Spring Changes - Tax Saving in Cyprus & UK for Expats
Sam Orgill of ProACT Partnership with Tax Saving Tips ARISING from the Budget Affecting Pensions Property & Investment for EXPATS
Spring is here and along with it a new broom brings more tax changes and tax saving opportunities for Expats. Changes have come from the UK e annual tax budget , while Cyprus has introduced more changes to Permanent Residency Rules for Cyprus Property Owners.
Meanwhile Property Transfer Tax remains discounted for 2016 offer large tax saving for expats with Cyprus property contracts of sale – but no title deeds yet.
Wills Gift Your Assets After Death, Why Wait?
Sam Orgill ProACT Partnership Expatriate Advice looks at other ways to Protect Your Family Inheritance. www.proactpartnership.com
Change of EU Law impacts Expat Wills
The adoption of the new EU law impacted Cyprus law by removing the options previously available to settle your Will under your home country laws. You should review your Will to ensure that your Wishes are met and your assets can be distributed as you wish in your Last Will & Testament.
Cyprus Law of Succession
Now the EU is the controlling legislation which says that your estate must be settled in your country of Residence.
That is not the same as the country you are from. A legal definition of Domicile has been introduced in Cyprus. Your country of birth and of your parents is defined as your country of origin. Where you are From. You can change your Domicile.....
Changes to Wills, Property, Savings & Inheritance Taxes
Sam Orgill www.proactpartnership.com Summers over - time to review for Expats
Cyprus Moves and Changes
In July the tax law was changed. Then the government announced the changes. Later some of the changes (still proposals) will be enacted in September, after the holidays. This has caused some confusion and delay as the news crept out. All will become clear…..
This article addresses some of the implications and changes in hand for Expats living and working abroad or investing overseas in Cyprus Property and Business. There is also a big impact in tax saving for offshore investment and the real bonus of a new Inheritance Tax planning strategy with a statutory basis.
The objective of the changes are to attract new overseas investors in Cyprus Property and Business. Whether you are living and working abroad, retired or investing offshore, Expats should review their Wills, Property, Business and Inheritance Tax positions to take advantage of the new rules and tax savings.
Willing things to Change…
Sam Orgill www.proactpartnership.com highlights UK Budget Changes require new approach to Wills and Property Investment for Expats. It’s time to review or make a will
Contact Us for a Free Review
The UK post-election Budget introduced , in theory a 1 million pound Inheritance Tax allowance for UK Domiciled nationals. But only those with the right assets, and the right family conditions, can benefit. Expats with Property or investments abroad are still subject to the 40% Inheritance Tax Rate on death.
The UK has one of the highest Inheritance tax rates in the world, outstripping France, Japan and Belgium. While the headlines sound and feel good the reality can still be expensive.