Cyprus is a popular destination for expats due to its sunny weather, beautiful beaches, and relaxed way of life. The island nation is also known for its low crime rate and excellent healthcare system. However, before moving to Cyprus, it’s important to consider the cost of living, job opportunities, and the local culture.
Cyprus is a member of the European Union and the eurozone, which means the currency is the Euro (EUR). The cost of living in Cyprus can vary depending on where you live on the island. The capital, Nicosia, tends to be more expensive than other areas, while the cost of living in smaller towns and villages is generally lower.
In terms of job opportunities, Cyprus has a diverse economy, with tourism, financial services, and shipping being major industries. It’s also home to several international companies, particularly in the technology sector. However, the job market can be competitive, and it may be difficult to find employment without a strong skill set or local connections.
Cyprus has a rich cultural heritage, with a mix of Greek and Turkish influences. The island is known for its delicious cuisine, which includes fresh seafood, grilled meats, and local cheeses. The local wine is also a highlight, with several wineries located across the island.
Overall, Cyprus can be a great destination for expats who are looking for a sunny and relaxed lifestyle, but it’s important to do your research and consider the cost of living, job opportunities, and cultural differences before making the move.
The general cost of living in Cyprus
The cost of living in Cyprus can vary depending on the area, lifestyle and personal preferences. As a general guideline, the cost of living in Cyprus is considered to be moderate to high compared to other European countries.
Housing and accommodation costs can be a significant expense, especially in popular areas. However, transportation, healthcare, and food and drink costs are generally considered to be affordable.
According to the Numbeo website, the cost of living in Cyprus is about 6.5% lower than in the United States, but about 7.5% higher than the United Kingdom.
It’s important to note that Cyprus uses the euro as its currency, and as of May 2023, the exchange rate is approximately €1 = $1.14 USD.
Wages and salary in Cyprus
The minimum wage in Cyprus as of 2023 is €999 gross per month for employees above the age of 25, and €870 for employees aged 18-24. However, salaries can vary widely depending on the industry and job position. High-skilled workers in areas such as finance, IT, and medicine can earn significantly higher salaries. It’s important to note that the cost of living in Cyprus is relatively high, so even a higher salary may not go as far as it would in other countries.
Housing costs in Cyprus
The housing costs in Cyprus can vary depending on the location, size, and type of property. The average monthly rent for a one-bedroom apartment in the city center can range from €500 to €800, while a three-bedroom apartment can cost anywhere between €1,000 to €2,000. Outside the city center, the rent for a one-bedroom apartment can start from €400 to €700, and a three-bedroom apartment can cost between €800 to €1,500 per month.
The average cost of buying property in Cyprus is also dependent on the location, size, and type of property. According to Numbeo, the average price per square meter in the city center is around €2,500, while outside the city center, it can range from €1,500 to €2,000. It is worth noting that these are just average estimates and that prices can vary significantly based on location and other factors.
Rental costs in Cyprus
The rental costs in Cyprus vary depending on the location, size, and condition of the property. According to Numbeo, the average monthly rent for a one-bedroom apartment in a city center is around €530, while a three-bedroom apartment in a similar area costs around €1,230 per month. Outside of the city center, the average monthly rent for a one-bedroom apartment is around €410, and a three-bedroom apartment costs around €970 per month. Of course, these are just average prices and may vary based on the specific location and other factors.
Property prices in Cyprus
The property prices in Cyprus vary depending on the location and the type of property. As of 2021, the average price per square meter for an apartment in the capital city of Nicosia is around €1,500-€2,500, while in the popular tourist city of Limassol it can reach up to €3,000-€5,000 per square meter. For a house, the prices can range from €1,500-€3,000 per square meter in Nicosia to €2,000-€4,000 per square meter in Limassol. The prices can also be influenced by factors such as proximity to the beach, quality of the property, and whether it has a sea view.
Cost of domestic bills in Cyprus
The cost of domestic bills in Cyprus can vary depending on factors such as the size of the home, the location, and the type of utilities used.
Utility bills in Cyprus
- Electricity: The average cost of electricity in Cyprus is around €0.17 per kWh. The monthly bill will depend on usage, but for a 2-person household, it can range from €40 to €80.
- Water: The cost of water in Cyprus is around €1.20 per cubic meter. For a 2-person household, the monthly bill can range from €20 to €40.
