Inheritance Tax Changes Keep Coming for Expats Property
Sam Orgill of ProACT Partnership current Inheritance Tax Saving Tips for Expats Property Owners & Investors
Changes Keep Coming
Inheritance Tax changes mean that you must settle your world-wide estate in the country you habitually ‘live’. This could be different to the country of your tax residence AND the country of your tax domicile (‘where you are from’)
Cyprus has 0% inheritance tax (IHT) so is a better place to pay inheritance tax than the UK where 40% applies. This depends on your domicile. Cyprus now define your domicile in law. If you are Cyprus Domiciled you pay 0% IHT.
If you are ‘non-dom’, not domiciled you also are now have Cyprus tax saving on bank interest, bond interest and dividends received. But by definition you then still have your home country domicile, eg 40% UK where you were born.
Your worldwide assets (including Cyprus Property) could be assessed for 40% UK IHT if you settle you Will & Estate under English law.
Tax Saving Tip - Cyprus Property
The cost of probate is expensive in Cyprus. Gifting can save transfer taxes and inheritance tax in the UK. Properties gifted to family can avoid Probate and save inheritance tax. Even if you are UK domiciled you can save 40% Inheritance Tax Saving.
Free Review – Property Inheritance Tax
ProACT offer a Free Review of your Wills, title deeds, property assets and identify inheritance tax savings. Whether a Cyprus tax resident or not we can ensure your family is protected and makes tax saving on death.
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?
Contact us to book a Free review. CONTACT US
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Sam Orgill
Tel +357 26 819 424 info@proactpartnership.com CONTACT US