ProACT offer a Free Review of your family situation.  Expats must make written changes of your Will if you want to use the succession rules of your home country.  But consider the impact on inheritance tax at 40% in the UK or other countries. Consider who you want to benefit in your Will, is this possible with your arrangements?

How do you need to change your savings and investments to save tax on defence levy for bank interest, dividends, property rental?

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 residence

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? 

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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 horse

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.

 Contact Us Free Review !!

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.....

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.

If you use an offshore company for contracting overseas or holding assets offshore , then using a Belize company can give you Tax Saving on Income and Capital and Inheritance if used in the right way. Contact Us

But you may have a tax liability in your personal or business country of tax residence.  Or in your country of domicile for inheritance tax

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.