[Webinar] Why Making a Will To Avoid Inheritance Tax Works
Watch the webinar again.
We are all going to die at some point.
If we are lucky from old age after a long happy and healthy life. The timing is something of an uncertainty for us all.
Expats could plan ahead to ensure their family don’t endure the cost and delay of prolonged administration of their estate across borders.
The planning should be on the understanding that inheritance tax follows you worldwide.
Non-dom ties
Tax residence in Cyprus doesn’t save UK expats from 40% inheritance tax on worldwide property investments crypto and business.
Inheritance tax is assessed based on your domicile - where you are from - not your tax Residence - where you live.
Given that expats in Cyprus register with the tax office to confirm they are non domiciled to Cyprus to enjoy 0% dividend and savings taxes, the records are in place ready to take a large tax bite from your families estate.
This leaves open offshore business, insurance, investments and crypto as well as overseas property that could can under assessment for 40% UK inheritance tax.
When you die you will need an administration of your estate and affairs by family or strangers.
Every estate around the world needs tax clearance in each country in which assets are owned.
This is how the tax man finds out about your overseas property investments and business wealth.
Better to plan ahead and arrange to keep the family in control.
Make a Will
The first step to protecting your family and business is to Make a Will.
It can help family stay in control, reduce the cost and delay of probate, and make inheritance tax savings for any expat Living and Working Abroad.
Talk to the ProACT expat experts to help guide you to keep your family in control when the time comes.