April 1, 2023

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Greece and Cyprus are in the top 10 most attractive destinations for retirees, according to research

Greece and Cyprus are included in the ten most affordable destinations, internationally, for settlement after retirement, according to research by British insurance company, REASSURED.

As stated in an informational document of our Embassy in Cyprus, the company in question has collected six criteria that most retirees take into account when considering the prospect of going abroad. These criteria include: the country’s annual level of sunshine, life expectancy, cost-of-living index, average cost of living, average cost of transportation and the percentage of the total population over 65 years of age.

Greece and Cyprus are in the top 10 most attractive destinations for retirees

According to the relevant research publication, Greece ranks first and Cyprus ranks seventh. It is noted that due to the high cost of living in the UK, many Britons intend to move abroad after their retirement, while this research aims, according to REASSURED’s director of corporate strategy, Phil Guinness, to identify destinations where they can choose retirees. , while saving part of their income.

In particular, as we mentioned, Greece, Portugal, Slovenia and Cyprus are equal in the category of life expectancy, in fifth place, 81 years, behind Japan with 85 years, Malta with 83 years, Spain and Italy with 82 years, while the percentage of the population that is over Their age over 65 years is 14% (relatively low compared to the rest of the countries). Cyprus has an annual sunshine of 3314 hours which is the longest among the top ten countries.

The average cost of accommodation was £598.78 (about €677) which was the highest average as shown in the relevant table, while the cost of living index was £55.9 and was among the lowest on average (fifth). place in the top ten). The average cost of transportation in Cyprus is £35.38 (about €40), ranking third with Portugal and Spain. The country’s overall score was 6,358, making it the seventh most attractive place to settle in retirement.

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Of the rest of the countries in the top ten, our country ranks first with a total of 6,806, with a life expectancy of 81 years (5th place), and the proportion of the population over 65 years of age at 23% (2nd place) along with Portugal, 2,773 hours of annual sunshine (ninth place), while the average cost of living is £307.66 (about €347), making it the second cheapest country in the top ten after Albania.

The cost of living index rose to 54.6 for Greece (sixth place), while the average cost of transportation was £26.68 (about €30), making the country the sixth costliest in the top ten.

The ten most easily accessible countries, with which both Cyprus and our country compete to attract retirees, completed Portugal in second place with a total score of 6.712, Malta in third place with a score of 6.689, Italy in fourth place with a score of 6.482 and Spain in fifth place with a score of 6.467, Cuba in the position sixth with 6,366, Cyprus with 6,358 in seventh place, Japan in eighth place with 6,288, Albania in ninth place with 6,272, and finally Puerto Rico with 6,264.

The lowest life expectancy was recorded in Bulgaria, Romania, Morocco and Algeria, which also have the lowest proportion of the population over 65 years of age at 6%. Algeria also has the lowest average cost of living at £87.19 (around €98.5), the lowest cost-of-living index of 27.6 as well as the lowest average cost of transportation at £7.20 (around €8.1).

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