EU Brexit - 16 Countries Outside the EU where Pension Inflation Indexing Remains
All EU Countries have reciprocal agreements for inflation indexing pensions for Expats living and working abroad.
Where will you choose to live in retirement and receive inflation proofing on your pension?
Many British Expats are Living and Retired Abroad in EU countries such as Spain, Portugal, France, Cyprus and Germany and receive indexed annual UK state pensions. This applies to all EU countries, plus EEA countries, Switzerland and Gibraltar.
With EU Brexit this automatic right will be lost. It may be during Brexit that Britain negotiates replacement arrangements, to allow pension indexing to continue
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Expats Living and Retired Abroad can receive indexed UK state pensions if they live in a country with a reciprocal agreement for pension indexation. That includes all the EU Countries, so with EU Brexit - what happens to Expats Receiving UK State Pensions?
Whatever the manner of UK Brexit from the EU, Overseas Tax on Pensions paid offshore will continue to be determined by the relevant double taxation treaty - for better or worse.
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%.
Read MoreBusiness Start Up costs in Cyprus are expensive and new Expat Business starting in Cyprus should consider their approach to save money and tax in the crucial first two years as the business gets going.
Consider a contractor or sole trader starting a new Cyprus Business. A start new business could pay over Euro 900 per quarter as a fixed social insurance from the outset. While reductions can be achieved with allot of hard work a minimum social insurance tax bill would be around Euro 300 per quarter.
With good planning you could reduce the business set up costs while remaining compliant for income tax, VAT and Social Insurance
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Read MoreTitle Deeds, Developers and Reclaiming Immovable Property Tax,
Sam Orgill www.proactpartnership.com How to protect your Cyprus Property Cyprus
In 2015 Big changes allowed buyers to claim title deeds without waiting for developers and their banks to release them. Also banks can reclaim property where mortgages in default. We understand Bank of Cyprus has reprocessed Secret Valley from Aristo developers, illustrating the dangers to property buyers of not securing their title deeds now.
Big changes in 2016 Immovable Property Tax (IMPT) on Cyprus Property mean that tax savings are available for Expats owning Cyprus Property.
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