[Podcast] 3 Expat Questions For Inheritance, Pensions & Business
This week we have received a bundle of great questions from expat families & businesses living and working abroad.
I wanted to share 3 of the questions on Inheritance tax and gifting.
On pensions and income tax. On business organisation.
You will get insights and advantages of taking care of your family and business when living and working abroad
If i make a gift of property or investments in cyprus does the 7 year rule apply?
Gifts of property into Cyprus Trusts or direct to family members are free of capital gains or inheritance tax immediately.
The 7 year rule is a UK stool for assessing Inheritance tax. If you are not assessed for UK inheritance tax in the UK, then Cyprus gift rules can apply.
How will the new double taxation treaty cyprus uk affect my private and state pension?
Double Taxation treaties are between two countries and not something under the control of the EU. So EU brexit May affect custom unions and Trade agreements but not tax matters.
There is a new UK Cyprus Double Taxation Treaty coming into force in 2019. Not connected to EU Brexit for Expats but to changes to UK policy on tax for Expats and maybe a sign of the world after Brexit.
Expat Private and state pensions will still be eligible for 5 % flat rate tax in cyprus.
What is the cost of a Cyprus trust company?
You could have a Cyprus trust but the assets don’t have to be Cyprus based.
Whether you gift overseas property, company shares, or investments they could be Cyprus based or overseas. The based solution depends upon your situation and circumstances.