Tuesday Tax: 3 Ways the Tax Man Receives Exchanged Information

Tuesday tax is a weekly briefing of tax news for people Living and Working Abroad from ProACT Partnership Tax Saving Expat Experts.

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Have you wondered why your banks, savings institutions and property lawyers are chasing you this last year to Update your ID, address and tax number ?

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Because of the internet.

Really. Information technology allows the tax man to exchange hugh amounts of Data with the countries it cooperates with.

They all cooperate apart from the extremes - North Korea anyone ?

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Save Probate Costs & Inheritance Tax with Cyprus Property Trust 9 Benefits of a Cyprus Property Family Trust

Do you ever wonder how your family would deal with your Overseas Property on Death? How your wife, husband, children would cope with the time, expense and development of settling your estate in your home country and overseas?

How would you tackle the UK probate and Inheritance tax assessment, a possible demand for 40% inheritance tax payable with 6 months of death?

A simple UK probate on average takes 9 months to settle. If you need probate overseas as well then that time is easily doubled. How would your family manage the overseas property? What is the expense of Probate lawyers overseas (10%) and offshore property agents (5%) and the time off work and travel to clear up your time living and working abroad?

We have created a free article on our website listing the 7 Benefits of a Cyprus Property Family Trust for expats owning overseas property in Cyprus and other countries.

We know from experience over 20 years that planning ahead to protect your Family overseas property assets from the cost and delay of Probate, Forced Sale and Inheritance Tax at a difficult time for your loved ones.

ProACT can help you protect your family assets down the generations.

Remember, we offer a FREE no obligation Review.

7 Benefits of a Cyprus Property Family Trust

1. The Trust Deed & Gift can be created

Precious Assets - Protect Them Will

Sam Orgill of ProACT Expatriate Advice discusses one of life's certainties and the Benefits of Making a Will

Inheritance tax is the last tax return you need to make and can be expensive. With planning taxes of 40% or more can be saved for the family. How do you do that?

What is included? Inheritance tax is charged on all the assets you own or have a share of. This can include; property in Cyprus, UK or worldwide; business value; savings and investment; pensions values; vehicles; and anything else of value in your legal possession at your death.

Your world wide assets are included. That is what you own in Cyprus and elsewhere. Crucially you are assessed for inheritance tax in each country you have assets in, plus the country... Read more.

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PLAN YOUR EXPAT EXIT PLAN - 5 Things To Include

PLAN YOUR EXPAT EXIT PLAN - 5 Things To Include

Sam Orgill of www.proactpartnership.com gives

5 Things Expats Should include in Their Exit Strategy - when Living and Working Abroad Goes Wrong

What gets missed, in the excitement and enthusiasm of relocating overseas, achieving your dream of Living and Working Aboard, investing in overseas property and business, is an exit strategy.

We all get carried away with something new, something exciting, and can easily allow our common sense to be left on the beach while we go in search of promised new lands, home and work abroad. But what then? How do we get back home? What if the dream fails?

Here’s a check list of 5 things for expats to include in their exit strategy.

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Will You Wait for the Date?

When you consider relocation the first thing you consider is somewhere to live. The second is to manage your income, whether from pension, investments, business or as a contractor. When you make the move to become an expat you get busy making local registrations for everything from electricity to visas, tax to social club, bank accounts to medical. We understand this.

Will You Wait for the Date? ProACT Sam Orgill gives 5 Actions to Protect your Overseas Property Investment from Expenses Plus Capital + Inheritance Tax Savings

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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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5 Ways You Will Protect Your Pensions, Property, Investment Overseas

SAM ORGILL OF ProACT PARTNERSHIP HOW TO MAKE OVERSEAS TAX SAVING FOR EXPATS

The EU changes to Succession mean Expats must make written changes to their Will to avoid forced heir-ship and retain financial control of their affairs on first death. Overseas Property Investors are most at risk with more than one country rules affecting inheritance and succession.

This can be done with a simple codicil or with an updated Will. Our View is that a codicil is risky. A separate codicil document could be valid, but it increases the potential of being misplaced or not accepted or not being consistent with the Will.

Make a Full Review of Overseas Property Investment Pensions with the Expat Experts.

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Protect Your Family Home Living and Working Abroad

With a few steps you can protect your Family overseas property from death, taxes and changing circumstances.

Life teaches us that things will change. We grow older, the family needs evolve, work commitments change, health care matters more. We can look forward and make plans to protect the family and your overseas property , business and investments. Better this that unexpected changes forcing sudden change, and expense that often come with tax bills and ownership issues.

This Article sets out the steps you can take to proptect your family home overseas , clcik read more or contact us.

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6 Reasons to Make a Will for Overseas Property Investment

Monday Money Blog: Protect Your Family and Business.

The first thing to do when you move your Family, Business and Family Property overseas is put the protections in place for your family assets.

This should always start with Making a Will. When you move to a different country with different laws, then straight away your unmarried partner, adopted children, and your financial security could be undermined by the death of a family member.

Many countries including Cyprus, FRANCE and the EU have forced heirship where only blood relatives can benefit.

Here are “6 good reasons to Make a Will” for Expats Living and Working Abroad.

5 Ways to Save Inheritance Tax on Overseas Property Investment - Works for Capital Gains Tax Too !!

ProACT Sam Orgill www.proactpartnership.com Gives you 5 ways to Save Inheritance Tax or Capital Gains Tax being paid on your Overseas Property Investment.

The time to protect your overseas property investment for tax savings is before your need to let it go. Whether you sell, give away or die there are potential inheritance or Capital Gains Taxes. If your Business gets in trouble you can ring fence your overseas property investment from creditors. You may lose your health and need long term care, again personal assets can be drained to pay medical or nursing home care fees.

CLICK HERE to Read the Full Article 5-ways-to-save-inheritance-tax-on-overseas-property-investment-works-for-capital-gains-tax-too

Whatever the reason to move on and the transfer of the overseas property investment (or business) there is a potential tax liability. Capital Gains and Inheritance Tax Savings of up to 40% can be achieved if you plan ahead and organise your assets in a tax efficient manner. By looking forward, planning ahead you can save thousands in tax when selling overseas property.

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CLICK HERE to Read the Full Article 5-ways-to-save-inheritance-tax-on-overseas-property-investment-works-for-capital-gains-tax-too

Property Inheritance Tax Saving for Expats

Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats for Overseas Property & Investment

Expat Investors can make more tax savings following changes in the UK and Cyprus Taxes.

Tax Savings can extend to inheritance following changes to Wills and Inheritance tax rates in the UK.

Inheritance Tax Changes

UK Inheritance tax remains at 40%. Allowance for married couple, main residence, is increasing to 500,000 per person over 5 years. Meanwhile, changes to tax disclosure of capital and estates in the coming year mean that doing nothing to avoid 40% UK inheritance tax on Cyprus property will not work. Opening up Cyprus property to UK Inheritance tax on death.

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Make a Will: Tax Saving for Expats

Sam Orgill of ProACT Partnership on using a Will for Tax Saving by Expats

The Cyprus changes to Succession mean Expats must make written changes to their Will to avoid forced heirship and retain financial control of their affairs on first death.

This can be done with a simple codicil or with an update Will. Our View is that a codicil is risky: in cyprus the Will deed is stamped. A separate codicil document could be valid, but it increases the potential of being misplaced or not being consistent with the Will.

Protect Your Family Home Living and Working Abroad

Sam Orgill of ProACT Partnership on using a Will for Tax Saving by Expats

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