Cyprus 'is cheapest place' to retire
Wednesday December 17th , 2008
Cyprus has been rated as the cheapest place to retire abroad, according to a list of affordable retirement spots.
According to shelteroffshore.com, Brits approaching retirement age should consider the island for a host of reasons.
The country is now part of the European Union, is in the Euro Zone and it charges a maximum of five per cent tax on pension income.
According to the report, property prices have wintered a negative pricing adjustment as the country was hit by the global effects of the credit crunch meaning it is now cheaper to buy property on the island.
"It enjoys up to 300 sunny days annually, heating costs are therefore far lower, and all in all, with its strong expat and retirement communities, excellent quality and standard of living, we rate Cyprus as the number one cheap (ish) place to retire abroad," the report concluded.
Meanwhile, Monarch Airlines reported that bookings for next summer are up by 43 per cent this month.
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