Health is perhaps the most important thing in life. Gandhi once said that “health is the real wealth.” Living as an expat in Cyprus means that you might experience health problems in a country far away from your country of origin. Comprehensive healthcare coverage would minimise risks and stress, ensuring that all problems would be dealt with efficiently. In this blog, we will scrutinise the options of the healthcare system in Cyprus and what expats should do to have the coverage they need.

Is there a public healthcare system in Cyprus?

Who can enrol in the GESY?

There are several categories of GESY beneficiaries. Below you can see the list:

• Citizens of the Republic of Cyprus and their dependants
• EU citizens and their dependants
• Non-EU citizens who have a permanent residence permit in the areas controlled by the Republic of Cyprus or have the right to equal treatment in the social insurance sectors and their dependants
• Refugees and individuals with the status of supplementary protection

How do I enrol in the GESY?

Online enrolment

The first step to access the said portal is to create an account via the Health Insurance Organisation website and activate it. Individuals will then be connected to the Beneficiary Portal and can proceed with the enrolment following the relevant instructions. The enrolment process requires that the interested party fills in specific fields in order to be identified in the abovementioned Registries. Additional information such as an address, phone number etc. will be requested.

Enrolment via personal doctor

If you don’t have access to the internet or you are not feeling comfortable completing the process online, you can visit a personal doctor who will do this for you. During the visit, individuals may also complete their registration on the personal doctor list.

It should be noted that full access to GESY services is given when the beneficiary is registered in the list of a personal doctor of their choice. Beneficiaries hold the right to change their personal doctor two times per year. The list of provided services can be found here.

How much are GESY contributions?

The main GESY source of financing is contributions. The GESY contribution is 2.65% of an employee’s gross salary, with the legislation capping the income to €180,000 per year. Employers contribute 2.90% to the salaries of every person employed by them. Pensioners and various income earners have to pay similar contributions as regular employees. Self-employed people are obliged to contribute 4.0% of their gross income to the GESY every month.

How do detached workers get healthcare in Cyprus?

Some expats work in Cyprus as detached workers. A detached worker (or posted workers as they are commonly known) is an individual, employed or self-employed in the UK, that has been sent to work in a European Economic Area (EEA) country for a brief period of time. 

Posted workers can access the Cypriot healthcare system via a GHIC, EHIC or an S-1 form. For more information, it would be best to contact the HMRC’s National Insurance Enquiries’ helpline for non-UK residents.

Who is eligible for an S1 form?

If you are a Cypriot resident receiving a UK State Pension or an exportable benefit from the UK, you may be eligible for state healthcare paid for by the UK.

In addition, if you are a worker on the frontier, you may be eligible to receive an S1 form (someone who works in one country and lives in another).

Can I apply for the S1 form online?

S1 forms can be requested electronically. If you would like to enjoy the benefits of having an S1 form, you can send an email to nhsbsa.ohsregistrations@nhs.net with your request.

In addition, according to the NHS website, you can get an application form for the S1 form provided by the Overseas Healthcare Services. 

Registering with the GESY with your S1 form

First, you need to register with the GESY using your S1 form. You can sign up for this either online or through your personal doctor.

A Cypriot medical card will be supplied to you when you register. Because of this, you will be able to get public healthcare with the same low co-payments as Cypriot citizens.

Always bring your health insurance card with you to the doctor.

Private healthcare options

Private healthcare services in Cyprus can be accessed by people who have taken out medical insurance policies. Of course, having medical insurance requires the payment of monthly or annual premiums that could weigh on your budget. If you want to make the right choice, we advise getting in touch with insurance experts such as our team of advisers at Holborn Assets, who are fully qualified to help you.

While Cyprus has an above-average healthcare infrastructure, sometimes patients prefer to travel to Israel, Greece or other EU countries where they could receive better treatment. Some insurance policies cover the expenses, so this is one more factor that you should take into consideration.

Replacing the EHIC with a GHIC

What does the GHIC cover in Cyprus?

With the GHIC, you’ll have the same access to Cypriot public healthcare as any other Cypriot citizen. It will pay for things like oxygen and kidney dialysis in addition to emergency care and visits to the emergency room, as well as normal medical care and maternity care.

In case of a medical emergency, you can use your GHIC to receive the necessary medical treatment in the EU. A GHIC doesn’t cover treatment from a private provider. It should be noted that a GHIC cannot be used in Norway, Iceland, Liechtenstein or Switzerland.

Healthcare in Cyprus and Holborn

With two offices in Limassol and Paphos and more than 50 independent financial advisers, Holborn Assets is the financial services provider you would want to have by your side during your life as an expat. Get in touch with us today!

FAQ SECTION

Is there a national healthcare system in Cyprus?

Launched in 2019, GESY (or GSH) is Cyprus’ national healthcare system.

