Stricter retirement criteria for non-EU citizens in Cyprus after Brexit

Like other members of the European Union, Cyprus has tightened its rules for non-EU citizens looking to retire there as a result of Brexit. This action, which was motivated by the idea of "taking back control," resulted in tightened residence requirements, which have an impact on British nationals who previously had easier access to retirement in Cyprus. New financial restrictions have been implemented as the country works to secure its borders, potentially crushing the retirement aspirations of many hopeful Britons. Furthermore, if a surviving spouse's income is less than the required minimum, it is critical to address the unresolved issues concerning their residency status.

Residency in Cyprus before Brexit:

Retired British nationals and others were eligible for residency in Cyprus under Category F prior to the United Kingdom's exit from the European Union if they could prove an annual income of at least €9,568. This income cap let retirees to live in Cyprus without working in any kind of business, trade, or occupation. It was also necessary to pay an additional €4,613 for each dependent.

Short-term residency after Brexit:

Cyprus has updated the requirements for retired British nationals and non-EU nationalities to extend their 90-day visiting visa for up to one year as of January 2023. After Brexit, the new standard requires a single person to make at least €24,000 annually, plus an additional €4,800 for their spouse. Additional requirements include a chest X-ray, private health insurance, a clean criminal record certificate, and confirmation of residency, among others.

Average retirement income and impact:

According to recently disclosed data from the UK government, the average retirement income for a British couple in the fiscal year ending 2022 was roughly £26,780 annually (equal to about €31,500), while it was £12,428 annually (equivalent to about €14,600). These figures indicate that many Britons' hopes of retiring in Cyprus may be dashed with the increased financial conditions in place. One significant issue that has not been resolved is whether a surviving spouse's residency will be withdrawn if their annual income from overseas falls below the €24,000 minimum requirement.

Expedited residency and investor immigration permits:

Cyprus has amended the accelerated procedure for issuing immigration permits to foreign nationals interested in investing in the country in addition to the updated retirement conditions. These requirements, also referred to as Investor Immigration Permits, have been strengthened to draw in foreign investment and boost the economy.

Residency in other EU member states post-Brexit:

It is significant to highlight that Cyprus is not the only EU member state with stricter requirements for non-EU residents seeking retirement in their countries, including British people. For instance, Spain requires that an individual have a yearly income equal to 400% of IPREM (Indicador Público de Rentas de Efectos Múltiples) in their bank account. A person will need a yearly salary of €28,800 plus an additional €7,200 for each dependent if the IPREM for 2023 is €600. Similar to other countries, Greece needs a minimum yearly income of €24,000 as well as additional financial support for wives and children for two-year temporary residency.

Following Brexit, Cyprus and other EU members tightened their requirements for non-EU citizens looking to retire in their respective countries. Prospective retirees, especially British nationals, are worried about the enhanced financial requirements in Cyprus because the income limits are higher than the typical retirement income for many. It's unclear how this will affect surviving spouses, whose income might be below the required amount. It is crucial for authorities to clarify these unresolved concerns and provide clarification for people looking to retire overseas because retirement aspirations could be dashed.