Cost of Living in Cyprus

The cost of living in Cyprus is close to the average on a global scale and for expats coming from strong economies, it might seem even low. Costs related to accommodation, healthcare, and education are quite reasonable, whereas some consumables such as food, household supplies, and magazines are a bit pricey. On average, €693 is enough for a single person to cover some basic living costs and live decently with no restrictions.

So before you pack your bags for your move to Cyprus, read on to learn more about the cost of living there from our detailed post.

Opening a bank account in Cyprus

When thinking about the cost of living in Cyprus one of the first questions that probably comes to your mind is whether you’ll be able to open a bank account and store your money in a secure place. Opening a local bank account is crucial for handling everyday expenses, from paying bills to transferring funds. As an expat, you can open a bank account in Cyprus, but you’ll need to provide a valid reason, such as receiving your salary or managing living expenses. Then, there is a period during which you wait for approval which may take around 2 weeks. If your request gets accepted, the next step is to provide some specific documents to start the procedure of opening the account.

Here is a list of the documents a Cyprus bank would require:

• Valid passport
• proof of address – could be a local utility bill receipt
• formally written information on the purpose of use of the account
• reference from your bank in your home country
• anticipated turnovers
• references from a local resident

It’s important to note that opening a bank account before arriving in Cyprus is possible with some banks, depending on their policies. If you prefer to open an account before you move to your new home, you need to do some research on the Cyprus banks that offer online account setup services and choose one of those.

Accommodation costs in Cyprus

Not only is the rent cost in Cyprus considered low, but expats can also choose from various types of rental properties – villas, apartments, maisonettes, traditional stone houses, and more.

Let’s have a look at the rent prices of commonly rented properties in Cyprus:

Mind that expats are responsible for their own utility bills because these taxes are not included in the rent price in Cyprus.

The documents you’ll need to be able to rent in Cyprus are a valid passport and proof of income. Also, we recommend that you always sign a lease when about to rent a new place.

Acquiring real estate in Cyprus presents significant advantages due to increasing property values and heightened demand. Despite a housing shortage, there is a notable influx of foreign residents, making property investment a prudent choice for those seeking rental income. Wealthy investors often turn to Cypriot real estate as a means to secure permanent residency. Popular choices include villas, apartments, and penthouses. The minimum investment required to qualify for this program is €300,000.

The relative price per square meter of:

If you decide to buy, bear in mind that you’ll have to pay some additional legal fees, such as VAT (value-added tax), land registration, stamp duty, etc.

Also, you will be able to lease your property but only to Cypriot residents. You are not allowed to rent out to short-term tourists.

Cost of utility bills

Utility bills in Cyprus are relatively low. Here are the monthly prices of some basic utilities:

Transportation costs in Cyprus

Whether for exploring the foreign new city you moved to, or just for everyday duties, you’ll certainly use some type of transport. So, let’s review the costs of transportation in Cyprus.

There’s no rail network on the island, so busses and taxis are the only public transport options.

Discounts are available for university students, school students, pensioners, social welfare beneficiaries.

People with disabilities and their companions, military personnel, and children under 6 don’t need tickets.

What is the average monthly cost of living in Cyprus

As opposed to the living costs mentioned above, some bits like food items, personal hygiene cosmetics, books along with others are a bit expensive. But they are still on average prices compared to other European countries.

Is food expensive in Cyprus

Cooking and eating at home is a true pleasure with the natural and delicious products available in Cyprus. So, let’s take a look at the costs for some basic foods:

Check out the prices of restaurant meals and drinks, too:

Attire and personal care

Everyone needs some new clothes from time to time, so here are some clothing and shoe prices in Cyprus:

Cost of healthcare in Cyprus

Cyprus offers public and private healthcare services, both of which are characterized by high standards and comfort. Public healthcare is available at no cost to citizens and residents of Cyprus, while private healthcare services are accessible to all for a fee. The average costs for common procedures are as follows: – Consultation with a general practitioner: €40—50 – Dental treatment: €100—200 – Daily hospital stay: €200—250 – Childbirth in a hospital: €4,000—5,000

Patients have the option to use health insurance to cover the costs of medical procedures at private clinics. The extent of coverage depends on the specific health insurance plan chosen.

One of the primary benefits of private clinics and hospitals is the expedited service they offer. Typically, individuals seeking medical attention at a private healthcare facility receive assistance without delay. In contrast, public healthcare services often require patients to wait, as appointments with doctors must be scheduled in advance.

Sport life and leisure time

Sports and culture expenses in Cyprus are relatively low.

Takeaways

Cyprus is a warm and inviting Mediterranean country with a slow pace of life and a relaxed atmosphere. The island offers a range of beautiful locations to choose from when deciding where to live. With a reasonable cost of living in Cyprus, you don’t need much to enjoy a comfortable and fulfilling lifestyle here. So if you are planning to move abroad you should most certainly consider Cyprus as an option!

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