Who can enrol in the GESY (or GSH)?

You should be able to submit an application for coverage if you are a registered citizen of Cyprus, regardless of whether you were born on the island or somewhere else.

Are visits to doctors totally free if I register for GESY?

Once a person has registered with the GHS or GeSY, they are eligible for free healthcare from general practitioners (GPs) and in-patient facilities.

How can I register for GESY/GHS?

There are two ways to enrol: a) online by using the portal or b) by visiting a personal doctor.

The post Healthcare guide for expats in Cyprus appeared first on Holborn Assets Cyprus.

Buying property in Cyprus is one of the investment options that expats should think about when moving to the island. Cyprus is one of the most beautiful islands in the Meditteranean Sea that hides many opportunities for people that choose it as a place of residence.

Despite its small size, Cyprus combines the hot Med weather with an excellent set of services in the financial and tourism sector that are among the top in the European Union. Many large companies move to Cyprus, transferring personnel that should rent or buy a home there. Therefore, the demand has increased significantly, especially after the war between Russia and Ukraine started in February 2022. 

Things to know about the Cyprus property market

Although Cyprus is one of the smallest countries in Europe, its property market has been blooming for many years now, driven by high demand and low interest rates. Despite the reported increase in prices, the Council for Registration of Real Estate Agents has stated that the Cypriot housing market is not experiencing a bubble at the present time.

According to the Central Bank of Cyprus Q4 2021 property index, residential property prices rose by 1% year-on-year for houses and 6.3% year-on-year for apartments. In total, the market experienced price increases of 2.6% year-on-year, lower than Cyprus’ GDP growth over the same period of time.

The Council for Registration of Real Estate Agents notes that “according to the Central Bank Property Index, prices are still much lower than those of 2007, when they reached their peak, but also compared to 2010 or 2012, if we want to go back a decade. The real estate market has shown strong resilience during the pandemic and in this new period of uncertainty.”

Where should you buy property in Cyprus?

Cyprus has been a divided island since 1974. The southern part of the island belongs to the Republic of Cyprus, whilst the northern part belongs to the so-called Turkish Republic of Northern Cyprus (TRNC), which is not internationally recognised. Therefore, buying property in the northern part may prove to be problematic as negotiations for many issues, including properties between the sides, have been fruitless for almost 50 years. 

The Republic of Cyprus is divided into the regions of Nicosia, Limassol, Larnaca and Paphos. Each region has its own perks with 3 of them giving you direct access to some of the most beautiful beaches the Med has to show. There are many affordable homes for most budgets, but we should note that each region has different prices depending on demand and supply. 

Property in Nicosia

Nicosia is the capital of the Republic of Cyprus. Unfortunately, it is the last divided capital in Europe since 1974. In the city’s centre, Ledra Street is a pedestrian street lined with restaurants, bars, and cafes that end at a popular Green Line crossing point. Nicosia is home to most government services and many international companies such as Mindgeek, Wargaming, KPMG, Deloitte, EY and others. 
Nicosia is an excellent choice who love city life. Apartments, in particular, have seen a surge in interest from both Cypriots and non-native buyers. Many Ukrainian and Russian enterprises have recently expressed an interest in coming to the island, contributing to the influx of highly skilled workers and property buyers. 

One bedroom apartment prices in Nicosia start from 125,000 euros in case you want to buy and 550 euros if you want to rent one in the city centre. However, the Nicosia region has many small villages, no more than 15-20 minutes drive, where you can find lower prices and larger detached homes. 

Property in Limassol

Limassol is a cosmopolitan city with a superb selection of international schools. With numerous shops, restaurants, bars, and entertainment venues to choose from, you will find everything you need to live a comfortable life. Furthermore, if you want to rent out your property to tenants, you’re lucky; Rentals are currently in short supply in Limassol due to the limited availability and rising demand.

However, living in Limassol is more expensive than in other parts of Cyprus. Buying a one-bedroom apartment starts from 170,000 euros whilst rent for a similar apartment starts from 700 euros, depending on the age and amenities. 

Property in Larnaca

Larnaca hosts the island’s largest international airport and is close to many popular locations for expats and tourists. The famous sandy beaches of Ayia Napa and Protaras are just a 30-minute drive from Larnaca, ideal for spontaneous excursions. 

The newest addition to Agia Napa’s amenities is the Ayia Napa marina, which according to the relevant website, “it is an international lifestyle destination of choice for visitors seeking luxurious residences, world-class yachting facilities, carefully curated retail and dining options as well as bespoke recreational and entertainment experiences.”

The Larnaca region is home to a well-established expat community. Many foreign nationals like to spend some months during the year here, enjoying the delicious food and amazing beaches. Potential buyers should know that Larnaca still hides many property opportunities whilst being cheaper than Nicosia and Limassol. One-bedroom apartments start from 90,000 euros whilst renting one would cost around 450 euros.

