Cyprus has a great entrepreneur community, that’s true. We see many entrepreneurs relocating from Malta to Cyprus too in recent times. The banking system in Cyprus has improved and their KYC & AML processes are very strict nowadays which shows their commitment to avoid any black swan events. And the Cyprus passport has many routes, some of which don’t require serious time commitment. Great video!
One important point to note is that if you hold a non-EU passport, Maltese residency essentially grants you a long-term Schengen visa with relaxed practical conditions. This means that when you travel to other European countries, you're technically still within the Schengen zone. For those with a mobile lifestyle, this allows for extended stays anywhere in Europe without affecting your Maltese residency, triggering tax issues or running into the standard Schengen 3/6 rolling hard limit that applies for the entire zone if your passport is stamped. In contrast, Cyprus has a hard border with stamps, and certain limitations apply.
I'm from Malta, if you are the type of person that likes to go out a lot, you will not like it here. The traffic, air polution , noise polution (construction), Goverment/Police while not complete corruption they are greedy and will not help you when you need it etc. Overall nothing that is super bad, but a lot of little things that ruin the experience of someone that wants to have adventures here. If you work from home and just take vacations in other countries, it's basically perfect. As for banking, it can be a nightmare but finding a local popular accountant helps alot since they have connections with the banks. Some of the banks have really good online banking, i don't even user support anymore.
It weird because from abroad it looks amazing, the coast is beautiful, there is a lot of clubs, it seems to have a lot things to do outside. Constructions seems to annoy those who lives nearby but it's a good sign because it means that they modernized the old habitations and also to match with the increasing population
Malta is so small that it's basically a city state. Cyprus is so much bigger with many cities, countryside, and fabulous mountains where you can ski. So there's that too when making your choice
Does it even matter? With a Maltese passport you can live and work in Cyprus, and with a Cypriot passport you can live and work in Malta. They both give you the exact same thing in either country. What matters is which is more affordable and which gives you more access to countries.
Thanks for the Clip. It would be great if you could do a video on the overall cost of living in Cyprus Vs Dubai considering you can also pay zero % Tax with the Cyprus Non Dom Status ( paying yourself dividends through a cyprus company) and you only have physical presence requirement of 60 days as opposed to 90 days in Dubai.
Thanks Michael for this interesting comparison. Two observations… 1) Healthcare? 2) Given Cyprus is politically divided, I’d be a little nervous about the long-term. Who’s to say that some conflict between the two sides of the island will NOT occur? 🤔
Healthcare is quite good. If you have a company, it is around 280 Euros a month. And it is so good that many people skip having a secondary private insurance. You can also use your GESY card outside of Cyprus in the EU. That said, I prefer to have private insurance as well, just in case to have options. Regarding security. Cyprus is often considered one of the most secure places in Europe when it comes to crime & safety. The boarder issue is another thing. But given that it is part of the EU, it is very unlikely that anything happens, as long as the EU exists. Also, it is not comparable to other explosive regions of the Middle East regarding potential, since both parts of the population are not in a direct religious conflict, and seem to get along in general / not broadly antagonistic towards each other. And I think most parts have also accepted the divided status as a kind of status quo they are ok with. (This is always just what I sense as an outsider, of course) So in my perception, conflicts are mostly revolving around geopolitical issues with Turkey, mostly about resources and maritime zoning. Governments can change, though, and I somehow doubt it can get more populist and spicy from the Turkish side than it already is. So I think it is at least more likely to relax, than to intensify. And as said, Cyprus is part of the EU, and it is also an important military base for the EU and UK, so hard to imagine that that something would happen that really disrupts the life of the citizens directly, even if it would intensify. Additionally, there are many projects like the connectors that are meant to connect Europe and Africa and Cyprus seems to have more of a mediator role, and not to be antagonized by its neighbor countries - generally speaking.
I came across your channel through this video- case studies are incredibly valuable, and I'm eager to see more in the future! Building wealth involves establishing routines, like consistently setting aside funds at regular intervals for smart investments.
Relocated to Cyprus 3 years ago - never regretted it. Regarding the Language. I never had any problems as a non-greek speaker. The country is more or less bilingual, and you find almost all documents, shops etc. operating in Greek and English.
Downside in Cyprus company is that you need a local director and you wont have personally access to your company filings. I have no experience with Malta.
Great info as usual. One thing about no more than 6 months in any other country, for example usa has 3 year basis rule, you basically can not stay more than 4 months each year for 3 years or you will be considered as tax resident. Some euro countries now have a rule that 1st year up to 183 days is ok, but in 2nd year if you stay more than 90 days, automatically you are on a hook for both years as tax resident (273 day two year rule).
