EU Brexit - Can You Trust Laws of Succession for Overseas Property?
Sam Orgill ProACT Partnership examines the impact of EU Laws on Overseas Property Assets in Euroland
In 2015 an EU directive on Laws of Succession became law in all EU countries other than those who opted out - UK Ireland and Denmark. In the first step towards Brexit the UK choose not to give up sovereignty of its national Laws of Succession and hand them over to EU law. Once an EU directive is adopted into law the member state loses sovereignty on that aspect of law, and the 'supreme court' of justice moves to the European Court of Justice in Luxembourg.
EU Laws of Succession
The EU law of Succession is based upon on EU traditions dating back to the Romans: the principle being assets pass to blood relatives. This distribution to relatives is fixed and means that trusts, charities, friends, unmarried partners, step children and children born out of wedlock can lose out.
UK law of succession allows each person to make a Will and leave benefits to people they choose, irrespective of the blood connection, marriage. There are rules for distribution of an estate if you die and do not leave a WIll.
This could be a great cause of concern to Expats owning Overseas Property in the EU.
Reclaiming Immovable Property Cyprus Tax Savings
Reclaiming Immovable Property Tax
Sam Orgill www.proactpartnership.com
How to reclaim immovable property tax on Cyprus Property
Big changes in Immovable Property Tax (IMPT) on Cyprus Property mean that tax savings are available for Expats owning Cyprus Property. Big changes mean IMPT tax savings and rebates are now available for Cyprus Property Owners.
If you own a property with only a contract of sale , since 2014 you are responsible for immovable property tax and should be registered. This tax is paid through the income tax office. If not you could pay a higher rate of tax to the developer. Register as the IMPT payer to save expensive bills from a developer.
Tax Rates 2016 - Cyprus Immovable Property Tax Savings
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
Very Moveable Property Tax Savings
Confirming the Cyprus Property Tax Savings for 2016 and More
Sam Orgill www.proactpartnership.com
In Cyprus the Tax payment year starts on 1st July, for the current calendar year. Around the start of June a budget and tax changes for the current year 2016 is proposed – with the idea that changes are passed to law by the end of June.
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 solution are big immovable property tax savings for expats owning overseas property in Cyprus. You will be astonished at the changes in annual property taxes and title deed taxes.
EU Brexit: Property Fund - Rock Solid Investment
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.
What Will You Wish For? Cremation V Burial
Sam Orgill www.proactpartnership.com How Do You Want To Leave This World ? Safe, Secure, Fun
When you make a Will you are setting out how your accumulated processions, assets and wealth are to be passed on and who to. You could create legacies for the good of family down the generations, or through charities that you support.
Cremation V Burial
Not everyone likes to discuss their funeral service and how their body is disposed of. However if you will die, these questions need to be dealt with. Often this is done with private agreement between family. In this article we wish to explore what that you choices and options are.
A recent survey in the UK found British people had a 60% preference for cremation. Of those favouring cremation 80% envisaged their ashes be scattered.
Cyprus Law on Transfer of Property - Property Tax Savings for Expats
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.
Tax Saving Surprise - Very Moveable Property Tax Savings
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
Register and subscribe to our free newsletters click here
Share this email with a friend if they may be interested in EU Brexit for Expats
Only Pay Your Own Immovable Property Tax
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.
CONTACT US Register for Free Email Updates
Adding Up Immovable Property Tax Savings
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.
Read the detailed Article Click Here
Paying IMPT Tax 2015 - 2016
EU Brexit - Living Abroad With Currency Ups and Downs
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?
Stay Calm Exchange Rates : EU Brexit for Expats
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.