Property in Paphos

Paphos, a city on Cyprus’ southwest coast, is home to the majority of British expatriates. There are numerous cafes and stores to explore in Paphos’ charming Old Town, as well as numerous old ruins. Aphrodite, the goddess of love, is said to have been born near Paphos in Greek mythology, which may explain why so many foreigners fall in love with the region.

Paphos hosts the second international airport in the Republic of Cyprus, with regular flights to almost every UK airport as well as other European destinations. The region of Paphos is home to many exciting attractions such as the Baths of Aphrodite, numerous wineries, and the largest forest in Cyprus and the Acamas peninsula. Thousands of Brits have chosen Paphos to have their permanent residences there. 

If you would like to buy a one-bedroom apartment in Paphos prices start from 90,000 euros. If you would like to rent one prices start from 450-500 euros. We should note that the Paphos region is the cheapest when it comes to property prices, but stats have shown that there has been a spike in the last year. 

Holbon Assets Cyprus helps expats invest in property

Holborn Assets is a financial services provider founded in Dubai more than 20 years ago. Since then, we have expanded to more than 15 countries and 23 offices around the world. Holborn Assets has established a base in Limassol and Paphos, aiming to serve expats who have chosen Cyprus as their residence. 

Investing in property is one of the safest moves you can make if you want to diversify your portfolio. Furthermore, buying property safeguards your family’s financial future as it can be a steady source of income. Buying property equals tax obligations, the need for foreign currency exchange to complete the purchase and other actions you might not know. 

Our experienced and fully qualified team of financial advisers in Cyprus is ready to help you by providing sound financial advice regarding taxes, currency transfers and many other services that would help your portfolio grow. Get in touch with us by using the contact form now!

The post Buying property in Cyprus: Where and why you should invest appeared first on Holborn Assets Cyprus.

Moving to Cyprus from the UK; have you ever thought about that? If you would like to change your lifestyle, live on one of the most beautiful islands in the Mediterranean Sea and enjoy the warm weather, Cyprus is the country for you. 

Our blog aims to share with you all the necessary information you need to know before deciding whether to move to Cyprus or not. Of course, Holborn’s advisers are just a phone call away if you need to learn more and understand which are the benefits of such a move. 

What you should know about Cyprus

 Cyprus is the third largest island in the Mediterranean region and is located at the eastern end of the Mediterranean Sea. Cyprus is an island that is abundant in history and culture.

The island has gained acclaim all over the world as a result of many factors, including its warm and sunny climate all year long, its historical significance and culturally diverse population, its proximity to the Middle East, and its strategic location at the easternmost point of Europe.

Cyprus is a popular destination for multinational enterprises because of the country’s modern tax policy, which has one of Europe’s lowest corporation tax rates and a range of tax benefits. Because of its favourable geographic location and year-round pleasant weather, Cyprus has emerged as one of the world’s safest and most stable countries.

After a lengthy and winding road that spanned more than three decades, the Republic of Cyprus finally became a full member of the European Union in May 2004. Cyprus joined the Eurozone four years later, making the Euro the country’s official currency.

What you need to know about visas in Cyprus

You may visit Cyprus visa-free for up to 90 days in any 180-day period. This applies if you are travelling as a tourist, to see family or friends, to attend business meetings, cultural or sporting events, or for short-term training or study. It should be noted that Cyprus is not a member of the Schengen area. 

If you plan to remain in Cyprus for longer than three months, you must register as a resident. You will receive a certificate of registration from the Ministry of the Interior, Civil Registry and Migration Division.

You can apply for a temporary residence permit, also known as a “pink slip,” which permits non-EU passport holders to prolong their stay in Cyprus beyond 90 days. Applicants must apply prior to the expiration of their visas. It is valid for an entire year and can be renewed annually. This permit allows a person to reside in Cyprus as a tourist without the right to work. Spouses and children under 18 are also eligible to apply.

If British nationals seek to migrate to Cyprus permanently, they, like other Non-EU nationals, can pursue alternative paths to get permanent residency in Cyprus.

It is possible for any Non-EU national, including British nationals, to apply for an immigration permit based on one of the Aliens and Immigration Regulations’ Categories:

• Persons who intend to work as self-employed in a trade or profession in the Republic
• Persons who have been offered permanent employment in the country which will not create undue local competition
• Persons who intend to work as self-employed in a profession or science in the Republic
• Persons who have fully and freely at their disposal a secure and regular annual income, which is high enough to provide a decent living in Cyprus

The Immigration Control Board reviews applications, and the Minister of the Interior grants final permission. The review and processing of applications take around 12 to 18 months. 

Five years of residence in Cyprus is required to apply for permanent residency (MEU3).

