Sam Orgill of ProACT Expatriate Advice discusses one of life's certainties and the Benefits of Making a Will
Inheritance tax is the last tax return you need to make and can be expensive. With planning taxes of 40% or more can be saved for the family. How do you do that?
What is included? Inheritance tax is charged on all the assets you own or have a share of. This can include; property in Cyprus, UK or worldwide; business value; savings and investment; pensions values; vehicles; and anything else of value in your legal possession at your death.
Your world wide assets are included. That is what you own in Cyprus and elsewhere. Crucially you are assessed for inheritance tax in each country you have assets in, plus the country... Read more.
Precious Assets - Protect Them Well - Make a Will. Sam Orgill from ProACT Partnership on Security for your Family...
Four Score Years and 10 is what we generally get, before we move on in body or mind. The question that becomes more urgent as we progress is what is our legacy? What do we want for our loved ones, partner, children, beloved clients?
Doing nothing can seem like a safe step but often it proves costly and causes confusion and delay for families in time of change. For example investing in Cyprus property seemed to be a secure option but is costly when you want to sell and take the money back home.
That people do not take steps to protect their wealth, their assets, their legacy for their family and loved ones is the most risky think to do. Time and again we witness poorly written property contracts, business agreements, failure to search the ownership of the land being brought, jumping into high risk currency mortgages, failing to make a Will, no contingencies for accidents, ill health or emergencies.
An overall failure to Look Forward and balance the possible outcomes.
Property Title Deeds
It is a basic principle of EU Human Right legislation for EU citizens to have the right to own title deeds. You don't own the property until you have the title deed in your hands. Till completion of transfer you only own the rights to the land under the property contract of sale. ProACT Property Experts check the contracts and make sure you get the title deeds you are entitled to in your hands.
Make a Will
You must have a Will to protect your rights under a contract of sale and it must appoint someone you trust. At ProACT we recommend only family members or beneficiaries are appointed executors - the legal owners of the assets.
If you die without a Will in Cyprus or appoint a Cyprus solicitor as executor they can take a minimum fee of around 10% of the estate as charges, and it can be more. The irony is the value of the estate is not relevant to the work involved, a €600,000 estate can be the same probate work as a €100,000 property estate, but still pay €60,000 for probate.
Lifetime Gift of Property
There is no Inheritance tax in Cyprus on death. Better still there is no Inheritance tax if you give your title deeds to immediate family while you are alive and kicking. The gift is also completely free of property transfer taxes so there is a double tax saving.
If you are concerned about the cost of probate, or have a terminal illness, then giving the property to family, spouse or children during your lifetimes saves probate costs, time, worry and money at a difficult time for loved ones.
Expats still have a liability in their home country to Inheritance Tax on death. So the added tax planning bonus for Cyprus property is you can use a Will, Trust or Lifetime Gift to save 40% inheritance tax - up to €240,000 on our €600,000 property. ProACT Tax Saving Experts save you more tax and give more to your family.
ProACT Look Forward
After 10 years our work has just started. Our mission as a Family Office is to protect Expats Living And Working abroad so they have secure assets, wealth and peace of mind as they enjoy their adventure relocating overseas. We seek to protect, secure and administer the assets of professionals, business and the retired including tax efficiency, offshore business, ownership of property, avoid expensive probate costs and delays, and Tax Saving Expertise from Capital, Property and Inheritance tax.
Contact us for a Free Review. Protect your Precious Assets for your family. Make a Will, secure property, get your title deeds or give them away again to family
ProACT Partnership - Tax Saving Expat Experts
Look Forward Never Back : A Daily Pursuit of Excellence in What We Do
TAX - WILLS & ESTATES - IMMIGRATION - PROPERTY OVERSEAS
ProACT Private Client Expatriate Advice Services for professionals, consultants and the retired living and working abroad, relocating overseas, investing offshore.
OFFICE TEL: +357 26 819 424 - Cyprus Time Monday to Friday 9am -5 pm
RECEPTION TEL: +44 1753 27 2116 FAX: +44 1753 27 2001