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Be Cyprus Wise: Essential advice from UK Expat Professionals for UK Expats Living in Cyprus

Be Cyprus Wise: Essential advice from UK Expat Professionals for UK Expats Living in Cyprus

When many chose to work or retire abroad it is easy to forget about the long term and concentrate on immediate issues, such as what to take and choosing a home. Many forget about the long term and often important aspects which have a profound effect on our lives or the lives of the ones we love. Although some have been on holiday to Cyprus before moving permanently, it is often not enough to prepare UK expats for the differences in lifestyle, services and legal aspects they encounter once they have make the move. The following article, written by UK expat professionals, explores some of the differences you may encounter as a UK expat in Cyprus. It includes some useful information that you may not already be aware of and will need to know in order to save and make money as well as prepare for your future life and even your death.

Retiring in Cyprus

Steve Griffin (Cert PFS) is a UK expat dedicated to providing UK expats with specialised financial advice regarding pensions and investments for UK expats. Steve has provided financial planning solutions for over 23 years, with the past 12 years as an Independent Financial Advisor in the UK and Europe. Cyprus is one of the most popular destinations for Britons to retire overseas. Although retirees can benefit from the warm climate, fantastic food and excellent healthcare on offer, many pensioners are not aware of the many benefits available to them as retirees with regards to their pension. Below are some tips for those already retired or retiring in Cyprus in the near future:

Speak to a well reputed Independent Financial Advisor regarding your pensions and investments. Everyone’s cases are different and it is important for all UK expats to seek specialist advice in order to ensure they maximise their pension benefits whilst living in Cyprus.

Tax-conscious UK expats are now recognising the benefits of Qualifying Recognised Overseas Pension Schemes (QROPS) in ensuring that they will be viewed as non-domiciled by HMRC. UK pensions, including Final Salary or Occupational Pension Schemes (if not in payment), can be easily transferred to a tax neutral QROPS in well regulated jurisdictions such as Guernsey and New Zealand. Not only is this more tax efficient, but individuals will also have a say as to where they want their funds invested rather than being allowed no input at all whilst their funds remain in the UK.

Transferring your private and group pension funds to one of our recommended Qualifying Recognised Overseas Pension Schemes or QROPS can benefit you and your family in a variety of ways. You are able to gain complete control over your money, avoid the Annuity Trap, leave 100% of your fund to your nominated beneficiaries on death and take your lump sum free of UK income tax. If you plan to be an expat for 5 years or more, you may be surprised at the many benefits you and your family can reap by transferring to a QROPS.

Law in Cyprus

Mark Tilden (B.A. Hons; P.G.C.E; F.Inst.Pa.) is a well respected. British expat living in Cyprus. Mark had his own Solicitor’s practice in Plymouth, UK, for Twenty years before deciding to move to Cyprus in 2007. Mark now operates in Cyprus, offering specialist advice to UK expats regarding Cypriot and British Wills and Probate. Below are some of Mark’s top tips for living in Cyprus:

Many UK expats are under the assumption that they do not have to make a Will in Cyprus if they already have a Will in the UK. This may not be the case depending on your individual circumstances.

There is no estate duty or inheritance tax for Cyprus domiciles, but if you are domiciled in the UK then you will be taxed 40% on your worldwide estate, including your property in Cyprus. It is important to speak with a legal professional about the subject of domicile to establish where you are currently domiciled.

In Cyprus, a house or flat owned jointly by two people, such as a husband and wife, will not automatically be passed to the survivor as it would have in the UK under “joint tenancy” law, even if there may be two names on the purchase contract. This is even the case for joint bank accounts in Cyprus. Making a Will in Cyprus can solve this problem.

Death and bereavement is a difficult time for those left behind. Make it less stressful by ensuring you have made a valid Will before you die to ensure your loved ones are looked after when you are gone.

Taxation in Cyprus

John Horton F.C.A. is a UK Chartered Accountant and had a successful practice in Birmingham for 30 years prior to relocating to Cyprus with his wife Sue in 2005.  John has extended his business qualifications by becoming a Certified Public Account in Cyprus and is currently practicing in Limassol, Paphos and Larnaca areas. Below are a couple of important tax points especially for retired people living in Cyprus:

It can be beneficial to discuss your tax situation with a qualified account as Cyprus has a generous tax structure especially for pensioners.  For example, pensioners are able to choose whether to pay a flat 5% rate on their income in excess of a small personal allowance, or to be allowed a larger allowance or tax-free band and then pay tiered rates of tax up to 30% on income in excess of the threshold.  For example:-

If you receive up to € 19,500.00 per annum, you may pay no tax at all,

€ 19,500.01 to € 28,000.00 you will only have to pay 20% tax,

€ 28,000.01 – € 36,300.00 you will pay 25% tax, and

€ 36,300.01 and above expect to pay 30% tax.

The Double Taxation Treaty between Cyprus and the UK means that for all pensioners who are tax resident in Cyprus, all forms of British pensions may be paid without the deduction of British tax.  This includes the state pension, company or group pensions and private pensions.  Many expats are unaware of this and may find they have been paying tax twice unnecessarily.  If this is the case for you it is advisable to contact a qualified accountant as it is possible to recover any tax you may have overpaid.

If you are interested to find out more from our expat professionals, you are invited to our FREE CYPRUS WISE seminar at 10:30am on the 3rd July at the Captain’s Bay Restaurant and Bar in Pissouri Bay.