Cyprus Residency Visa

A wide range of investment options could earn you a permanent resident permit through Cyprus’s permanent residence scheme. According to the scheme’s rules, the permit does not need to be renewed if certain criteria are met. 

By investing in real estate  

Purchase of new immovable property with a total market value of at least €300,000 + VAT 

By investing in the Cypriot Investment Funds Association  

By investing EUR 300,000 in the Cyprus Investment Funds Association’s collective investments (AIF, AIFLNP, RAIF) 

By investing in a company  

Make a capital investment of €300,000 in a company registered and operating in Cyprus

Cyprus digital nomad visa

The Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus, allowing 100 residence permits to be given, according to the Cypriot Ministry of Interior. However, increased demand for visas compelled the Council to boost the total by 400, to 500. 

If you are a digital nomad, obtaining such a visa could be the best option for you to enjoy Cyprus whilst working remotely. Read our blog to learn more information about the Cyprus digital monad visa. 

Taxation in Cyprus

Individuals who have their primary residence in the Republic of Cyprus are subject to taxation on any income that is earned there, regardless of where the income originated.

A person who does not have tax residency in the Republic is only subject to taxation on income that is earned within the Republic or comes from sources located within the Republic.

Income taxes and corporate taxes are quite low when compared to the EU standards. Low taxes attract businesses from all over the world, making Cyprus one of the top financial hubs in Europe. 

For more information on the Cypriot tax system, you can read our detailed blog. 

Healthcare in Cyprus

If you wonder if there is a healthcare system in Cyprus, the answer is obviously yes, as it is in every member state of the EU. In the same manner, as the NHS in the UK, there is a public healthcare system. When looking for information about the healthcare system in Cyprus, you should search online using the acronym GESY, which stands for the national healthcare system.

After over 17 years of debate and discussion in the Parliament of Cyprus, the GESY was finally implemented in 2019. The website for GESY describes it as a contemporary healthcare system that places an emphasis on the patient and has as its primary mission the provision of high-quality medical services to beneficiaries.

There are several categories of GESY beneficiaries. Below you can see the list:

• Citizens of the Republic of Cyprus and their dependants
• EU citizens and their dependants
• Non-EU citizens who have a permanent residence permit in the areas controlled by the Republic of Cyprus or have the right to equal treatment in the social insurance sectors and their dependants
• Refugees and individuals with the status of supplementary protection

For more information on the Cypriot healthcare system, you can read our detailed blog. 

Moving to Cyprus? Ask Holborn

Holborn’s experts are ready to assist you in making that move, and they have offices in both Limassol and Paphos to better serve you. Building a financial strategy to achieve your objectives with as little risk as possible is something that our team is able to assist you with.

Up to this point, more than 20,000 customers have placed their confidence in our company, and this number continues to rise year after year. Why don’t you get in touch with us so that we can talk about your choices while keeping only your needs in mind?

The post Moving to Cyprus from the UK: The Ultimate Guide appeared first on Holborn Assets Cyprus.

The term “digital nomad” went viral two years ago when the Covid-19 pandemic took the world by storm. Companies turned to remote working as employees were not allowed to work in offices as they used to do. As a result, employees who could work using just their laptop and a high-speed internet connection seized the opportunity to move into rural areas or even other countries. 

Moving to another country to work however requires a visa. As the mobility of digital workers increased during the pandemic, some countries created a special digital nomad visa to make things easier for the digital nomad community. In this blog, we will share with you information on the Cyprus digital nomad visa and how you can obtain it. 

What is a digital nomad visa?

According to Investopedia “it is a document or program that gives someone the legal right to work remotely while residing away from their country of permanent residence. It should be noted that a digital nomad visa does not mean that it is only restricted to people such as online entrepreneurs for example. This type of visa could be ideal for remote workers who would like to delve into the digital nomad lifestyle if their profession and employer allow it.

Why should you move to work in Cyprus?

The question that quickly comes up is why should you live as a digital nomad in Cyprus. The answer is that there are many reasons to do that. For many decades Cyprus has been a popular location for expats who want to enjoy island life, the Mediterranean culture and more than 300 days of sunshine. 

Cyprus is one of the few European countries that are both members of the European Union (EU) and the Commonwealth. It is considered one of the safest countries on the continent with a low cost of living when compared to countries such as the UK, France and neighbouring countries. Cypriots are known for their relaxed lifestyle which combined with the warm weather and the stunning coastline makes the island a favourite destination for tourists as well as professionals. 

Applying for a Digital nomad visa in Cyprus

According to the Cypriot Ministry of Interior, the Council of Ministers approved the introduction of the Digital Nomad Visa Scheme in Cyprus, allowing 100 residence permits to be issued. However, the demand for more visas forced the Council to increase the number by 400, reaching 500. 

Who can benefit from the visa?

