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.

IHT - They Don't Smoke Fat Cigars in Panama Anymore...

Sam Orgill of ProACT Partnership with Inheritance Tax Saving Tips for Overseas Property Owners

Well they don't smoke any cigars in Panama any more. Inadvertent exchange of information has exposed assets owned by those living working and investing abroad. This draws these assets into Inheritance TAx Assessment for there home country. In the UK this means 40%.

Inheritance Tax Changes

Currently there is no worldwide exchange of information on assets between countries including UK and Cyprus. So you could settle a Will for the UK and a Will for Cyprus Property separately and the UK taxman will not know of your Cyprus assets unless he investigates.

From 1st January 2017 international exchange of property and asset information will commence between countries. This will allow IHT assessors to review worldwide assets to ensure those domiciled in that country pay on total estate assets. This will draw Cyprus, Spain, French, Portugal and Greek properties into the UK taxman’s net

If you choose UK law to settle your worldwide will & estate UK inheritance tax may well be applied to worldwide assets.

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Changes to Cyprus Succession Laws Affect Inheritance Tax for Expats Property

Sam Orgill of ProACT Partnership with Tax Saving Tips for Property Ownership

New EU Succession laws enforce radical change for Expats living and working abroad in the EU, or with assets in these countries. While the UK and Ireland have opted out of applying the EU Directive it still affects EU expats with tax residence or domicile in the EU. This means changes to the way you organise and plan your Family inheritance, business and overseas property investment assets and income?

Changes Keep Coming

The changes mean that you must settle your world-wide estate in the country you habitually ‘live’. This could be different to the country of your tax residence AND the country of your tax domicile (‘where you are from’)

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Spring Changes 2016 - Tax Saving in Cyprus & UK for Expats

Sam Orgill of ProACT Partnership with Tax Saving Tips March Budget to Pensions Property & Investment 1/3/16

Spring is here and along with it a new broom brings more tax changes and tax saving opportunities for Expats. The UK has the annual tax budget on March 16th, while Cyprus has introduced more changes to Permanent Residency Rules for Cyprus Property Owners. Meanwhile Property Transfer Tax remains discounted for 2016 offer large tax saving for expats with Cyprus property contracts of sale – but no title deeds yet.

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Free Review – Inheritance & Saving Taxes

ProACT offer a Free Review of your family situation. Expats must make written changes of your Will if you want to use the succession rules of your home country. But consider the impact on inheritance tax at 40% in the UK or other countries. Consider who you want to benefit in your Will, is this possible with your arrangements?

How do you need to change your savings and investments to save tax on defence levy for bank interest, dividends, property rental?

Origins – Where you are From

The key driver to the change was the introduction into Cyprus law of a statutory definition of where you are from – domicile. If you are born in a country with parents from that country then your origin is that country – your domicile. You may be born in Ireland you’re your parents come to UK to bring you up but your origin is the home country Ireland.

If you live in Cyprus for 20 years (and a tax resident for at least 17 of those years) then your Domicile becomes your country of residence

Migration, Families, Inheritance, Make Wills, Tax Savings Today and Tomorrow

What a 6 months. Cyprus under scrutiny from the Troika came up with game changing tax changes that reposition Cyprus as a Tax Friendly location for Expats living, working, investing and retired abroad.

These changes impact on the laws of succession affecting Wills, Trusts, and in turn Property, Business and Investments. The EU inspired legal changes allow new ways to save inheritance tax, a tax residence with no saving or investment taxes, maintain a pension tax environment of 5% income tax, discounts in property taxes on purchase and capital gains exemptions on overseas Cyprus property sales.

How does this affect your Family planning for inheritance, business and overseas property investment?

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Sam Orgill of ProACT Partnership on using a Will for Tax Saving by Expats

Sam Orgill of ProACT Partnership with Tax Saving Tips March Budget to Pensions Property & Investment 1/3/16

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