Singapore, isle of man... So many options. Just bring in only the bare minimum into your Cyprus bank, that's needed for living. Keep everything else outside.
you can have a bank account wherever you want, especially when living in/travelling to a country with euro, you pay by card everywhere with no fees (at least for me), wire what you need with a minimal fee and you're set.
I think everyone who does not need an account at Cypriot bank directly for some local reasons is just using direct banks for bank accounts like Vivawallet, Revolut Business etc. The Cypriot banks can are expensive, and often seem to be very invasive, when it comes to business and even privacy in what documents and data like transactions with other business accounts, or even personal ones etc. they demand for their regular checks. So certainly not worth it, f you operate a business that has no need for an explicitly Cypriot bank.
Hey Michael! I sent you an email about video editing and was wondering if you had a chance to check it out. If there’s another way you’d prefer to communicate, just let me know. Thanks! :)
I’ve not been to Malta, but I found Cyprus to be quite a dirty country. Rubbish everywhere. Unfinished streets, buildings etc even though they are occupied. Stray animals roaming around. Honestly it reminded me a bit of living in Kuwait. No real character or charm. I was surprised by this as I expected more. I was only located in one part of the island on my visit but speaking to many people they said it was one of the best parts.
@@addamussi Paphos, this summer. I’ll also add that the sea down at the beach was full of rubbish. Plastics and other waste. Never seen anything like it anywhere I’ve been.
If you want people to contact you, you must slow your speech and enunciate. Your intros. are always garbled; you simply rush through these to get to your main content. Please slow down and speak clearly. Thank you.
Never had a problem with his speaking, but since he's a bit fast, I always watch in 1.0x. My view is that I want time to think, so normal speed is fine.
Cyprus is also a former British colony. Lived there for 6 months and the English is great overall. Had no problem in either the Greek or Turkish side.
Cyprus has a great entrepreneur community, that’s true. We see many entrepreneurs relocating from Malta to Cyprus too in recent times. The banking system in Cyprus has improved and their KYC & AML processes are very strict nowadays which shows their commitment to avoid any black swan events. And the Cyprus passport has many routes, some of which don’t require serious time commitment. Great video!
One important point to note is that if you hold a non-EU passport, Maltese residency essentially grants you a long-term Schengen visa with relaxed practical conditions. This means that when you travel to other European countries, you're technically still within the Schengen zone. For those with a mobile lifestyle, this allows for extended stays anywhere in Europe without affecting your Maltese residency, triggering tax issues or running into the standard Schengen 3/6 rolling hard limit that applies for the entire zone if your passport is stamped. In contrast, Cyprus has a hard border with stamps, and certain limitations apply.
I'm from Malta, if you are the type of person that likes to go out a lot, you will not like it here. The traffic, air polution , noise polution (construction), Goverment/Police while not complete corruption they are greedy and will not help you when you need it etc. Overall nothing that is super bad, but a lot of little things that ruin the experience of someone that wants to have adventures here.
If you work from home and just take vacations in other countries, it's basically perfect. As for banking, it can be a nightmare but finding a local popular accountant helps alot since they have connections with the banks. Some of the banks have really good online banking, i don't even user support anymore.
It weird because from abroad it looks amazing, the coast is beautiful, there is a lot of clubs, it seems to have a lot things to do outside. Constructions seems to annoy those who lives nearby but it's a good sign because it means that they modernized the old habitations and also to match with the increasing population
Great video and info. Thanks
Malta is so small that it's basically a city state. Cyprus is so much bigger with many cities, countryside, and fabulous mountains where you can ski. So there's that too when making your choice
Does it even matter? With a Maltese passport you can live and work in Cyprus, and with a Cypriot passport you can live and work in Malta. They both give you the exact same thing in either country. What matters is which is more affordable and which gives you more access to countries.
Thanks for the Clip. It would be great if you could do a video on the overall cost of living in Cyprus Vs Dubai considering you can also pay zero % Tax with the Cyprus Non Dom Status ( paying yourself dividends through a cyprus company) and you only have physical presence requirement of 60 days as opposed to 90 days in Dubai.
The 90 day dubai rule requires you to have long term tenancy agreement or own a property.
Cyprus, no doubt
Thanks Michael for this interesting comparison. Two observations…
1) Healthcare?
2) Given Cyprus is politically divided, I’d be a little nervous about the long-term. Who’s to say that some conflict between the two sides of the island will NOT occur? 🤔
Healthcare is quite good. If you have a company, it is around 280 Euros a month. And it is so good that many people skip having a secondary private insurance. You can also use your GESY card outside of Cyprus in the EU. That said, I prefer to have private insurance as well, just in case to have options.
