Rental homes for retirees in Cyprus

Finding rental homes for retirees in Cyprus

The first step for those who want to move to Cyprus is to find a long-term rental home, then to sign a lease for it with a minimum duration of 12 months.

In fact, a long-term rental contract is essential to tax residence in Cyprus and thus to taking advantage of the tax incentives available to private retirees (a flat tax of 5% on the gross pension, with no time limits).

However, it isn’t easy to find long-term rental homes in Cyprus as it is a well-known and popular tourist destination. Of course, there are considerable differences between different areas, cities and towns.

To find long-term rental units in Cyprus, it is necessary to plan well in advance and keep in mind that, in order to obtain tax residence before the end of the year, you will have to move within the first half of the year.

Why move to Cyprus in retirement

The Mediterranean island of Cyprus is a great option for those wishing to transfer their tax residence when they retire, offering many advantages:

• tax benefits just for private retirees (flat tax of 5%, forever);
• cost of living;
• the excellent price-quality ratio of real estate for rent and for sale.

To become a tax resident of Cyprus and thus take advantage of preferential taxation, you’ll have to reside there for at least 6 months and a day per year, even if not continuous, and you’ll need a legal long-term rental contract, i.e., a lease of at least 12 months, preferably renewable.

 

When to look for a house for rent in Cyprus

The best time of year to look for a long-term rental home in Cyprus is during mid-to-low tourist season:

• September to April each year, as there are more units available.

During peak tourist season, although you will always find some homes to rent, the selection of real estate available will be limited as owners prefer to rent their homes to tourists.

In terms of becoming a tax resident of Cyprus, it’s also important to plan each step of your relocation in advance. The ideal time to take a trip to the island to look for a rental home is September-December, with the goal of transferring your residency in January of the following year.

Rental home prices in Cyprus: examples

Below are a few examples of homes that have been rented by our clients who have relocated to Cyprus. They are in order of increasing price and each one has an accompanying explanation.

Example 1: two-bedroom apartment

This fully furnished apartment has two bedrooms, one bathroom and a large rooftop terrace.

It is located in Kapparis (Paralimni), about one kilometer from the area’s most beautiful beaches.

Monthly rent for a long-term lease: €500

Example 2: two-bedroom apartment in a building with a shared swimming pool

This two-bedroom apartment is two kilometers from the most beautiful beaches of Kapparis (Paralimni). It has a terrace with a view and amenities which include a shared pool and covered parking.

Monthly rent for a long-term lease: €500

 Example 3: single-family home with a private pool

This modern furnished detached home consists of three bedrooms, two bathrooms and beautiful private pool.

It’s located about one kilometer from the nearest beach. Town of Kapparis.

Monthly rent for a year-long lease: €800 

Example 4: furnished single-family house close to the beach

This splendid detached house has three bedrooms, three bathrooms and a private pool.

It is fully furnished and located in Agia Thekla about 2 kilometers from the most beautiful beaches in the area.

Monthly rent for a long-term lease: €1,200

Example 5: single-family house with a swimming pool

Detached home with three bedrooms, two bathrooms and a private pool.

It’s fully furnished and located in Paralimni, one kilometer from the nearest beach.

Monthly rent for a long-term lease: €1,200

  

How to find a long-term rental in Cyprus

Before any relocation, we always recommend taking a trip to the destination to learn about its pros and cons, looking at it through the eyes of a resident and not a tourist.

For this reason, we offer accompanied trips with tours of available long-term rental homes, designed specifically to help you understand what living and residing in Cyprus truly means.

More specifically, in terms of real estate rentals and purchases, we plan all the activities to be carried out with you on-site during each REFRAMED trip, well in advance.

Before your trip abroad, in order to achieve your goals, i.e., to lease or possibly purchase a home, we:

1. sift through the real estate market (listings from real estate agencies, landlords, builders, etc.) based on your needs;
2. pre-select homes and apartments for you;
3. initiate real estate negotiations and examine contractual details;
4. plan viewings of available homes, which we will then accompany you on during the trip.