A digital nomad visa comes with a lot of benefits. Third-country nationals who were born in a non-EU or non-EEA country can benefit from the digital nomad visa scheme. Below you can read some examples of professionals who could take advantage of the digital nomad visa program. 

Individuals who can perform work remotely using an internet connection

Professionals employed in a company registered abroad, for which they can work location-independently, or are self-employed offering services remotely for clients located abroad

Professionals who can provide relevant proof that they have stable and sufficient monthly net income of at least €3500 (after the deduction of contributions and taxes)

Successful applicants are allowed to remain in Cyprus for a maximum of one year, with the option of an additional two-year extension. The family members who accompany them can be given a temporary residency permit that expires at the same time as the visa of the family’s primary financial backer. However, it should be noted that family members are not allowed to engage in any economic activity in Cyprus. 

People who reside in the country for one or more periods totalling more than 183 days within the same tax year are considered tax residents of Cyprus. This means that they can take advantage of the low tax rates, especially the income tax which is among the lowest in the European Union. 

Which are the digital nomad visa requirements in Cyprus?

Within 3 months of arrival, the applicant should submit the relevant application along with the required documents. Below you can read the requirements:

Valid Passport – Must be valid for at least 3 months after your arrival in Cyprus
Proof of Employment – Remote Work – Employment contracts or business documents proving you work remotely
Earn at least 3,500€/month net income
Proof of Income – Submit certified bank statements proving your income
Proof of Health Insurance – You need at least 30,000€ coverage in health insurance coverage 
Criminal Background Check – You must submit a certified background check from your country of origin
Proof of Accommodation – A rental agreement or proof of sale for your home in Cyprus

 How to apply and how much does the digital nomad visa cost?

The application process is straightforward. After you have collected the requested documents, you should get in touch with the local Cyprus embassy or consulate to arrange a date for the application submission. You can submit your application personally or through an authorised representative.

The application fee is 70 euros if you want to issue or renew a temporary residence permit. If this is going to be the first time you register, there is one more fee of 70 euros for your registration to the Aliens’ Registry. The time of the application examination is between 5 – 7 weeks. For more information, please head over to the Civil Registry and Migration Department’s webpage. 

Becoming a digital nomad with Holborn Assets Cyprus

Remote work visas have become a trend. Visa holders enjoy the opportunity to work in the country they prefer without having to worry about immigration office rules etc. If you have the freedom to work remotely living in a country such as Cyprus, the digital nomad visa gives individuals with sufficient funds a great new option.

With 2 offices in Limassol and Paphos, Holborn’s experts are ready to help you make that move. Our team can help you with building a financial plan to achieve your goals with as little risk as possible. More than 20,000 clients have put their trust in us until now with the number growing year by year. Why don’t you get in touch with us and let’s discuss your options with only you in mind? 

The post How to get a digital nomad visa in Cyprus appeared first on Holborn Assets Cyprus.

*This blog has been updated on June 22nd 2022

Albert Einstein commenting on his tax returns, said: “This is too difficult for a mathematician. It takes a philosopher.” As the Cyprus tax filing deadline is getting closer, our blog will give you some basic information on what you have to do to get your tax return straight if you live on the island. The Cyprus Tax Department has announced that the deadline for the timely submission of the Income Tax Return is July 31st 2022. According to the Tax Department, the digital Income Tax Return for employees and self-employed/individuals who do not prepare audited financial statements (FormT.D.1) for the year 2021 is now available for submission.

How to apply for a Cypriot tax number

An individual who spends more than 183 days in the Republic is a tax resident of the Republic of Cyprus. If you need to apply for a Cypriot tax number, the process is quite easy.

All you need to do is fill in the form TD2001 given to you by the Cypriot Ministry of Finance. Once the form has been completed, you should submit it to the local district office of the Tax Department accompanied by copies of your passport, a recent utility bill and your permanent registration certificate (yellow slip for EU nationals).

You can either submit the documents yourself by going to the local tax department offices or email the copies to specific email addresses that you can find here. The process is quite simple and usually, it takes 48 hours to get your unique Tax Identification Code (TIC).

TAXISNET Registration

Once you have received your unique TIC number, you can register to the Tax Department’s online portal called TAXISNET. Registering to TAXISNET is an easy and secure process.

To successfully register to TAXISNET, you will be asked for your TIC, your phone number, an email address that you use and a unique registration number which you can find in the TIC document that the Tax Department has sent to you.

We have to note that the user interface may look simple but sometimes it could be difficult to navigate, so we advise you to use the Draft document function before submitting any forms. That’s how you will be able to double-check if any data is wrong, avoiding costly mistakes.

Tax Rates in Cyprus

Tax rates in Cyprus are among the lowest in the European Union. Income and capital gains taxes are low when compared with the rest of the eurozone countries, whilst there is no inheritance tax. View our graph for the personal income tax rates in Cyprus:

For more information on taxation in Cyprus, you can request our comprehensive tax guide by filling in the contact form below.

