ProACT Sam in the Living and Working Abroad podcast for Expat Family and Overseas Business looks at what could go wrong to Overseas Property, Business and Investment assets and how EU Brexit for Expats give this a new twist.Read More
This week ProACT Sam answers 3 Questions on Inheritance tax and gifting:
1. If i make a gift of property or investments in cyprus does the 7 year rule apply?
2. How will the new double taxation treaty cyprus uk affect my private and state pension?
3. What is the cost of a Cyprus trust company?
Sam Orgill of ProACT Partnership with Inheritance Tax Saving Tips for Overseas Property Owners
Well they don't smoke any cigars in Panama any more. Inadvertent exchange of information has exposed assets owned by those living working and investing abroad. This draws these assets into Inheritance TAx Assessment for there home country. In the UK this means 40%.
Inheritance Tax Changes
Currently there is no worldwide exchange of information on assets between countries including UK and Cyprus. So you could settle a Will for the UK and a Will for Cyprus Property separately and the UK taxman will not know of your Cyprus assets unless he investigates.
From 1st January 2017 international exchange of property and asset information will commence between countries. This will allow IHT assessors to review worldwide assets to ensure those domiciled in that country pay on total estate assets. This will draw Cyprus, Spain, French, Portugal and Greek properties into the UK taxman’s net
If you choose UK law to settle your worldwide will & estate UK inheritance tax may well be applied to worldwide assets.Read More
Sam Orgill of ProACT Partnership current Inheritance Tax Saving Tips for Expats Property Owners & Investors
Changes Keep Coming
Inheritance Tax changes mean that you must settle your world-wide estate in the country you habitually ‘live’. This could be different to the country of your tax residence AND the country of your tax domicile (‘where you are from’)
Cyprus has 0% inheritance tax (IHT) so is a better place to pay inheritance tax than the UK where 40% applies. This depends on your domicile. Cyprus now define your domicile in law. If you are Cyprus Domiciled you pay 0% IHT.
You can ensure an Inheritance Tax Saving of 40% by taking action todayRead More
Changes to Cyprus Succession Laws Affect Inheritance Tax for Expats Property
Sam Orgill of ProACT Partnership with Tax Saving Tips for Property Ownership
New EU Succession laws enforce radical change for Expats living and working abroad in the EU, or with assets in these countries. While the UK and Ireland have opted out of applying the EU Directive it still affects EU expats with tax residence or domicile in the EU. This means changes to the way you organise and plan your Family inheritance, business and overseas property investment assets and income?
Changes Keep Coming
The changes mean that you must settle your world-wide estate in the country you habitually ‘live’. This could be different to the country of your tax residence AND the country of your tax domicile (‘where you are from’)Read More
Origins – Where you are From
The key driver to the change was the introduction into Cyprus law of a statutory definition of where you are from – domicile. If you are born in a country with parents from that country then your origin is that country – your domicile. You may be born in Ireland you’re your parents come to UK to bring you up but your origin is the home country Ireland.
If you live in Cyprus for 20 years (and a tax resident for at least 17 of those years) then your Domicile becomes your country of residenceRead More
What a 6 months. Cyprus under scrutiny from the Troika came up with game changing tax changes that reposition Cyprus as a Tax Friendly location for Expats living, working, investing and retired abroad.
These changes impact on the laws of succession affecting Wills, Trusts, and in turn Property, Business and Investments. The EU inspired legal changes allow new ways to save inheritance tax, a tax residence with no saving or investment taxes, maintain a pension tax environment of 5% income tax, discounts in property taxes on purchase and capital gains exemptions on overseas Cyprus property sales.
How does this affect your Family planning for inheritance, business and overseas property investment?Read More
Now every Expat must review their Wills to ensure that your Wishes are meet and your assets can be distributed as your wish in your Last Will & Testament. Consider Inheritance Tax, Savings Taxes and Property Title Deeds: to bring your needs in line with the new legislation.
ProACT Expatriate Tax Saving Expat Experts – Free Review
ProACT can also assist and offer Free Review and advice to Make a Will, provide updates or revisions as required. You may want to make gifts to avoid Inheritance Tax. Gift to Family, Gift to Trust.
This may just give you piece of mind, but also ensures that when someone dies, unforeseen problems, expense and inheritance taxes are avoided.
Contact Us for a Free Review. Contact Us Free Review !!
If you want to choose who benefits - make written changes to your Will.Read More
Domicile and Inheritance Tax
If you want to avoid 40% Inheritance tax in the UK, your choices need further consideration with the new EU legislation and a global move towards a statutory definition of Domicile.
If you write in a Will confirming your domicile as your home country then Inheritance Tax is assessed there. 0% inheritance tax applies in Cyprus if family inherit under Cyprus laws of succession.
A Cyprus centred approach could trigger a full Inheritance tax assessment of Worldwide assets on death. Meaning UK expats pay 40% tax on Cyprus Overseas Property Assets.Read More
Sam Orgill ProACT Partnership Expatriate Advice looks at how Inheritance Tax and Your Property and Your Will could Protect Your Family. Make a Will. Make a Codicil. Make Gifts to Family or Trust
Change of EU Law impacts Expat Wills
The adoption of the new EU law impacts in with Cyprus assets by removing from Cyprus Law the options, previously available, to settle your Will under the law of your home country.
Now every Expat must review their Wills to ensure that your Wishes are meet and your assets can be distributed as you wish in your Last Will & Testament
Consider your position: Inheritance Tax, Savings Taxes and Property Title Deeds. Bring your needs in line with the new legislation.
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.
EU Law of Succession
Now the EU is the controlling legislation which says that your estate must be settled in your country of Residence. Nationality is not your Domicile. This is a Gift horseRead More
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.....Read More