Migration, Families, Inheritance, Make Wills, Tax Savings Today and Tomorrow
What a 6 months. Cyprus under scrutiny from the Troika came up with game changing tax changes that reposition Cyprus as a Tax Friendly location for Expats living, working, investing and retired abroad.
These changes impact on the laws of succession affecting Wills, Trusts, and in turn Property, Business and Investments. The EU inspired legal changes allow new ways to save inheritance tax, a tax residence with no saving or investment taxes, maintain a pension tax environment of 5% income tax, discounts in property taxes on purchase and capital gains exemptions on overseas Cyprus property sales.
How does this affect your Family planning for inheritance, business and overseas property investment?
Wills Gift Your Assets After Death, Why Wait?
Sam Orgill ProACT Partnership Expatriate Advice looks at other ways to Protect Your Family Inheritance. www.proactpartnership.com
Change of EU Law impacts Expat Wills
The adoption of the new EU law impacted Cyprus law by removing the options previously available to settle your Will under your home country laws. You should review your Will to ensure that your Wishes are met and your assets can be distributed as you wish in your Last Will & Testament.
Cyprus Law of Succession
Now the EU is the controlling legislation which says that your estate must be settled in your country of Residence.
That is not the same as the country you are from. A legal definition of Domicile has been introduced in Cyprus. Your country of birth and of your parents is defined as your country of origin. Where you are From. You can change your Domicile.....