Something you should keep in mind is that Cyprus has one of the best Social Security systems worldwide. Even if you are contributing the minimum amount, the advantages you get are enormous, especially if we compare it with other systems within the EU.
Thanks to the existence of an agreement between the EU and other states, the return to the UK, Ireland or any other country within the EU is greatly facilitated.
In Cyprus you get more “points” for your retirement even when contributing the same as in any other European State. You have some information about it here. There is a summary with the most basic information below.
The right to free state medical insurance depends on the amount of your contributions. This insurance is available to officials, individuals with incomes below 15,377.41 euros and families with annual incomes of up to 30,754.82 Euro (there is a tax-free amount per child of 1,708.60 Euro).
Those who don´t fit within the categories mentioned can make use of the state medical assistance paying the respective monthly contribution.
In Cyrpus, all kinds of necessary medical assistance in the case of an accident i.e. in the form of first aid, is free, without taking into account the patient’s economic situation or nationality (this includes tourists). On the other hand, you do have to pay for in-patient treatment.
State health care is financed by taxes collected by the State. Monthly contributions for private health insurance are clearly below the EU average. So, for example, the monthly contribution in the case of a 43-year-old man is approx. €50 (in-patient treatment, private room, treatment from a medical director).
In Cyprus, the social security system depends on the income level. Assistance is financed through the contributions of the interested parties themselves, the State and the employer.
Employees contribute 17.9% of their salary. The employer pays 6.8%, the worker another 6.8% and the State 4.3% (currently).
Those who are self-employed contribute 16,9% of the stated estimated income. In this case the interested party is left with 12.6% and the State with the remaining 4.3%.