articles | 02 March 2023

Cyprus among top ten countries to retire to

Cyprus is among the top ten countries for people to retire to, with a focus on affordability, according to a study released on Wednesday by one of the UK’s largest life insurance brokers Reassured.

The study took into account a number of key factors, including the annual level of sunshine recorded by the country, average life expectancy, the associated country’s cost of living index, and the average cost of accommodation. Additional factors include the average cost of transport in each country, as well as the percentage of the total population over the age of 65.

From these six key factors, the study determined a score for each, combined them together, and then ranked all countries from highest to lowest, with the countries ending up with the higher scores being best suited for an economic retirement. Cyprus was ranked in seventh place, ahead of such countries as Japan (8), Romania (19), Poland (23), Estonia (26), and Turkey (28). “If sun is what you’re after in your retirement, then Cyprus is the destination for you,” the study noted. “With a whopping 3,314.1 hours of sun annually, it’s practically summer all year round, and combining this with a reasonable cost of living index at 55.9, Cyprus is certainly cheaper than other Mediterranean locations,” it added.

However, the company noted that “Cyprus has a relatively low population percentage over 65, being just 14 per cent, and has a high accommodation cost of £598.78 on average per month. “However, with a good life expectancy, these are small prices to pay for such a brilliant destination,” the study said.

Greece topped the list with the highest score, ahead of Portugal, Malta, Italy, Spain, and Cuba, who made the rest of the top six. “Taking our number one spot is the birthplace of democracy,” the study said. “Greece is already a popular retirement destination, so it’s no surprise that it came very high on our list,” it added.

Moreover, the study explained that with 2,773 annual hours of sunshine and the third-largest global population percentage over the age of 65, retirees would have no issues finding good company. “Greece is also home to snow-capped mountains, great food, and ancient history, giving you more than enough to explore now that you’re living a life of leisure,” the study noted. “What’s more, with the average cost of public transport being £26.68 per month, you’ll be doing it on the cheap as well,” it added.

In terms of second-placed Portugal, the study described it as a classic destination for both expats and retirees, being home to a wealth of retirement-friendly activities. “Whether that’s taking your time practising on the golf course or unwinding with a glass of the Algarve’s best red, there’s always something to do on a sunny day,” the study said.

Finally, the study noted that Portugal is ranked ninth for annual sunshine hours, getting 2,806 overall, making it one of the sunniest countries in Europe behind Cyprus and Malta.

Source: Cyprus Mail

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