- Gas: Natural gas is not widely used in Cyprus. However, liquefied petroleum gas (LPG) is commonly used for cooking and heating. The cost of LPG varies depending on the supplier and the region, but it is generally around €0.60 per liter.
- Internet and TV: The cost of internet and TV packages in Cyprus varies depending on the provider and the package selected. On average, a basic internet and TV package can cost around €50 per month.
It’s important to note that these are approximate costs and can vary depending on individual circumstances. Additionally, other expenses like property taxes and waste disposal fees can add to the overall cost of living in Cyprus.
Telecommunications in Cyprus
Telecommunications in Cyprus are modern and well-developed. There are several mobile network operators and internet service providers offering a range of plans and packages for both locals and expats.
The largest mobile network operators in Cyprus are Cyta, MTN, and Vodafone. They offer various mobile plans, including prepaid and postpaid options, with different data allowances and rates. The prices vary depending on the plan and the operator, but in general, they are comparable to other European countries.
For internet services, there are several providers, including Cyta, Primetel, and Cablenet, offering various broadband packages with different speeds and prices. The prices for internet services in Cyprus are also similar to those in other European countries.
In terms of television services, there are several providers, including Cyta, Primetel, and Cablenet, offering various packages with different channels and prices. Some packages include international channels, which may be of interest to expats.
Overall, the cost of telecommunications in Cyprus is generally affordable, with a range of options available to suit different needs and budgets.
Healthcare costs in Cyprus
The healthcare system in Cyprus is considered to be of a high standard, with both public and private healthcare options available. However, the cost of healthcare can vary depending on the type of service and the level of coverage.
Public healthcare in Cyprus is funded by the government and is generally low-cost or free for citizens and permanent residents. However, public healthcare may not offer the same level of amenities and services as private healthcare.
Private healthcare in Cyprus is more expensive, but also offers a wider range of services and higher levels of comfort. The cost of private health insurance can vary depending on the provider and the level of coverage.
It is also worth noting that non-EU citizens may be required to have private health insurance before being granted a residency permit in Cyprus.
Childcare costs in Cyprus
Childcare costs in Cyprus can vary depending on the type of childcare and the age of the child. Here are some estimates of the costs:
- Daycare/nursery: The cost of daycare/nursery can range from €300 to €600 per month, depending on the location and the age of the child. The cost is usually higher for infants and toddlers.
- Babysitter: The cost of a babysitter can range from €6 to €12 per hour, depending on the location and the experience of the babysitter.
- Nanny: The cost of a nanny can range from €800 to €1,200 per month, depending on the location, experience, and responsibilities.
- Au pair: The cost of an au pair can range from €300 to €600 per month, depending on the location and the responsibilities.
It’s important to note that these are estimates, and the actual costs can vary depending on several factors.
Study costs in Cyprus
Cyprus has a well-developed education system with many universities and colleges offering a variety of programs. The cost of studying in Cyprus can vary depending on the institution and the program of study.
Public universities in Cyprus charge relatively low tuition fees, with the annual tuition fees ranging from around €3,400 to €7,000, depending on the program of study. Private universities and colleges generally charge higher tuition fees, with the annual tuition fees ranging from around €6,000 to €16,000.
In addition to tuition fees, students may also need to pay for accommodation, textbooks, and other living expenses. The cost of living in Cyprus can vary depending on the location and lifestyle, but it is generally considered to be lower than many other European countries.
The cost of food and drink in Cyprus
The cost of groceries in Cyprus can vary depending on the product and where it is purchased. Generally, local produce is cheaper than imported goods.
st rough estimates.
Groceries
Some of the common items and their approximate prices are:
- 1 liter of milk: 1.20-1.50 EUR
- Loaf of bread: 1-1.50 EUR
- 1 kg of rice: 1-2 EUR
- 1 kg of potatoes: 0.80-1.50 EUR
- 1 kg of tomatoes: 1-2 EUR
- 1 kg of apples: 1.50-2.50 EUR
- 1 kg of chicken: 5-7 EUR
- 1 kg of beef: 10-15 EUR
- 1 bottle of water (1.5 liters): 0.50-1.50 EUR
It’s worth noting that the prices can vary depending on the supermarket or store, and these are ju
Restaurants in Cyprus
Cyprus has a vibrant dining scene, with a wide range of options to suit all budgets and tastes. Dining out at restaurants can be relatively expensive compared to buying groceries, but prices can vary depending on the location and type of establishment.
