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Thursday 16th July 2020
Home Letters Equity release in Cyprus

Equity release in Cyprus

I wonder if you can help please. The falling value of the pound against the Euro means that we have much less money coming in every month and we are now finding it quite difficult to make ends meet. A number of our friends who have also retired here are in a similar situation.

Can you tell me if there is any organisation in Cyprus that will buy your property and let you stay there until you die or leave. I know they do it in the UK.

Answer

There are a lot of people feeling the pinch. When we moved here in 2002 we were getting 93 cents for £ 1 sterling, but today you’ll get slightly less than €1.24 (about 73 cents) for your Pound Sterling.

As far as I’m aware, there are no companies in Cyprus that offer equity release schemes of any kind. The only thing I can suggest is that you speak with your bank and perhaps have a word with an independent financial advisor to see if they can offer some suggestions to ease your financial situation.

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