Regarding security. Cyprus is often considered one of the most secure places in Europe when it comes to crime & safety. The boarder issue is another thing. But given that it is part of the EU, it is very unlikely that anything happens, as long as the EU exists. Also, it is not comparable to other explosive regions of the Middle East regarding potential, since both parts of the population are not in a direct religious conflict, and seem to get along in general / not broadly antagonistic towards each other. And I think most parts have also accepted the divided status as a kind of status quo they are ok with. (This is always just what I sense as an outsider, of course)
So in my perception, conflicts are mostly revolving around geopolitical issues with Turkey, mostly about resources and maritime zoning. Governments can change, though, and I somehow doubt it can get more populist and spicy from the Turkish side than it already is. So I think it is at least more likely to relax, than to intensify. And as said, Cyprus is part of the EU, and it is also an important military base for the EU and UK, so hard to imagine that that something would happen that really disrupts the life of the citizens directly, even if it would intensify.
Additionally, there are many projects like the connectors that are meant to connect Europe and Africa and Cyprus seems to have more of a mediator role, and not to be antagonized by its neighbor countries - generally speaking.
Great video. Was waiting for this comparison.
Glad you liked it!
I came across your channel through this video-
case studies are incredibly valuable, and I'm eager
to see more in the future! Building wealth involves
establishing routines, like consistently setting aside
funds at regular intervals for smart investments.
Relocated to Cyprus 3 years ago - never regretted it. Regarding the Language. I never had any problems as a non-greek speaker. The country is more or less bilingual, and you find almost all documents, shops etc. operating in Greek and English.
Been to Malta many times but found it a little old fashioned and too small. No real beaches but easy to get to from the UK for a long weekend.
Downside in Cyprus company is that you need a local director and you wont have personally access to your company filings. I have no experience with Malta.
Great info as usual. One thing about no more than 6 months in any other country, for example usa has 3 year basis rule, you basically can not stay more than 4 months each year for 3 years or you will be considered as tax resident. Some euro countries now have a rule that 1st year up to 183 days is ok, but in 2nd year if you stay more than 90 days, automatically you are on a hook for both years as tax resident (273 day two year rule).
A lot of comfort, but would be curious to see the sailing performance.
So... Cyprus sells citizenship too? If so how much do they charge vs Malta's what, 1 milllion euros right?
Not anymore. It used to be that one qualifies if they purchase property for 2 million euros.
Eric Schmidt masterclass for sure 😂
I don't understand the banking thing. If you live in Cyprus then where do you put your money?
Singapore, isle of man... So many options. Just bring in only the bare minimum into your Cyprus bank, that's needed for living. Keep everything else outside.
you can have a bank account wherever you want, especially when living in/travelling to a country with euro, you pay by card everywhere with no fees (at least for me), wire what you need with a minimal fee and you're set.
I think everyone who does not need an account at Cypriot bank directly for some local reasons is just using direct banks for bank accounts like Vivawallet, Revolut Business etc. The Cypriot banks can are expensive, and often seem to be very invasive, when it comes to business and even privacy in what documents and data like transactions with other business accounts, or even personal ones etc. they demand for their regular checks. So certainly not worth it, f you operate a business that has no need for an explicitly Cypriot bank.
Cyprus stopped issuing golden visa
Hey Michael! I sent you an email about video editing and was wondering if you had a chance to check it out. If there’s another way you’d prefer to communicate, just let me know. Thanks! :)
I’ve not been to Malta, but I found Cyprus to be quite a dirty country. Rubbish everywhere. Unfinished streets, buildings etc even though they are occupied. Stray animals roaming around. Honestly it reminded me a bit of living in Kuwait. No real character or charm. I was surprised by this as I expected more.
I was only located in one part of the island on my visit but speaking to many people they said it was one of the best parts.
when and where were you there? I've been to Larnaka last year and loved it
Multiply that by 1000. You have Malta. You're welcome.
Pretty much same in Malta
@@addamussi Paphos, this summer. I’ll also add that the sea down at the beach was full of rubbish. Plastics and other waste. Never seen anything like it anywhere I’ve been.
@@ploppyploppy good to know. Think I’ll stick to Portugal.
.
If you want people to contact you, you must slow your speech and enunciate. Your intros. are always garbled; you simply rush through these to get to your main content. Please slow down and speak clearly. Thank you.
I'm not a native speaker, but watching in 1.5x with no problem understanding at all
Never had a problem with his speaking, but since he's a bit fast, I always watch in 1.0x.
My view is that I want time to think, so normal speed is fine.
I watch it at double speed