I first went there in 2018 for three months. The goal was to just check it out and get a "feel" for the place as, like you, I was attracted by their favourable tax regimes.
Personally, I loved it despite the unbearable heat at times and lack of regulations around noise/building sites (lesson: before committing to a lease, make sure there is no nearby construction of any kind). It has a growing digital nomad scene, English is widely spoken and used in legal docs, the food is great, and internet speeds are solid.
My girlfriend and I planned to make the move out there in 2019 but life happened, and it got pushed to March 2020.
Sadly, just two days into our second trip, Covid hit, lockdowns ensued, and ultimately, we had to head back to the UK as immigration centres were closed and we were at risk of overstaying the 90-day rule.
It sucked.
Long story short: Cyprus made it impossible for unvaxinated people to enter the country and subsequently, the Brexit withdrawal came to pass, and we lost our ability to settle there freely. We've explored their visas, but that has proven challenging for us at the moment.
(Hence why our focus is now on Portugal.)
While the NHR scheme is appealing, after those initial 10 years are over, it doesn't hold a candle to Cyprus' tax system. And from what I've heard, setting up company structures in Cyprus is not just favourable, but straightforward too.
I've gone the long way around saying Cyprus is awesome and I'd likely be there now if it wasn't for the aforementioned events. That said, it wasn't without its flaws (like all places).
But from my early research, Portugal, especially the Algarve, is appealing to me.
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