What makes Cyprus a ‘Promised Land’ for British pensioners

British pensioners have listed Cyprus and Greece as amongst the favourite destinations to spend their retirement, according to a new study.

Britain's high cost of living is pushing retirees to look for other countries to live in while still being able to afford the necessities of life. The study was conducted by the British insurance company REASSURED, which looked at the most popular destinations chosen by UK retirees looking to make their home somewhere else.

According to the study, Cyprus has a high appeal as a retirement destination as it offers a warm climate, low cost of living and a high level of healthcare. In addition, Cyprus has a favorable tax regime, which can be particularly attractive to retirees. These factors are also the main evaluation points of the countries that the study chose to examine.

According to REASSURED's Director of Corporate Strategy, Phil Jeynes, Britons are looking to other countries for their retirement as the cost of living in the UK has risen by too much. The insurance company, through its research, aimed to identify the destinations that retirees prefer, in an effort hold on to part of their income.

According to the study, Cyprus is ranked as the 7th most popular country for British retirees. Specifically, in the data collected by the British insurance company, it is stated that Cyprus offers 3,314.1 hours of sunshine per year - more hours than the rest of the countries - and has a cost of living index of 55.9.

Additionally, life expectancy in Cyprus is 81 years. On the other hand, the percentage of the population over 65 is relatively low, at 14%, and the cost of accommodation is at 598.78 Pounds Sterling on average per month. Finally, the average transport cost is 35.58 Pounds Sterling.

Greece at the top

At the top of the report’s list was Greece with a total score of 6,806. The hours of sunshine per year amount to 2,773, thus taking seventh place in this particular category.

The average life expectancy in Greece is 81 years, with the percentage of the population over 65 reaching 23%. In terms of the average cost of accommodation it amounts to 307.66 Pounds Sterling, making it the second cheapest country in the top ten after Albania.

Regarding the cost of living index, this amounts to 54.6, while the average transport cost is 26.68 Pounds Sterling.

The six indicators REASSURED too into account for the evaluation are as follows:

• the level of sunshine per year
• the average life expectancy
• the cost of living index
• the average cost of living
• the average transportation cost
• the percentage of the population aged over 65 in the country

Below is a detailed table featuring the first 30 countries examined by the British insurance company.