Save Probate Costs & Inheritance Tax with Cyprus Property Trust
9 Benefits of a Cyprus Property Family Trust
Do you ever wonder how your family would deal with your Overseas Property on Death? How your wife, husband, children would cope with the time, expense and development of settling your estate in your home country and overseas?
How would you tackle the UK probate and Inheritance tax assessment, a possible demand for 40% inheritance tax payable with 6 months of death?
A simple UK probate on average takes 9 months to settle. If you need probate overseas as well then that time is easily doubled. How would your family manage the overseas property? What is the expense of Probate lawyers overseas (10%) and offshore property agents (5%) and the time off work and travel to clear up your time living and working abroad?
We have created a free article on our website listing the 7 Benefits of a Cyprus Property Family Trust for expats owning overseas property in Cyprus and other countries.
We know from experience over 20 years that planning ahead to protect your Family overseas property assets from the cost and delay of Probate, Forced Sale and Inheritance Tax at a difficult time for your loved ones.
ProACT can help you protect your family assets down the generations.
7 Benefits of a Cyprus Property Family Trust
1. The Trust Deed & Gift can be created with or without title deeds to property.
2. Once the property is assigned to the trust it avoids costs and delays of probate or sale in Cyprus.
3. Transfer the Family Property to Trust and there is no Inheritance Tax, Capital Gains Tax or Property Transfer tax.
4. Protects against assessment or seizing of assets for long term care by UK Local Authority
5. Settlors and trustees of the Cyprus property trust retain control and could be beneficiaries.
6. Trusts are for Asset Management. Once inside the trust the asset can be managed like an investment fund or business – the asset wealth is retained within the trust, the trust can pay out income or acquire more assets
7. There is no annual trust tax in Cyprus
8. The trust will be given its own tax number and no personal tax arises.
9. You create a ‘Will’ for the trust, minutes and side letters of wishes stating your intention and for the trust administration, to protect your wishes during your lifetime and down the generations
Find out more at our website www.proactpartnership.com
ProACT Partnership Expat Experts offer tax, property, investment and business advice for people living and working and investing abroad. Find out more at our website. We value your feedback, please comment and share on our articles on our website www.proactpartnership.com/blog
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