Expat living in Cyprus? We have the answers

Expats living in Cyprus usually have many questions regarding their finances and how the Cypriot tax system works. While the system is not so complicated when compared with other countries, it is best to have fully qualified and experienced advisers by your side.

Holborn’s advisers have the necessary financial knowledge to assess your financial situation and give you guidance that would help you achieve your goals. Get in touch with us by filling in the contact form below or even come to visit us in one of our offices in Limassol or Paphos.

The post Filing Your Personal Income Tax Return In Cyprus appeared first on Holborn Assets Cyprus.

At Holborn, we are committed to helping out and giving back to the local communities we serve.

As the country deals with the devastating effects of wildfires caused by extreme temperatures, our Cyprus teams have been deploying care packages to those who need them most.

Two collection points were set up in Limassol and Paphos, with people donating what they could to help the victims.

We would like to say thank you to everyone who donated and everyone involved.

The post Holborn deploys care packages to Cyprus wildfire victims appeared first on Holborn Assets Cyprus.

Until December 30^th 2020, UK expats living in Cyprus could freely use their driving licence as the UK was a European Union (EU) member. With the UK having left the bloc on January 1^st 2021, some expats wonder if they can still use the UK driving licence in Cyprus. The issue has created confusion as expats are afraid that a random police check could incur a fine.

In our blog, we will clarify what UK expats should do with their driving licences now that they are third-party nationals in the EU.

How long can you use the UK driving licence when in Cyprus

Nationals coming from EU/EEA countries have the right to use driving licences issued in the countries for six months. After the six-month period, they are obliged to exchange their licences with a Cypriot one.

The Ministry of Road Transport in Cyprus states that drivers can continue to use their UK licence without exchanging it until July 7^th 2021. If you hold a licence from Gibraltar, Jersey, Guernsey or the Isle of Man, you may need to take a test.

The Republic of Cyprus also recognises licences issued by the countries listed below:

Australia, Canada, Georgia, Iceland, Japan, Liechtenstein, New Zealand, Norway, Russia, Serbia, South Africa, South Korea, Switzerland, Ukraine, the United Arab Emirates, the United States of America and Zimbabwe.

How to exchange the UK driving licence and which docs are needed

Below you can find the list of documents that you have to include in the licence exchange application:

• 6 x copies of utility bills
• 1 x copy of MEU1-2-3 form
• 1 x copy of passport
• 1 x copy of the old driving license plus the original card
• 2 x passport photos
• 1 x TOM 7D application form

Cypriot authorities require people above 65 years old to have valid medical insurance. The licence exchange costs nothing for the over-65 group of people, but for people under-65 the cost is €40.

Drivers are issued with a temporary paper licence It takes approximately 25 days for the new licence to be prepared. Once the Cypriot driving licence is ready, the Road Transport Department notifies the applicant that the document is ready for delivery.

Below you can find a list of the Road Transport Departments:

Nicosia

Vasileos Pavlou 27, 2412 Egkomi

Tel: +35722807000

Limassol

Koroivou, Polemidia, 3112 Limassol

Tel: +35725870443

Larnaca

Acropoleos Avenue 13, Aradippou Industrial Area, 7101 Aradippou

Tel: +35724813114

Paphos

Mesogi Industrial Area, 8061 Mesogi

Tel: +35723815165

Expat living in Cyprus? Get in touch with Holborn now

Moving, living and working in a new country is not an easy task. Living as an expat in Cyprus means that you would have to prepare yourself for new processes and habits. Managing your finances in the best possible way is of utmost importance as it would ensure that you enjoy the living standards you deserve.

Our team of experienced and fully qualified advisers is ready to listen to your financial goals and design a plan to help you achieve them. With more than 20 years of experience in the competitive financial services sector, the Holborn team is the team you want to have by your side every step of the way.

The post Using your UK driving licence in Cyprus appeared first on Holborn Assets Cyprus.

During times of crisis, working towards your financial goals may seem like a difficult task.

Senior Associate for Holborn Assets Cyprus, Ian Woodcock, spoke with Russian TV World about achieving financial freedom in the current economic climate.

RTVW:

I understand that Holborn Assets is a well-established company in Dubai.  What made you choose to open an office in Cyprus? Which opportunity did you see?

IW:

Yes, that’s correct, Holborn Assets has been operating in Dubai for almost 30 years and is the most trusted financial services firm of its kind in the Middle East. The company has grown enormously particularly in the last five years, and now has offices in Hong Kong, South Africa, Malaysia, & the UK, with other offices opening very soon.

RTVW:

Cyprus is the home of many national and international financial companies, including wealth managers. Can you tell what makes Holborn Assets unique? Why should an investor select Holborn Assets over any other existing wealth manager?

