3 Big Tax Savings for the Family of Overseas Property Investors
Tax Savings of Inheritance Tax – Property Transfer Tax – Probate Expenses
Have you ever had the experience in your family where someone died, or divorced, or remarried leading to a family dispute over Property. Where someone within the family fears losing their share of an inheritance, or want to grab it, at the expense of the family members intended, or, rightfully beneficiaries.
I have and it is so sad. The loved ones, and future generations, you tried to protect and secure, see their home and finacial security undermined with the family squabble. This is why we make a Will or consider life time gifts to ensure your wishes are carried out.
EU Changes to Succession
Changes in European Laws of succession have thrown any plans made up in the air. Expats owning Overseas Property in an EU country could now be subject to forced heirship where only blood or married relatives can benefit - leading to confusion and disputes down the line.
Unmarried couples, children of second marriages, divorced partners, second marriage couples have now got to review there overseas property ownership or risk loss of assets and wealth when something changes.
Contact Us for a Review of your Overseas Property holding and protect against Inheritance Tax – Property Transfer Tax – Probate Expenses
Cyprus Property Force Heir-ship
Cyprus Law of Succession means that unmarried couples and children of second marriages can be disadvantaged from inheriting. This requires revisions to your Cyprus Will for Cyprus property and investments.
1. Property Transfer Tax Saving
There is a further disadvantage to this change in Succession laws. Any Gift of property to any person who is not a blood relative must pay property transfer tax on the gift. This includes unmarried couples, step-children of second marriages.
The Property Transfer Tax is the same rate as if the property is sold.
On a Property Value of Euro 300,000 the Transfer Tax is around Euro 5,800.
2. Probate Lawyers Can Take Fixed Fees of 10%
On death a Cyprus Probate lawyer could charge 10% of the Property Value Euro 30,000.
3. Inheritance Tax Saving up to 40%
Under New disclosure requirements Overseas Property Assets can be reported to the UK creating a potential 40% Inheritance tax bill. By wrapping the property in a Family Trust you could save 40% inheritance tax to extended family members and friends.
ProACT Solutions for Families with Overseas Property
ProACT Tax Saving Expat Experts can save all property transfer Taxes on gifts to family, as well as avoid the cost of delay of Probate, plus avoid any possibility of Inheritance Tax being applied by your home country,
And ensure you can choose and give to your beneficiaries free of Forced Heir-ship rules.
Contact ProACT Tax Saving Expat Experts for a Review of how you could make Inheritance Tax Savings and protect your inheritance.
Register to stay in touch with changes affecting your Overseas Property Investments, or Living and Working Abroad from the Tax Saving Expat Experts.