In part 5 of our series "7 Tax Changes for Expats this Spring" we look at how tax returns are now compulsory for Cyprus tax residents. A big change for Cyprus tax payers is that every tax resident has to complete a tax return for 2019. In the past, if you had no taxable income, you didn't need to do a tax return. You only needed to complete a tax return in Cyprus if you had taxable income.
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ProACT Sam updates the Changes to the Cyprus Online Tax Return System
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Having trouble with the changes to make Cyprus tax returns?
Do you want to do online returns but find nothing inline or joined up?
Here’s the latest news… Read More
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Tuesday Tax Blog: This Week Deadlines for Tax returns & Rebates for Expats in Cyprus and UK
Cyprus Temporary Tax Returns & Payments are now due.
UK tax returns and rebates for tax paid in the UK in 2016/17 can now be reclaimed.
Are you certain your tax affairs will stand the scrutiny of Exchange of information ?
ProACT Sam Orgill has written a free guide for Expats to download explaining the new risks from the taxman, follow the link to download:
Assessing the Risk - How the Tax man Shares Your Information
Click to Read Full article
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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.
Remember, we offer a FREE no obligation Review.
7 Benefits of a Cyprus Property Family Trust
1. The Trust Deed & Gift can be created
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Sam Orgill www.proactpartnership.com asks what do you want from the changes to Domicile from a Cyprus perspective. Change of Domicile Impacts Everything
In the Summer of 2015 Cyprus has introduced wide ranging changes in legislation that has a direct impact on the tax status of assets held by expats in Cyprus.
Now every Expat must review their Wills, Inheritance Tax, Savings Taxes and Property Title Deeds: to bring their needs in line with the new legislation.
Click Here Register for Free Services From ProACT Tax Saving Expat Experts
Contact Us Say Hello !! ProACT Web Site
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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.
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Sam Orgill of ProACT Partnership considers the Exchange Rate Adjustment and implications of EU Brexit for Expats Living and Working Abroad
EU Brexit for Expats means the UK needs to stimulate the economy and the a lower exchange rates is the main tool at the UK government's disposal. Exchange Rates Can Go Down as Well as Up
If your Euro Overseas Property is valued in Euro and your Investments & Pension in GBP 50:50: then you are no worse off when exchange rates go up and down.
Lower Sterling Exchange Rates Means Change for Expats and a New approach:
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What gets missed, in the excitement and enthusiasm of Overseas Property Investment is the exit strategy if something goes wrong. Over 20 years we have seen many examples where Family, Health, Business issues goes wrong or just change, leading to expense delay and taxes in order to sell an Overseas Property Investment and or Relocate back home.
Our deep understanding helps us guide Expats Living and Working Abroad, or investing in Overseas Property protect the Family Assets and help avoid cost, delay and tax when difficult times arise.
We have created a Free Article for you to Read and Share;- 6-reasons-to-make-a-will-for-overseas-property-investment
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Have you ever had the experience in your family where someone died, or divorced, or remarried leading to a family dispute arose over Property. Where someone within the family fears losing their share of an inheritance, or want to grab it, at the expense of the family membersintended or rightfully beneficiaries.
I have and it is so sad. The loved ones, and future generations, you tried to protect and secure, see their home and finacial security undermined with the family squabble. This is why we make a will or consider life time gifts to ensure your wishes are carried out.
EU Changes to Succession
Changes in European Laws of succession have thrown any plans made up in the air. Expats owning Overseas Property in an EU country could now be subject to forced heirship where only blood or married relatives can benefit - leading to confusion and disputes down the line.
Unmarried couples, children of second marriages, divorced partners, second marriage couples have now got to review there overseas property ownership or risk loss of assets and wealth when something changes.
CONTACT US FOR A REVIEW OF YOUR OVERSEA PROPERTY
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