In general, a meal at an inexpensive restaurant can cost around 10-15 EUR per person, while a three-course meal for two at a mid-range restaurant can cost around 50-60 EUR. Fine dining restaurants can be more expensive, with prices for a three-course meal for two starting at around 80-100 EUR.
It’s worth noting that Cyprus has a strong tradition of meze, which is a type of meal consisting of multiple small dishes, similar to tapas. Meze can be a great value for money option, as it allows you to try a variety of different dishes at once. Prices for a meze meal can vary depending on the restaurant and the number of dishes served, but expect to pay around 20-30 EUR per person.
Cyprus is also famous for its local wines, which are of excellent quality and can be a good value for money option compared to imported wines. A bottle of local wine at a restaurant can cost around 15-20 EUR. Imported beers and spirits can be relatively expensive, with a pint of beer costing around 4-5 EUR and a cocktail costing around 8-10 EUR.
Beer, wine, and spirits in Cyprus
The cost of beer, wine, and spirits in Cyprus can vary depending on the brand, location, and establishment. Generally, beer can cost around €2-€4 in a store and €3-€6 in a bar or restaurant. Wine can range from €5-€15 per bottle in a store and €15-€30 in a restaurant. Spirits such as vodka, gin, and whiskey can be purchased for around €15-€25 in a store, while cocktails in a bar or restaurant can cost around €8-€15. It’s worth noting that prices can be higher in tourist areas or upscale establishments.
Coffee in Cyprus
Coffee in Cyprus is typically priced between €2-€4 for a basic cup of coffee. The exact price can vary depending on the location and type of coffee. Specialty coffees such as cappuccinos and lattes tend to be more expensive, often costing around €3-€5. Coffee prices in tourist areas may also be higher than in other areas of the country.
Transport costs in Cyprus
Transport costs in Cyprus can vary depending on the mode of transportation used. Public transport, such as buses, is relatively affordable, with a one-way ticket costing around €1.50. Taxis are more expensive, with an initial charge of around €3.50 and an additional €1.50 per kilometer. Car rental prices can vary depending on the time of year and the duration of the rental, but are generally affordable. The cost of fuel in Cyprus is similar to the EU average.
Public transport in Cyprus
Public transportation in Cyprus is not as developed as in some other European countries, but it is still an affordable option for getting around. The main forms of public transportation in Cyprus are buses and taxis.
Buses are operated by the government-run company called OSEL, and they cover most of the island, including major cities and tourist destinations. The cost of a one-way ticket is around 1.50 EUR, but prices may vary depending on the distance traveled. It is also possible to purchase a daily or weekly pass, which offers unlimited travel on all OSEL buses.
Taxis in Cyprus are widely available, and fares are regulated by the government. The cost of a taxi ride is calculated based on distance traveled, and there are additional fees for luggage, nighttime travel, and trips outside of major cities. On average, a taxi ride within a city center costs around 10-15 EUR.
It is also possible to rent a car or a scooter in Cyprus, but the cost of renting varies depending on the season and the type of vehicle. It is recommended to compare prices and book in advance to get the best deal.
Private transport in Cyprus
In Cyprus, owning a car is a common way to get around, and there are many dealerships that offer both new and used cars for sale. However, buying a car in Cyprus can be expensive, and the cost of car insurance and petrol can also add up.
The cost of petrol in Cyprus is currently around 1.50 EUR per liter for unleaded gasoline. The cost of car insurance will depend on a variety of factors such as your age, driving experience, and the type of car you own. On average, car insurance can cost anywhere from 300 to 700 EUR per year.
In addition to owning a car, taxis and private hire services are also available in Cyprus. Taxis can be found in all major cities and towns and are generally affordable. Private hire services, such as Uber, are also available in some areas.
Another popular mode of transportation in Cyprus is the bus. There are both private and public bus companies that operate throughout the country, and the cost of a one-way ticket is typically between 1.50 and 2.50 EUR. Monthly passes and other discounts are also available.
Lastly, bicycles are becoming a more popular mode of transportation in Cyprus, particularly in the larger cities. There are many bike shops that sell both new and used bicycles, and the cost of a new bicycle can range from 200 to 500 EUR or more depending on the type and quality.
Leisure activities in Cyprus
Cyprus offers a range of leisure activities for locals and visitors alike. Some popular options include:
- Beaches: Cyprus is known for its beautiful beaches, with crystal clear waters and sandy shores. Some popular beaches include Nissi Beach, Fig Tree Bay, and Coral Bay.