IW:

Well naturally Holborn can provide access to an extremely wide range of high performing products and funds, but more importantly, Holborn is a family-run business, and we feel it is these family values that really puts us above other IFA companies operating on the island. We strive every day to operate with a ‘client first’ based approach to business, to ensure all clients receive the very highest levels of care and attention.

When someone makes a financial investment, they are essentially making a commitment to a future life choice or goal. It is absolutely essential that their advisors are prepared to make that commitment with them, and see the goal through to completion. Most of Holborn’s advisors have been in the profession for 10-15 years or more, and we believe that having longer-term relationships or partnerships with our clients is more beneficial to both parties.

RTVW:

Is there a particular service you offer that is unique to the Cyprus market?

IW:

Each country or market that Holborn operates in brings its own unique needs or challenges, and a large part of our job (and the financial institutions we work with) is to find the right services or solutions for those challenges.

Over the last two years, we have seen growing frustration from domestic investors in Cyprus in two key areas: declining interest rates from banks, and declining rental yields for property owners.

Interest rates in the Western Hemisphere have been kept at ultra-low levels since the 2008 financial crisis. The Federal Reserve in the US, the BOE and the ECB have all recently been forced to cut rates even further to help stimulate the economy in the wake of Covid-19, and the global economy looks set to enter a sustained period of low or even negative interest from banks. Last year’s decision by some major banks to levy charges on certain accounts means that many investors can actually lose significant amounts of money just by holding cash deposits.

The increasing demand for international real estate investment is a more recent development and can be attributed to the first signs of change in local property markets. Until only a few months ago real estate investment in Cyprus was thought to be a sure thing, with strong capital gains an almost certainty and rental owners having their pick of tenants. However, based on developing trends, market data and the fallout from Covid-19, the local market looks set for a difficult time ahead, where sales prices and rental yields could suffer enormously.

Holborn Assets has its own specialist property division and enables access to a range of both UK and International projects where better demographics and population density levels mean higher rental yields are more readily available. The property division is arguably the fastest growing side of our business and is something proving extremely popular with investors in Cyprus.

RTVW:

How do you see the future of the financial sector in Cyprus?

IW:

The 2008 crisis changed the landscape for the global financial industry, and its ripples are still being felt in many countries. As regulations for IFA firms become tighter and more demanding, companies that do not meet the necessary criteria are falling by the wayside.

MiFiD II regulations started to be rolled out in January 2018 but were only more rigorously implemented last year. We have already seen some smaller IFA’s forced to leave the island and the EU as a whole due to lack of proper licensing, and all the signs are that this will continue in the short term.

It is likely that the next few years will see more and more smaller firms fold or be acquired by bigger companies with better infrastructure, and this will hopefully lead to higher levels of service and better investment management for investors.

RTVW:

Many of our readers have their business in Russia. The Russian rubble has been weak against the euro for some time now. What advice do you have for Russian investors here in Cyprus?

IW:

Holborn Assets manages capital for a large number of Russians both in Cyprus and around the world, so we are very aware of the challenges they have been facing in recent years.

There are a number of ways in which we are able to help them, depending on their business activities, status on the island, whether EU citizenship or residency has already been obtained and so on. Rather than elaborating too generically here, we would prefer to treat each investor as an individual and give advice on a case by case basis.

Many Russian investors that we meet prefer to conduct business in English and keep conversations away from their homeland. However, it is worth adding that for those who would feel more comfortable speaking in Russian, we do have advisors who have lived and worked in Russia, and can speak fluently in their native tongue.

RTVW:

Financial forecasters have been predicting an economic crash in 2020. Do you agree with this prediction, and how can Holborn assist people in dealing with such an economic situation?

IW:

2020 was set to be a challenging year for markets even before the Corona Virus came along. A decline in the global manufacturing industry in 2019 meant we were approaching the end of the current economic cycle, and the next global recession would not be too far away. The unfortunate outbreak and spread of the Covid-19 has without question accelerated this process, and many investors are waiting anxiously to see how deeply the markets will be affected.

It is quite possible that we are on the cusp of a prolonged economic recession. It will take some time before the ramifications of the virus are fully understood, but their effects will be felt in financial markets for the remainder of 2020 and beyond.

It is important to understand that even during periods of volatility and negative growth that may arise, there will still be some fantastic investment opportunities available, particularly for the longer-term investor. A huge part of our job is to help our clients remain calm in such periods, and make sure they understand and believe in investment strategies we are implementing for them. Baron Rothschild is credited for the famous quote “the time to buy is when there’s blood in the streets”, and the coming months will provide a fantastic platform for investors who are brave enough to buy in, and position themselves for a market recovery when it arrives.

