3 things Expats in Cyprus need to consider now
ProACT Sam considers 3 things that Expats in Cyprus need to consider now.
Brexit
By the end of June, the UK and EU are due to have agreed in principle a trade deal, allowing for a subsequent ratification process to take place prior to the end of this year.
The UK has already announced that it will be cutting some tariffs on world trade from 1st January, which could lower prices on imports from countries such as China and the US, however, a trade deal will specifically decide how the UK will trade with the EU member countries moving forwards.
Given that the world has been coping with Coronavirus as a priority, it is highly unlikely that it will be possible to agree a trade deal by this deadline, however, any request for any extension to the end of the transition period (on 31.12.2020) would need to be made by the 1st July.
Whether or not either party will want to exercise this request is still to be seen.
In order to retain freedom of movement between now and the end of the transition period at the end of December, UK Expats must relocate and (importantly) register their residency in the EU country of their choice. EU Expats must do the same in the UK.
If Expats have any concerns about Brexit and how Brexit impacts those of us Living and Working Abroad, download our FREE Brexit Checklist as a starting point.
Cyprus Tax 2019
After many years with a paper-based system in place, online returns can finally be submitted from 1/6/20 in Cyprus, with up to 3 months to submit. There are two new things to consider: everyone must submit a return and the new Health Tax is payable by Expats on worldwide income. That tax was 1.7% from March 2019 and there is an increase in 2020.
Get our healthcare and tax guides in our store.
WWC - Coping with Coronavirus
Has the death toll been any lower with lockdown? What are the consequences on the lives and health of Expats and people living in lockdown? Cyprus is ahead of the UK in easing lockdown. We see a rush to the shops. A rush to the beaches. A rush of traffic.
An opportunity for Expat businesses to take advantage of a new start.
Register for our Corona series.
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PROACT KNOW HOW
ProACT Expat Experts are here to help, if you need help and assistance Living and Working Abroad. We can offer free reviews and guides to Expat businesses and families on adapting to the new world of opportunity. Contact us today.
Or stay up to date through our Facebook Living and Working Abroad page
Read our guides for Expats Living and Working Abroad
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