Business Relief for Cyprus Business Behind With Social Insurance Payments
Embattled Cyprus Companies, Self Employed and all Employers are offered welcome relief in new legislation that offers tax saving and a payment plan to bring Social Insurance upto date. Businesses must make a written application to receive tax savings of interest and avoid legal action for social insurance arrears.
Cyprus Law on Transfer of Property - Property Tax Savings for Expats
When you make an application for Title Deeds based upon contract of sale the Land Registry commence a process to issue them to your irrespective of the any obstruction or delay by the seller.
TITLE DEED DELAYS
The seller (including developers) in the past could delay issue of title deeds because they do not issue a completion certificate for planning permission, or pay their seller taxes, or obtain release of mortgages attached to your land.
TAX SAVING
This Land Registry will confirm that you are only obliged to pay property taxes if your contract of sale obliges you to do so after taking possession.
TAX SAVING - FREE REVIEW
Make sure you make this tax saving - dont pay taxes you dont have too.
For a Free Review or Advice on Cyprus Property Transfers , Title Deeds and Tax Savings contact ProACT Partnership Expatriate Advice.
Only Pay Your Own Immovable Property Tax
Sam Orgill ProACT Partnership Expatriate Advice Suggests You enjoy the reductions in Immovable Property Tax (IMPT) and that you Only Pay Your Own Immovable Property Tax. IMPT is being scrapped in Cyprus, but don't throw away money where you are not obliged.
Developers IMPT
Don’t get caught out. Since 2014 contract of sale owners, without title deeds, have been able to register and pay IMPT directly. This is always at a lower IMPT rate than the developers who pay at a rate based upon their total land holdings.
This is because developers pay an IMPT rate based upon the whole title deed of their development. This could be 3 times as much, 1.9% instead of 0.6%. So registering to pay IMPT direct if you hold a contract of sale gives a big tax saving on your overseas property.
Buyers only have to pay developers IMPT for previous years if their contract of sale explicitly states the buyer is responsible for IMPT.
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Adding Up Immovable Property Tax Savings
Sam Orgill ProACT Partnership Expatriate Advice does the sums on the new IMPT regime for Overseas Property Owners in Cyprus
Immovable Property Tax (IMPT) in Cyprus is abolished in 2017. But it gets better if you do the math. In a dramatic modernisation of the Cyprus Property Tax regime, expats owning overseas property in cyprus will have no taxes to pay for 2016 either.
Retrospectively 2015 IMPT is reduced giving a 25% tax saving. Receipts are being issued with a 25% credit reduction against the 2015 IMPT tax paid. If anyone has not yet paid 2015, not only will there be no penalty for late payment, the 2015 IMPT tax can now be paid until 31/10/2015. After this time penalties will apply for 2015 rising to 25% from 1/1/2017.
That leaves 2016 where a 75% tax saving is introduced retrospectively from the start of 2016. (100% - 75% tax saving = 25% payable). Despite plans to use new, higher, 2013 rateable values, this has been abandoned to stick with the 1980 rateable values, as used in 2015. Meaning the new 2016 IMPT tax due is equal to the discount being credited to the 2015 IMPT already paid.
This can be paid in a number of different ways.
Read the detailed Article Click Here
Paying IMPT Tax 2015 - 2016
Stay Calm Exchange Rates : EU Brexit for Expats
Stay Calm and Carry On Exchanging Currency
Forget the headlines. Exchange rates go up and down but on average they don't change much.
Do not let the headlines scare you. A headline exchange rate GBP : EURO of 1.20 exchange rate is in line with exchange rates between 2012 / 13 / 14.
This rate is better than 2009 / 10 / 11.
Game of Thrones: Who Has a Claim to Your Possession?
Sam Orgill of ProACT Partnership on latest Developments in the Game of Getting Title Deed for Cyprus Property
The changes in Cyprus in 2015 allow the land registry to issue title deeds to holders of contract of sale. This changed the dynamics between claimants to the title, and the new rules have been developed with changed approaches in all area as banks, developers, sellers and buyers battle it out to claim best advantage of the situation. How are you doing in the game of title deeds?
Expat Pension Tax Saving
Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats Living and Working Abroad in Cyprus UK
Pension Tax Saving for Expats
Expat Savers can make more tax savings following changes in the UK Budget and with Cyprus Taxes. They include Pension Freedom to pay 5% pension income tax or lower.
Expat Tax Saving Checklist
Sam Orgill of ProACT Partnership with Tax Saving Tips for Expats Living and Working Abroad in Cyprus UK
Expat Savers can make more tax savings following changes in the UK Budget and with Cyprus Taxes.
Tax Savings can extend to inheritance following changes to Wills and Inheritance tax rates in the UK. They also include Pension Freedom to pay 5% pension income tax or lower.
With Property Tax Savings are always available for the shrewd investor in overseas property.
EU Succession Laws Must be Addressed in Writing to Protect Family Property
Sam Orgill of ProACT Partnership with Inheritance Tax Saving Tips for Overseas Property Ownership in UK and Cyprus
New EU Succession laws enforce radical change for Expats living and working abroad in the EU, or with assets in these countries. While the UK, Denmark and Ireland have opted out of applying the EU Directive it still affects EU expats with tax residence or domicile in the EU. This means written changes must be made to ensure your wife, partner, children or beneficiaries benefit as intended.
Review and change the way you organise and plan your Family inheritance, business and overseas property investment assets in UK, Cyprus and EU?
IHT - They Don't Smoke Fat Cigars in Panama Anymore...
Sam Orgill of ProACT Partnership with Inheritance Tax Saving Tips for Overseas Property Owners
Well they don't smoke any cigars in Panama any more. Inadvertent exchange of information has exposed assets owned by those living working and investing abroad. This draws these assets into Inheritance TAx Assessment for there home country. In the UK this means 40%.
Inheritance Tax Changes
Currently there is no worldwide exchange of information on assets between countries including UK and Cyprus. So you could settle a Will for the UK and a Will for Cyprus Property separately and the UK taxman will not know of your Cyprus assets unless he investigates.
From 1st January 2017 international exchange of property and asset information will commence between countries. This will allow IHT assessors to review worldwide assets to ensure those domiciled in that country pay on total estate assets. This will draw Cyprus, Spain, French, Portugal and Greek properties into the UK taxman’s net
If you choose UK law to settle your worldwide will & estate UK inheritance tax may well be applied to worldwide assets.
Changes to Cyprus Succession Laws Affect Inheritance Tax for Expats Property
Changes to Cyprus Succession Laws Affect Inheritance Tax for Expats Property
Sam Orgill of ProACT Partnership with Tax Saving Tips for Property Ownership
New EU Succession laws enforce radical change for Expats living and working abroad in the EU, or with assets in these countries. While the UK and Ireland have opted out of applying the EU Directive it still affects EU expats with tax residence or domicile in the EU. This means changes to the way you organise and plan your Family inheritance, business and overseas property investment assets and income?
Changes Keep Coming
The 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’)
Spring Changes 2016 - Tax Saving in Cyprus & UK for Expats
Sam Orgill of ProACT Partnership with Tax Saving Tips March Budget to Pensions Property & Investment 1/3/16
Spring is here and along with it a new broom brings more tax changes and tax saving opportunities for Expats. The UK has the annual tax budget on March 16th, while Cyprus has introduced more changes to Permanent Residency Rules for Cyprus Property Owners. Meanwhile Property Transfer Tax remains discounted for 2016 offer large tax saving for expats with Cyprus property contracts of sale – but no title deeds yet.