Exodus Of Brits From Economic Woes in Cyprus

By Tom Parmenter, Sky News Correspondent

British expats are packing up and leaving Cyprus as the effects of the financial meltdown continue to be felt.

Removals firms on the island have seen huge demand from people moving back to the UK, with immigration from the east helping replace those on their way out.

Significant numbers of Russians and Chinese are moving in, with the attraction of an EU passport and the freedom to move around Europe if they get residency.

Peter Morton Removals started operating on the island nine years ago, when most of their customers were arriving on Cyprus to begin a dream new lifestyle in the sun.

Stacey Morton, who juggles client requests and the logistics for the family firm, told Sky News Britons were still arriving but that just as many were heading home.

She said: "We are busy. Per day, I can get anything between 20 to 30 enquiries a day."

Jude Dudson says some families can no longer afford the live in Cyprus

Her colleague, Jude Dudson, moved over from Penrith in Cumbria six years ago.

She is part of the settled expat community but sees many sad stories where people have been forced to head home.

"It tends to be the older people who are now getting to the point where they need medical attention, or their pension has been affected," she said.

"The prices have gone up. The electricity is very, very expensive.

"Then you get the people with the young families that have lost their jobs and they can't afford to live here anymore."

It is 18 months since the financial crisis in Cyprus left the banking system paralysed and saw an unprecedented EU rescue package that clawed back cash from people's savings accounts.

The economy took a big hit and is still recovering, unemployment is high.

British expats are part of a changing society

The influx of Russians has continued apace and, desperate to open new revenue streams, the Cypriots are wooing the Chinese and many new housing developments have signs and brochures in Mandarin.

It leaves the British expats part of a changing society.

Michael Coombs, who lives near southern coastal city Limassol, told Sky News: "It is not the heaven it once was, it is very expensive to live here now.

"If you were retired you could see your pension eroded by the local costs but at the end of the day we have wonderful weather.

"We don't switch the central heating on in August so I'm not moving. I planned my finances around the worst possible case and it hasn't got there yet."

Renting is now becoming more popular than buying for the Brits and Russians moving to Cyprus, with people naturally more cautious of sinking their life savings into buying their place in the sun.

It is a story that is common right across the southern beaches of the Eurozone. 

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