Proof of income

Last activity 07 April 2022 by Kevin Thompson

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Kevin ThompsonActive member01 April 2022 15:00:47

Not sure if this in correct section, but here we go . Be gentle with me as I’m new on the forum.

My wife and I are planning on moving to Cyprus in the future, but before we reach UK state pensionable age. I was lucky enough to live in Episkopi for 3 years as a teenager (a long time ago) and can’t wait to move back. We have both taken early retirement and I have a drawdown pension and as I choose how much to draw down I was wondering whether I can use this to demonstrate I have enough income to support us to meet the >90 days requirements? Does any one have experience of this. Kevin

garymc38Active member01 April 2022 15:27:48

I am in the process of doing exactly the same thing , not experienced any problems so far so you should be fine. Will post again if I come across any issues.

Kevin ThompsonActive member01 April 2022 18:42:40

@garymc38

Cheers.

Did you just provide a statement from your pension provider showing your drawdown amounts?

ToonCyprus Expert02 April 2022 03:49:32

9837

Bank statements pension details and statements should be sufficient ass long as they comply with the income requirements at the time of your move ... And not forgetting healthcare cover

garymc38Active member02 April 2022 05:30:00

Yes, just latest pension valuations.

Kevin ThompsonActive member02 April 2022 06:18:22

@garymc38

Great. Let me know how you get on

Kevin ThompsonActive member02 April 2022 07:03:35

@Toon quick question 😀. Is there a recommended health insurer (I’ve heard Cigna are good) and second quick question, sorry I did warn you there’d be a few, my wife and I both get free prescriptions in the UK which we need monthly. I assume even with private insurance I register with a local GP and can get repeat prescriptions? I understand there may be a small ( compared to UK) charge for prescriptions. Thanks again

ToonCyprus Expert02 April 2022 12:18:59

9837

When we first arrived 8 years ago we used AIG via Abbeygate and have been with them for all the other things like motor insurance buildings and contents .. we dont need private as we are lucky to be on gesy now via the S1. Repeat prescriptions should be ok even if you pay direct just make sure the meds you need are available here

Never had a health issue via private cover but abbeygates claims centre has been brilliant for motor claims .. can't fault them so far ... Gesy and local specialists have been fab for us so far as my health took a knock last year ...

Kevin ThompsonActive member02 April 2022 13:43:48

@Toon thanks

ridata2001Active member05 April 2022 14:50:26

#10

I,m of the understanding, that once we reach UK pension age, we can get on the Gesy, utilising the S1 form... anyone have any updated info...?>

Ta..

ToonCyprus Expert06 April 2022 07:22:16

#11

9837

That is correct and also once you have achieved 5 years legitimate legal residency with full documentary proof

garymc38Active member07 April 2022 05:22:17

#12

Uupdate. I have been to lawyers in Cyprus now and they have told me I need to set up an income payment from my drawdown contract and show a bank statement with the money coming in. This is pretty straightforward but you may have to do the same. Also set up bank accounts with Hellenic Bank who were brilliant, everything completed in less than an hour, including internet banking set up. Tried same thing with Bank of Cyprus who didn't seem interested and in the end gave up. Hellenic were definitely the best option.

Kevin ThompsonActive member07 April 2022 06:41:42

#13

Thanks for the update. I’ll look into Hellenic bank

ToonCyprus Expert07 April 2022 06:55:47

#14

9837

Hellenic is a good sound bank with excellent online web and mobile banking services ......although I have actually pulled out of all local banking services in favour off a mobile banking service ..it works for us really well

Kevin ThompsonActive member07 April 2022 08:10:00

#15

@garymc38 quick question, have you set up your pension to be paid to Hellenic bank or just a transfer from UK account?

Kevin ThompsonActive member07 April 2022 08:14:52

#16

@Toon do you think an online bank statement would satisfy the income requirements? Also, I currently use first direct, would that do?

ToonCyprus Expert07 April 2022 12:46:33

#17

9837

I don't see why not but having said that things have changed a bit so they may ask for the statements to be initialed by the bank ..your first direct statements will am sure satisfy the requirements of income proof I doubt they are interested too.much in how you get your euros here ...

.. My advice isxto open the Hellenic organise your payments in and build up a history of local transactions so they can see that you spend here and have the regular income .. .. I think there is meant to be a lump sum deposited for non EU nationals though

Kevin ThompsonActive member07 April 2022 13:00:10

#18

@Toon cheers

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