Cyprus Cuts Tax on Savings for Expats
Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats Living and Working Abroad in Cyprus UK
TAX 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
If you are Cyprus Tax resident but not domiciled in Cyprus, then you have zero Saving taxes (Defence Levy) to pay - 0%. This saves 30% on interest and 17% on dividends from 2015. Whether the income is earned in Cyprus or abroad.
If you pay 30% tax at source in Cyprus banks you can apply for a tax rebate for 2015 and to have this paid gross in 2016.
If you earn interest abroad, and you are a cyprus tax resident declare on your Cyprus return to confirm the 0% Cyprus tax rate. Then you can reclaim tax in from the other country if the double taxation treaty allows.
UK Expats, If you are Cyprus tax resident, this will allow you to pay no tax in the UK, but you must declare on your Cyprus return all income worldwide.
People putting off registering as Cyprus tax resident may now benefit from tax savings by doing so.
Remember, if registering pensions from abroad for cyprus tax, you can still have them paid to your bank in your home country, while taxed in Cyprus at 5%
The same changes apply with dividends: declare them in Cyprus for 0% tax rate; reclaim any tax at source if allowed.
Tax Saving Tip: Ask ProACT for help tax saving returns and rebates.
Free Review - Savings Tax for Expats
ProACT offer a Free Review of your situation. How can you stop paying tax at source, claim rebates from banks, register for tax returns and savings . We include a review of the tax status of banks, pensions, business, property and investment income.
Whether a Cyprus tax resident or not we can ensure your family makes tax savings on your savings.
Contact us to book a Free review. CONTACT US
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Read more on our website www.proactpartnership.com/blog
Sam Orgill ProACT Partnership Expatriate Advice
Tel +357 26 819 424 info@proactpartnership.com CONTACT US