Every morning, you drag yourself out of bed, guzzle a cup of coffee and head to work.
You endure stagnant meetings throughout the week, often staying late into the night.
Lately, you’ve noticed the softening around your middle.
Your time at the gym is as distant as Wayne Rooney’s prime. One of your friends mentions retiring in Dubai.
And while he loves it, that isn’t your dream.
Instead, you crave a year-round, outdoor, active retirement. You picture mountain biking along winding trails, hiking endless paths beside streams, pedaling your road bike through charming villages, nearly year-round swimming in the sea, and skiing down wintry slopes.
You could live this dream a lot sooner than you think.
Whether you fully retire or embrace a flexible part-time passion, Cyprus could be Mecca.
“What brought you to Cyprus?” I asked, while cycling with two Danes as we approached the island’s third-highest peak.
Aleksander Eng smiled, “The weather is perfect. We love the slow pace of life in the mountains. The medical system’s great, taxes are friendly, and honestly, we think Cyprus has the best cycling in the world.”
It’s no wonder so many retirees are making Cyprus home.
The island boasts a staggering 300 to 340 days of sunshine a year. Compare that to London’s 129 days or even Brighton—Britain’s sunniest city. Cyprus is a sun-drenched paradise.
And while Dubai has more sunshine, the summer’s heat can bake your eyeballs dry.
And Dubai is more expensive.
If you wanted to eat the same lobster in restaurants, bask in a similar, luxurious living space, play golf, tennis and work out at the gym, it would take about 40 percent more money in Dubai compared to, say, Paphos.
Properties in Paphos are also a jaw-dropping 53 percent cheaper than equivalent properties in Dubai.
Portugal and Spain attract retirees for the same reasons. But in Cyprus, you could live off a portfolio of index funds and pay no capital gains tax.
Cyprus isn’t just a haven for retirees—it’s a vibrant, active place to reinvent yourself, especially if you’re a 35-year-old who unexpectedly built early wealth. Take Kasper Schyberg, for example, one of the cyclists I met near Lefkara.
At 18, Kasper started working at Jo and the Juice, a coffee and juice bar in Copenhagen.
Recalling his early days on a LinkedIn post, Kasper says the owner told him, “You might be the worst employee I’ve ever had. I told myself that I had to prove Kaspar Basse [the original owner] wrong.” Before long, Kasper Schyberg and Aleksander Eng, another employee, began to build a fortune.
As I climbed with Kasper and Aleks towards the island’s Keryneia peak, they explained that by their 20s, they had bought equity in Jo and the Juice, and helped open 30 new stores.
But Aleks sought something more. Now financially independent, he yearned for a life of travel and skiing. Eventually, he found Lefkara, Cyprus, where he discovered, “the world’s best cycling.”
Aleks found an old, abandoned building that once served as the village market. He turned it into a luxury boutique hotel with his partner, Emilie. Just before opening, he convinced his former colleague, Kaspar Schyberg, to join the venture.
While they aren’t technically retired, Aleks and Kaspar enjoy an enviable life. Their flexible schedules allow them to spend six days a week cycling. They also offer cycling camps at their 18-room, luxury Agora Hotel. It caters to outdoor enthusiasts with fine tastes in food and wine.
I often write about low-cost retirement destinations, but I don’t embrace the idea of fully retiring. As I share in my book Balance, the longest-living people aren’t typically those who stop working altogether. They keep working or volunteering (often part-time). They keep active, keep learning, and connect with their communities. They enjoy plenty of sunshine and fresh air. They’re also relaxed and stress-free, with ample time to socialise.
That’s where Cyprus shines. English is widely spoken, and it offers both skiing in the Troodos mountains and relaxing days along sunny coastlines. You can swim in the sea as late as November. In smaller villages, locals drink coffee outside cafes and, to my surprise, often welcomed me to join them.
Whether you live in a mountain village surrounded by pine trees or by the sea, your money stretches further than it does in most of Europe. Plus, with no capital gains tax on stock and bond market investments, you’ll need a lot less than you think—whether you’re fully retired or following a work-related passion.
Cyprus really might be one of the world’s best-kept secrets.
How much more or less expensive are the following cities, compared to Dubai?
|
City/country |
For equal standard of living, including rent |
Property purchase prices per square metre in city centre |
Property purchase prices per square meter outside city centre |
|
Paphos, Cyprus |
29% lower |
53% lower |
31% lower |
|
Limassol, Cyprus |
15% lower |
22% lower |
25% higher* |
|
Nicosia, Cyprus |
35% lower |
58% lower |
42% lower |
|
Madrid, Spain |
24% lower |
5% higher |
15% higher |
|
Barcelona, Spain |
21% lower |
9% lower |
22% higher |
|
Valencia, Spain |
36% lower |
43% lower |
27% lower |
|
Porto, Portugal |
35% lower |
35% lower |
12% lower |
|
Lisbon, Portugal |
24% lower |
3% higher |
13% higher |
|
Cascais, Portugal |
20% lower |
13% higher |
45% higher |
*Limassol has some eye-watering seaside property costs
Source: numbeo.com
Andrew Hallam is the best-selling author of Millionaire Expat (3rd edition), Balance, and Millionaire Teacher.