Holborn Assets partners with some of the oldest and most well-established fund managers & financial institutions in the world – such as Tilney, Rathbones, Brewin Dolphin, and Prudential. Some of these companies have history going back almost 300 years, and so are very adept at working through periods of economic recession. We are seeing actively managed “Multi Asset” funds becoming more popular, which allow clients access to multiple investment markets and sectors simultaneously. These types of funds will be continuously rebalanced and reformatted to suit surrounding economic conditions. This helps increase diversification inside investment portfolios while keeping risk levels as low as possible. Strategies like this should help protect investors to some degree against a possible crash while maintaining the right positions for good medium to long-term capital growth.

However, for investors who would prefer to stay away from traditional equity markets until the next economic cycle becomes more clear, our property division provides a fantastic alternative option. All key data points towards an incredibly strong rental market for the next 3-5 years in the UK, with good projections for capital growth in certain cities as well. Expat mortgages are available at very low rates for investors with good income streams, and with deposit requirements from as little as 10% on selected projects, it truly is a great way to “hedge” against an equity sell-off.

RTVW:

So, what advice would you give to anyone to people concerned about the markets or some of the points you’ve raised?

IW:

As I’ve mentioned before that all clients will have individual needs and investment objectives, so the advice being given will usually differ from person to person.

Very simply, meeting investors and understanding their needs or concerns is what I am here for, so for anyone with concerns or questions I would suggest they email or call me and I will be happy to arrange a time to meet with them.

The post Achieving financial freedom in the current climate appeared first on Holborn Assets Cyprus.

Brexit – it’s a word that has dominated the headlines since the UK voted to leave the EU in 2016. Since then, it is a word that has created more questions than it has answers.

Boris Johnson has made it very clear. The UK will leave the European Union on October 31st, with or without a deal. So, what does this mean for the thousands of British expats living in Cyprus?

The expat pension situation

An estimated 70,000 British expats are living in Cyprus, although many live on the island for part of the year. With so many UK expats retiring in Cyprus, the future of UK pensions will be a topic of interest for most.

As we said before, Brexit has created more questions than it has answers. The fallout of the UK leaving the EU and its impact on British expats is mostly down to speculation. Even the experts are unsure of how things will unfold, and with the chances of a no-deal Brexit, things are even less clear.

Brexit and pensions

The UK’s exit from the EU will not change existing double tax treaties as things stand. The UK has a double tax treaty in place with Cyprus, which protect expats from being taxed in the UK and Cyprus.

An unchanged double tax treaty is good news for retirees living in Cyprus as most UK pension are also protected. It also seems that State Pensions rates will be protected against Brexit regardless of the outcome.

The triple lock guarantee ensures that the UK State Pension increase each year, rising by either 2.5%, the rate of inflation, or average earnings. There were fears initially that a no-deal Brexit could see an end of the triple lock guarantee.

The Work and Pensions Secretary, Amber Rudd put those fears to rest recently. Even in the event of a no-deal Brexit, State Pensions will continue to rise for the next three years.

The real issue is the impact that a no-deal Brexit could have on private pensions. Private pensions can currently be transferred tax-free. A no-deal Brexit could see an end to this.

QROPS

As a UK expat, it’s essential to be as prepared as you can be for every possible outcome.

A qualifying recognised overseas pension scheme (QROPS) are commonly used by UK expats looking to retire abroad. It lets you consolidate one or more UK pension into a single tax-efficient plan.

Not only are QROPS protected from UK tax on income and gains, but they can also offer protection against a no-deal Brexit.

Some pensions providers could lose the right to pay personal pension benefits to expats if the UK leaves without a deal. QROPS and the funds transferred into them should remain unaffected.

QROPS also protect pensions from currency exchange rate fluctuations. The strength of the pound has taken a hit recently, and it could get worse when the UK leaves the EU.

QROPS can protect your pension against volatile exchange rates. Many QROPS on the market offer multi-currency flexibility, which means you can hold and draw funds in the currency of your choice.

Things to consider

Although Brexit should not impact QROPS, tax could be applied when transferring into one.

Pension funds transferred to a non-UK pension scheme is liable for a 25% transfer tax. The transfer tax is not applied if both the individual and the QROPS both reside within the European Economic Area (EAA).

Once the UK leaves the EU, there is no guarantee that the same rules around the transfer tax will apply.

The reality is, not even the UK government knows for sure what will happen to expatriates with UK pensions after Brexit. The fact remains, the UK is leaving the EU on October 31st, and that could bring an end to tax-free pension transfers.

Not everyone will benefit from a QROPS, and they are not all created equally. Each provider and the jurisdiction that it’s held in could impact the tax benefits.

If you would like to discuss the options available to you, or for more information on retirement planning, speak to one of our expat pension experts. You can contact us using the form below, and someone will be in touch.

The post Brexit: How to Prepare for Your Retirement appeared first on Holborn Assets Cyprus.