A new exchange rate apply for Cyprus Tax returns to Estimate 2016 Tax payments for overseas income not taxed at source.
This is payable by the Expats Retired with overseas pension income and Self Employed in Cyprus. Those with pensions paid overseas cyprus tax is payable from July
Stay Calm and Carry On Exchanging Currency
Forget the headlines. Exchange rates go up and down but on average they don't change much.
Do not let the headlines scare you. A headline exchange rate GBP : EURO of 1.20 exchange rate is in line with exchange rates between 2012 / 13 / 14.
This rate is better than 2009 / 10 / 11.
Read MoreSam Orgill ProACT PArtnership Expatriate Advice on What is the Same Today
If we look back 100 years, the Austro-Hungarian Empire still existed, and a Tsar was Empire of Russia. Before 1908 you got on your horse, there were no motor cars for the masses, this modern necessity only arrived with the Ford model T introduced that year. Powered flight started in this period. Freedom of movement meant that people were no longer tied to live and work within walking distance. Much has changed over the last 100 years in security, trade, lifestyle and politics. We are still here, and better off.
The rules will change for the UK and EU whether Brexit Lite or Brexit Full emerges in the coming years. What we know today is:
1. Nothing changes today for Expats Living and Working Abroad – in the UK or in the EU.
2. UK is legally bound within the EU law, these will protect the rights of expats
3. Change is inevitable for EU Expats whatever happens.
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Sam Orgill of ProACT Partnership considers the background and implications of EU Brexit for Expats Living and Working Abroad
The Clash wondered ‘Should I Stay or Should I Go?’ Indicating a level of indecision with narrow margins. The Jam successors Style Council replied with ‘You don’t have to sit back… you can actually try changin’ it an Walls will come tumbling down’. This was the 70’s angst of the UK as they agonisingly choose to be led into the ECC as it was then.
2016 - Fast forward to 2016 and Great Britain votes 52% to leave – an 18% swing. The EU walls come tumbling down, along with political careers, jobs and lifestyles. What went wrong with the relationship between the British and their European Cousins?
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Sam Orgill of ProACT Partnership on latest Developments in the Game of Getting Title Deed for Cyprus Property
The changes in Cyprus in 2015 allow the land registry to issue title deeds to holders of contract of sale. This changed the dynamics between claimants to the title, and the new rules have been developed with changed approaches in all area as banks, developers, sellers and buyers battle it out to claim best advantage of the situation. How are you doing in the game of title deeds?
Read MoreTAX on SAVINGS & INVESTMENT FOR EXPATS
Expat Savers can make more tax savings following changes in Cyprus Taxes for Expats. Pay just 0% on saving and investment income. Suddenly Cyprus becomes a world class tax residence for expats living working and investing abroad in Cyprus.
Cyprus Cuts Tax on Savings for Expats
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Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats Living and Working Abroad in Cyprus UK
Pension Tax Saving for Expats
Expat Savers can make more tax savings following changes in the UK Budget and with Cyprus Taxes. They include Pension Freedom to pay 5% pension income tax or lower.
Read MoreChanges 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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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
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Sam Orgill www.proactpartnership.com Summers over - time to review for Expats
Cyprus Moves and Changes
In July the tax law was changed. Then the government announced the changes. Later some of the changes (still proposals) will be enacted in September, after the holidays. This has caused some confusion and delay as the news crept out. All will become clear…..
This article addresses some of the implications and changes in hand for Expats living and working abroad or investing overseas in Cyprus Property and Business. There is also a big impact in tax saving for offshore investment and the real bonus of a new Inheritance Tax planning strategy with a statutory basis.
The objective of the changes are to attract new overseas investors in Cyprus Property and Business. Whether you are living and working abroad, retired or investing offshore, Expats should review their Wills, Property, Business and Inheritance Tax positions to take advantage of the new rules and tax savings.
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