Living in Cyprus
How you’re taxed in Cyprus
Any tax regime is complicated and Cyprus is no exception, including unique taxes like the ‘defence contribution’ and ‘immovable property tax’. Expert advice is essential to understand what the rules mean for you and how they interact with UK taxes.
Once you’re resident in Cyprus, you could pay:
Estate planning and inheritance tax
While there’s no inheritance tax in Cyprus, the law applies ‘forced heirship’. This means that your spouse and children will inherit a pre-defined proportion of your estate, regardless of what your will says.
UK nationals may be able to override this rule through an EU regulation that allows you to apply British law to your estate. However, it’s unclear how this will work in practice and there may be more effective ways to achieve your aims according to your individual circumstances.
We can present all legitimate options to ensure your estate is distributed according to your exact wishes while protecting your heirs from paying more tax than necessary.
Be aware that most UK nationals remain liable to UK inheritance tax , regardless of how long they’ve lived outside the UK. You could potentially avoid this by cutting ties with the UK to become a UK non-domicile. However, if you’re non-Cyprus domiciled for defence tax purposes this could negatively affect your claim. It’s essential to seek expert advice so you can minimise your tax liability in a way that suits your own circumstances.
See more about estate planning
Help with your UK pension planning
Now there’s more choice than ever for taking out your UK pension savings. Blevins Franks can advise you on the pros and cons of each option as well as the local tax implications in Cyprus, so you can make a fully informed decision on the best solution for you.
See more about pensions
Investment advice tailored for you
Our specialist expertise can make sure your finances are structured as tax efficiently as possible with an investment strategy tailor-made for you.
We start with an objective assessment of your risk profile so that we can recommend portfolios designed around your personal situation and objectives. We have access to some of the world’s best investment managers to make sure your money works as hard as it can.
Speak to Blevins Franks to take full advantage of the tax and investment opportunities available to British expatriates living in Cyprus.
ARRANGE A FREE CONSULTATION WITH YOUR LOCAL ADVISER
The tax rates, scope and reliefs may change. Any statements concerning taxation are based upon our understanding of current taxation laws and practices which are subject to change. Tax information has been summarised; an individual is advised to seek personalised advice.