Cyprus-Forum.com

[Donnauk7]

OK i've heard so many things about moving from the UK to Cyprus!

What advice would you give us?
I'm 42, hubby is 46 and our son will be 10yrs old when we come over and will be goin into an english school. (Pafos)
:>We will be buying an house outright therefore no mortgage or rent to pay.
:>hubby is an electrician by trade altho he may try and set up an house alarm business but not sure yet.
:>I probably wouldn't work for a couple of years because of my son unless i can find something in between school

We already know that the wages are very low but we do have savings. The question is:..........

How much (GBP£ or CYP£) savings would you recommend before even attempting to move. Obviously this amount would be to live on until we receive our pension from the UK.

I am curious to hear your realistic suggestions! and those who wanna be sarcastic just skip this topic please

And thank you for those who are sensible

[Hazza]

Hi Donna, its virtually impossible to guesstimate how much you will need in terms of savings without knowing what sort of lifestyle you have back in the UK.

Eg, do you shop in Sainsburys or Marks and Spencers for groceries?

However much you fo bring, give yourselves a tight budget, and stick to it. I've seen so many people come over, spend their life savings on nothing at all, then go back to the UK.

[Donnauk7]

We don't have an extravagant lifestyle, we plan to have a relaxing life over there. We eat out once or twice a month but we don't go out drinking every week, we don't smoke. more like taking the dogs out walking is more our scene
Although our son is into more activities such as football and karate! Oh and i shop in asda or sainsburys by the way!

Does this help with your guesstimate?

[paul]

any large amounts of cash you have look at putting it into a sterling account some have a very good rate of intrest. for example £260'000 gets you aprox £900 a month intrest.

[Donnauk7]

I didn't even know you could get sterling accounts over there! we'll be opening our bank accounts in october so thanks for that info, although we haven't got £260,000 yet! lol

[paul]

ye got one myself with a small amount in at the moment....when you want to withdraw you get the going rate at the time[euros next year]

[Niki]

No - offshore gives far better rates and less charges! BOC is rubbish for rates and charges.

[Southerner]

any large amounts of cash you have look at putting it into a sterling account some have a very good rate of intrest. for example £260'000 gets you aprox £900 a month intrest.

I put £32K in an offshore account and got £400 a month after tax, although interest rates have fallen you can still pull £390 a month after tax on a £32K balance.

[paul]

think i'll move to a offshore account then [aswell] just selling some land at the moment in the mountains once thats through i'm offshoreing

[richard2001]

beware of offshore accounts the tax man is on to them and you may have to pay a hefty bill if your not careful.