3 Big Tax Savings for the Family of Overseas Property Investors
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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Pension Freedom for Expats - Business or Retired
New Pension Freedom Rules allow Expats to Draw the whole of their UK based pension fund and pay tax in their country of overseas tax residence. This offers potentially large tax savings for Expat Business and Retired people Living and Working Abroad.
You don't have to retire to free your pension, even if living and working abroad, you can still reclaim the pension once you are over 55.
In the UK any Pension fund over £43,000 could generate a UK tax bill of 40% (£17,200)
The freed pension funds can then be invested in any way, cash investments, family business, overseas property, family education, repay loans, enjoy retirement.
ProACT can help free your Pension and reclaim big tax savings up to 40%.
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?
EU Brexit for Expats: Walls Come Tumbling Down
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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EU Brexit for Expats: House of Cards?
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?
UK Tax Free Savings Secured for Expats
Sam Orgill of ProACT Partnership discusses how Expats can get UK Tax Free Savings in a secured financial environment
Interest from Banks and Bonds
From April 2016 a £5000 tax saving income allowance exists in the UK. This saves £1000 tax. Yes you can earn £5000 in interest tax free.
Also the UK no longer charge tax on bank interest at source, from 2016 you will have to declare and pay tax on saving in a UK tax return or your country of tax residence.
Tax Saving Tip: Build up savings for UK interest free of UK at source and Cyprus Tax
Spring Changes - Tax Saving in Cyprus & UK for Expats
Sam Orgill of ProACT Partnership with Tax Saving Tips ARISING from the Budget Affecting Pensions Property & Investment for EXPATS
Spring is here and along with it a new broom brings more tax changes and tax saving opportunities for Expats. Changes have come from the UK e annual tax budget , while Cyprus has introduced more changes to Permanent Residency Rules for Cyprus Property Owners.
Meanwhile Property Transfer Tax remains discounted for 2016 offer large tax saving for expats with Cyprus property contracts of sale – but no title deeds yet.