BUY IN THE NORTH WITHOUT CHECKING WITH LAND REGISTRY IN NICOSIA THAT THE LAND WAS PRE 1974 TURKISH OWNED. So called 'exchange land' is also being disputed as the Greek Cypriot owners of this land did not agree to any exchange so anyone who bought on such land thinking it was safe will also now be worried about what will happen.

Veronica-K

This is technically incorrect as Greek Cypriot owners do not have to accept the findings of the Turkish authorities. This is only the first step and if they are not happy with the outcome they can still go to the European court.
It only means that it may take a little longer for them to get justice but in the end they will get it.

DerekM

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Sorry Veronica, my understanding is that this ruling is final and there is no appeal against it?