- Water sports: With its clear waters, Cyprus is a great destination for water sports enthusiasts. Activities such as jet skiing, parasailing, and scuba diving are popular options.
- Hiking and cycling: Cyprus offers many scenic hiking and cycling trails, such as the Troodos Mountains and Akamas Peninsula.
- Cultural sites: Cyprus has a rich history, with many cultural sites such as ancient ruins and medieval castles. Some popular sites include the Tombs of the Kings, the Kolossi Castle, and the Ancient Kourion.
- Nightlife: Cyprus has a bustling nightlife scene, particularly in the tourist hotspots of Ayia Napa and Limassol. Bars, clubs, and restaurants offer a range of entertainment options for night owls.
- Shopping: From high-end boutiques to local markets, Cyprus offers a variety of shopping options. The capital city of Nicosia is known for its traditional bazaars and pedestrian shopping streets.
- Food and wine: Cyprus is known for its delicious cuisine, which blends Greek and Middle Eastern flavors. Local specialties include halloumi cheese, souvlaki, and fresh seafood. The island is also home to several vineyards, producing a range of local wines.
Clothing in Cyprus
Clothing prices in Cyprus can vary depending on the quality and brand. Generally, clothing prices in Cyprus are similar to those in other European countries.
There are several international and local clothing stores in Cyprus, ranging from budget-friendly to high-end designer brands. Some of the popular international clothing brands that have stores in Cyprus include Zara, H&M, Pull and Bear, Massimo Dutti, and Bershka.
In addition, there are also local clothing stores that offer unique designs and styles that are specific to the Cypriot market. These stores can be found in various locations across the island, including in popular shopping districts and malls.
Overall, the cost of clothing in Cyprus is considered moderate, with prices that are generally in line with the European average.
Sports in Cyprus
Sports play an important role in the culture of Cyprus, with a wide variety of sports and activities available throughout the island. Football is the most popular sport, with several professional teams and a passionate fan base. Other popular sports include basketball, volleyball, handball, tennis, and cycling. Water sports such as swimming, windsurfing, and sailing are also popular due to Cyprus’ location on the Mediterranean Sea. Golf is also popular, with several world-class courses available. There are also many gyms, fitness centers, and yoga studios throughout the island.
Taxation and social security in Cyprus
In Cyprus, taxation and social security contributions are an important part of the cost of living. Cyprus has a progressive tax system, with higher earners paying a higher percentage of their income in taxes. The tax rates for 2021 are as follows:
- Income up to €19,500: 0%
- Income between €19,501 and €28,000: 20%
- Income between €28,001 and €36,300: 25%
- Income between €36,301 and €60,000: 30%
- Income over €60,001: 35%
Social security contributions are also required for all employees and employers. The rates are 7.8% for employees and 7.8% for employers for social insurance, and 1.2% for employees and 1.2% for employers for the social cohesion fund. Additionally, there is a 2% contribution for the Redundancy Fund paid by the employer.
It’s important to note that there are various deductions and exemptions available in the tax system, such as for contributions to pension schemes and for donations to approved charities.
Overall, taxation and social security contributions in Cyprus are comparable to those in other European countries, and are an important consideration for those planning to live and work in Cyprus.
Assistance with living costs in Cyprus
There are a few types of financial assistance available to help with living costs in Cyprus:
- Social Insurance: All employees in Cyprus are required to make social insurance contributions, which cover pensions, unemployment benefits, and other social security benefits. Self-employed individuals are also required to make contributions.
- Housing Allowance: The Housing Allowance is a government subsidy designed to help low-income families with their housing costs. To be eligible for the Housing Allowance, the applicant must meet certain income and property ownership criteria.
- Child Benefit: Child Benefit is a monthly allowance paid to families with children under the age of 18. The amount of Child Benefit depends on the number of children in the family and the family’s income.
- Social Welfare Services: The Social Welfare Services provide a range of services to low-income families, including financial assistance, social housing, and medical assistance.
- Food Assistance: The Food Assistance Program provides vouchers to low-income families to help them purchase food.
- Student Loans: The government of Cyprus offers low-interest student loans to help students cover the cost of their education.
- Disability Benefits: Disabled individuals in Cyprus may be eligible for disability benefits, which are designed to help cover the costs associated with their disability.
It’s important to note that eligibility criteria and application procedures for these programs can vary. Individuals interested in learning more about financial assistance programs should contact the relevant government agencies or seek the advice of a financial advisor.