Very Moveable Property Tax Savings - This article is Confirming the Cyprus Property Tax  Savings for 2016 and More....... Immovable Property Tax (IMPT) and Municipal taxes are now due. Paid by the End of October for Discounts and and end to IMPT for Cyprus property owners 

Even if you only dont have title deeds, you are responsible to pay IMPT  on your Cyprus Property - but not for long. 

Cyprus Property Tax Saving For Expats

In 2016 we have the culmination and possible resolution of Cyprus Property Tax changes - but not as you imagined...... Read More for the New IMPT Rates 

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The EU Brexit decision will have a wide ranging 'economic' and 'social' adjustment period in the coming 2-5 years.  There will always be winners and losers. ProACT look at EU Brexit for Expats.

Solid Investment

Over many years people have chosen property funds as a 'low risk' investment of a lump sum.

However all investments can go down as well as up. Dont put all your eggs in one basket otherwise you could find your dreams smashed, as property funds lose liquidity and become a 'solid' investment for the wrong reason.

Post Brexit vote has seen half of UK property funds 'close' to redemptions from investors in UK commercial property.  International Commercial Investors feared for future values of UK commercial property and hastened to exit the property fund.

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When you make an application for Title Deeds based upon contract of sale the Land Registry commence a process to issue them to your irrespective of the any obstruction or delay by the seller.

TITLE DEED DELAYS

The seller (including developers) in the past could delay issue of title deeds because they do not issue a completion certificate for planning permission, or pay their seller taxes, or obtain release of mortgages attached to your land.

TAX SAVING

This Land Registry will confirm that you are only obliged to pay property taxes if your contract of sale obliges you to do so after taking possession.

TAX SAVING - FREE REVIEW

Make sure you make this tax saving - dont pay taxes you dont have too.

For a Free Review or Advice on Cyprus Property Transfers , Title Deeds and Tax Savings contact ProACT Partnership Expatriate Advice.

Very Moveable Property Tax Savings

Confirming the Cyprus Property Taxes and Savings for 2016 and More

In 2016 we have the culmination and possible resolution of Cyprus Property Tax changes - but not as you imagined, or was proposed in 2016, 2015 or 2014. A fierce debate has raged in parliament and delayed voting until well into July, the outcome of the long term property tax plan is a further sign of the Cyprus government intention.

The very Movable Property TAx solution mean big i tax savings for expats owning overseas property in Cyprus. 

You will be astonished at the changes in annual property taxes and title deed taxes.

Read the Full Article Very Movable Property Tax Savings

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Sam Orgill ProACT Partnership Expatriate Advice Suggests You enjoy the reductions in Immovable Property Tax (IMPT) and that you Only Pay Your Own Immovable Property Tax. IMPT is being scrapped in Cyprus, but don't throw away money where you are not obliged.

Developers IMPT

Don’t get caught out.  Since 2014 contract of sale owners, without title deeds, have been able to register and pay IMPT directly. This is always at a lower IMPT rate than the developers who pay at a rate based upon their total land holdings.

This is because developers pay an IMPT rate based upon the whole title deed of their development. This could be 3 times as much, 1.9% instead of 0.6%.  So registering to pay IMPT direct if you hold a contract of sale gives a big tax saving on your overseas property.

Buyers only have to pay developers IMPT for previous years if their contract of sale explicitly states the buyer is responsible for IMPT.

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Sam Orgill ProACT Partnership Expatriate Advice does the sums on the new IMPT regime for Overseas Property Owners in Cyprus

Immovable Property Tax (IMPT) in Cyprus is abolished in 2017. But it gets better if you do the math.  In a dramatic modernisation of the Cyprus Property Tax regime, expats owning overseas property in cyprus will have no taxes to pay for 2016 either.

Retrospectively 2015 IMPT is reduced giving a 25% tax saving.  Receipts are being issued with a 25% credit reduction against the 2015 IMPT tax paid. If anyone has not yet paid 2015, not only will there be no penalty for late payment, the 2015 IMPT tax can now be paid until 31/10/2015. After this time penalties will apply for 2015 rising to 25% from 1/1/2017.

That leaves 2016 where a 75% tax saving is introduced retrospectively from the start of 2016. (100% - 75% tax saving = 25% payable). Despite plans to use new, higher, 2013 rateable values, this has been abandoned to stick with the 1980 rateable values, as used in 2015. Meaning the new 2016 IMPT tax due is equal to the discount being credited to the 2015 IMPT already paid.

This can be paid in a number of different ways.

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Read the detailed Article Click Here

Paying IMPT Tax 2015 - 2016

Sam ORGILL of ProACT Partnership goes with the flow - Living Abroad With Currency Ups and Downs

If you must change currency today you could lose out. So take a long term view. If you are an Expat and have assets in different currencies then take a balanced view. 

I will use GBP and EURO to compare on this article. 

BALANCED CURRENCY RISK

Most expats living and working abroad have overseas property, savings, pensions and maybe business or loans. 

What is the total value? Of Income and of Capital ? What proportion is in the home currency and foreign currency? 

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 Stay Calm and Carry On Exchanging Currency

Forget the headlines. Exchange rates go up and down but on average they don't change much.

Do not let the headlines scare you. A headline exchange rate GBP : EURO of 1.20 exchange rate is in line with exchange rates between 2012 / 13 / 14.

This rate is better than 2009 / 10 / 11.

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Sam Orgill ProACT PArtnership Expatriate Advice on What is the Same Today

If we look back 100 years, the Austro-Hungarian Empire still existed, and a Tsar was Empire of Russia. Before 1908 you got on your horse, there were no motor cars for the masses, this modern necessity only arrived with the Ford model T introduced that year. Powered flight started in this period. Freedom of movement meant that people were no longer tied to live and work within walking distance. Much has changed over the last 100 years in security, trade, lifestyle and politics.  We are still here, and better off.

The rules will change for the UK and EU whether Brexit Lite or Brexit Full emerges in the coming years.  What we know today is:

1.    Nothing changes today for Expats Living and Working Abroad – in the UK or in the EU.

2.    UK is legally bound within the EU law, these will protect the rights of expats

3.    Change is inevitable for EU Expats whatever happens. 

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Sam Orgill of ProACT Partnership considers the background and implications of EU Brexit for Expats Living and Working Abroad

The Clash wondered ‘Should I Stay or Should I Go?’ Indicating a level of indecision with narrow margins.  The Jam successors Style Council replied with ‘You don’t have to sit back… you can actually try changin’ it an Walls will come tumbling down’.  This was the 70’s angst of the UK as they agonisingly choose to be led into the ECC as it was then. 

2016 - Fast forward to 2016 and Great Britain votes 52% to leave – an 18% swing. The EU walls come tumbling down, along with political careers, jobs and lifestyles. What went wrong with the relationship between the British and their European Cousins?

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