Automatic Inheritance Tax on Property, Business and Probate for Expats
8 Reason to Use Wills and Trusts to Protect Overseas Assets
ProACT Sam Orgill www.proactpartnership.com .
Automatic Exchange of Information Impacts Everything
Time to review your Will: EU law is not the same as UK, and Automatic Exchange of information makes sure offshore property, investment and business is reported between your home country and country of residence.
The EU introduced new laws for dealing with Estates. Cyprus like other EU countries introduced wide ranging changes in legislation that has a direct impact on the tax status of assets held by Expats overseas.
This allows the possibility for the home country to find out about the overseas business, property and investment assets. This could add a 40% inheritance tax bill to an estate.
In 2017 the bar is raised further, as automatic exchange of information means any financial transaction, including property purchase or sales, probate administration or tax return is reported to the home country.
Now every Expat must review their use of Wills and Trust to protect overseas property, business and investments in line with the new legislation and automatic exchange of information rules.
Read the Full Article for More detail and 8 Reason to Use Wills and Trusts to Protect Overseas Assets