Sam Orgill of ProACT Partnership on using a Will for Tax Saving by Expats
The Cyprus changes to Succession mean Expats must make written changes to their Will to avoid forced heirship and retain financial control of their affairs on first death.
This can be done with a simple codicil or with an update Will. Our View is that a codicil is risky: in cyprus the Will deed is stamped. A separate codicil document could be valid, but it increases the potential of being misplaced or not being consistent with the Will.
Noting also if you use the laws of your home country then you tie your Cyprus Property assets to UK inheritance tax under new tax exchange of information rules being introduced.
New exchange of information laws being introduced will allow countries to exchange tax information on capital taxes such as property, capital gains and inheritance tax from 2017.
Tax Saving Tip: Make written changes to your Cyprus Will. Review you Will to protect Cyprus assets from inheritance tax and probate cost and delay.
Free Review – Tax, Wills, Inheritance, Property
Don't Wait Until its too late. Changes to laws of succession in Cyprus, high and slow probate costs, exchange of information on capital assets, overseas inheritance tax costs, means its time to look at different ways to protect your Cyprus Property Assets from Inheritance Tax for your Family.
ProACT offer a Free Review of your Tax, Savings, Wills, Inheritance and Property issues for Expats living and working abroad. Contact us to book a Free review. CONTACT US
Read the full article " Expat Tax Saving Checklist" the more on our website www.proactpartnership.com/blog
Sam Orgill ProACT Partnership Expatriate Advice
Tel +357 26 819 424
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