Sam Orgill of ProACT Partnership discusses the key ProACTive issues in the Expat world
Globalisation and integrated free market economies make it is easier for the world to run itself. But power hungry politicians have ensured a continued role by increasing levels of regulation that needs monitoring by the ……. politicians. Jobs for the boys I say, or the minister’s wife as is often the case these days, but all needs paying for and hence the increased demands on taxpayers.
This is where you come in. Government want their ‘share’ of your money and forever ‘invent’ new ways of increasing the take using the guise of ‘regulation’ to track and monitor. This you can willingly submit to but equally a key cornerstone in the law is for each taxpayer has the inalienable right to take any, and every, available action to avoid and minimise tax paid.
For the Expatriate the advice is more flexible because you start to operate between two tax states and have a wider range of rules to use to your advantage. You don’t have to, but you have the right to legally avoid income, capital, investment and inheritance taxes.
No one cares about your money more than you and it is prudent for every Expat to review his financial, property and business holdings along with his will and estate planning. The tax planning review should ensure that you maximise tax efficiency and retain control in line with your individual and family values. Never more so than during a major change in lifestyle such as moving or buying property abroad.
Professional advice can help with tax efficient Wills, bank accounts and investments and income tax on pensions. But make sure you always stay in control and don’t do conditional investments only for tax reasons.
Professional advice can help you keep up to date with the regulatory changes continually introduced by regulators and in this article I summarise the issues affecting Expats in tax, Wills and trusts, property and investment.
Living abroad for more than 183 days a year means you should pay tax in your resident country. This can save you money or lead to more tax. Plan ahead and ensure your maximise your tax efficiency for pay, pensions and investments.
Can be a daunting process with local red tape in a foreign language. Every EU citizen has the right of to live or work in any other EU country subject to complying with their local rules and regulations. Ask the Expat Experts to guide you through the maze.
Give it back! It’s mine! You can claim back tax up to six years. Make sure they have not kept more than their share.
Never underestimate the benefits. Make sure you maximise your UK state pensions, earn pension credits in Cyprus or save effectively in a long term savings plan. You also want to make sure you pay the least amount of tax. Professional rounded advice helps you look at every aspect and make good decisions for you.
Make a Will to avoid Inheritance tax. Normally this works for married couples only but recent case law means long term partners can also save £120,000 inheritance tax instantly for a single fixed fee.
A 2005 tax invented to help those investing offshore pay the tax on interest they keep forgetting to declare. More effort is required but you can avoid any investment and savings taxes if a Cyprus resident. Let us show you how.
What are the local laws and what do they allow you to do. Another red tape mind field. We can help you through the process painlessly establishing which visa, ID card and alien ways you need to adopt.
Many people take the safety net of state medical cover for granted. The good news within the EU is that EU citizens can transfer their state medical cover to their country of residence. This means that people suffering ill health can consider living abroad and maintaining full medical cover. However some people still want or need the provision of Private medical insurance. There is no one best way but we ensure full and impartial advice on the best course of action for you.
Beware that 70% of buyers in the Cyprus property market are from overseas. There is therefore a limited and immature resale market. Don’t commit too much funds to bricks and mortar in Cyprus and if you do need to resell we can offer a resales service through our UK Chamberlains Estate Agency business based in Birmingham.
Moving money around the world using retail banks can be an expensive business. So why not cut out the middle men and deal with wholesale money brokers who can offer higher exchange rates and no bank charges. Ideal for stage payments, pension payments and mortgages.
Not easy anytime least of all in Cyprus. Our online mortgage enquiry service helps identify the best deals available to you to assist your purchase including payment holidays, discounted rates and foreign currency deals.
ProACT Partnership run regular seminars on topical Expats issues in Cyprus and the UK. Book on line or make further enquires at http://proactpartnership.com/contactus.htm
Free ReviewsBefore everything we offer every Expat a free review of their concern. We promise we will find an answer and a best solution for you and your family.