Benefit from learning how to make the most of your life and your money and improve the lives of both you and your loved ones here in Cyprus. Enjoy a complementary drink with sea, sun, sand and a seminar! Take the opportunity to talk with our professionals about your personal circumstances and any queries you may have.

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Be Cyprus Wise: Essential advice from UK Expat Professionals for UK Expats Living in Cyprus

Be Cyprus Wise: Essential advice from UK Expat Professionals for UK Expats Living in Cyprus

When many chose to work or retire abroad it is easy to forget about the long term and concentrate on immediate issues, such as what to take and choosing a home. Many forget about the long term and often important aspects which have a profound effect on our lives or the lives of the ones we love. Although some have been on holiday to Cyprus before moving permanently, it is often not enough to prepare UK expats for the differences in lifestyle, services and legal aspects they encounter once they have make the move. The following article, written by UK expat professionals, explores some of the differences you may encounter as a UK expat in Cyprus. It includes some useful information that you may not already be aware of and will need to know in order to save and make money as well as prepare for your future life and even your death.

Retiring in Cyprus

Steve Griffin (Cert PFS) is a UK expat dedicated to providing UK expats with specialised financial advice regarding pensions and investments for UK expats. Steve has provided financial planning solutions for over 23 years, with the past 12 years as an Independent Financial Advisor in the UK and Europe. Cyprus is one of the most popular destinations for Britons to retire overseas. Although retirees can benefit from the warm climate, fantastic food and excellent healthcare on offer, many pensioners are not aware of the many benefits available to them as retirees with regards to their pension. Below are some tips for those already retired or retiring in Cyprus in the near future:

Speak to a well reputed Independent Financial Advisor regarding your pensions and investments. Everyone’s cases are different and it is important for all UK expats to seek specialist advice in order to ensure they maximise their pension benefits whilst living in Cyprus.

Tax-conscious UK expats are now recognising the benefits of Qualifying Recognised Overseas Pension Schemes (QROPS) in ensuring that they will be viewed as non-domiciled by HMRC. UK pensions, including Final Salary or Occupational Pension Schemes (if not in payment), can be easily transferred to a tax neutral QROPS in well regulated jurisdictions such as Guernsey and New Zealand. Not only is this more tax efficient, but individuals will also have a say as to where they want their funds invested rather than being allowed no input at all whilst their funds remain in the UK.

Transferring your private and group pension funds to one of our recommended Qualifying Recognised Overseas Pension Schemes or QROPS can benefit you and your family in a variety of ways. You are able to gain complete control over your money, avoid the Annuity Trap, leave 100% of your fund to your nominated beneficiaries on death and take your lump sum free of UK income tax. If you plan to be an expat for 5 years or more, you may be surprised at the many benefits you and your family can reap by transferring to a QROPS.

Law in Cyprus

Mark Tilden (B.A. Hons; P.G.C.E; F.Inst.Pa.) is a well respected. British expat living in Cyprus. Mark had his own Solicitor’s practice in Plymouth, UK, for Twenty years before deciding to move to Cyprus in 2007. Mark now operates in Cyprus, offering specialist advice to UK expats regarding Cypriot and British Wills and Probate. Below are some of Mark’s top tips for living in Cyprus:

Many UK expats are under the assumption that they do not have to make a Will in Cyprus if they already have a Will in the UK. This may not be the case depending on your individual circumstances.

There is no estate duty or inheritance tax for Cyprus domiciles, but if you are domiciled in the UK then you will be taxed 40% on your worldwide estate, including your property in Cyprus. It is important to speak with a legal professional about the subject of domicile to establish where you are currently domiciled.

In Cyprus, a house or flat owned jointly by two people, such as a husband and wife, will not automatically be passed to the survivor as it would have in the UK under “joint tenancy” law, even if there may be two names on the purchase contract. This is even the case for joint bank accounts in Cyprus. Making a Will in Cyprus can solve this problem.

Death and bereavement is a difficult time for those left behind. Make it less stressful by ensuring you have made a valid Will before you die to ensure your loved ones are looked after when you are gone.

Taxation in Cyprus

John Horton F.C.A. is a UK Chartered Accountant and had a successful practice in Birmingham for 30 years prior to relocating to Cyprus with his wife Sue in 2005.  John has extended his business qualifications by becoming a Certified Public Account in Cyprus and is currently practicing in Limassol, Paphos and Larnaca areas. Below are a couple of important tax points especially for retired people living in Cyprus:

It can be beneficial to discuss your tax situation with a qualified account as Cyprus has a generous tax structure especially for pensioners.  For example, pensioners are able to choose whether to pay a flat 5% rate on their income in excess of a small personal allowance, or to be allowed a larger allowance or tax-free band and then pay tiered rates of tax up to 30% on income in excess of the threshold.  For example:-

If you receive up to € 19,500.00 per annum, you may pay no tax at all,

€ 19,500.01 to € 28,000.00 you will only have to pay 20% tax,

€ 28,000.01 – € 36,300.00 you will pay 25% tax, and

€ 36,300.01 and above expect to pay 30% tax.

The Double Taxation Treaty between Cyprus and the UK means that for all pensioners who are tax resident in Cyprus, all forms of British pensions may be paid without the deduction of British tax.  This includes the state pension, company or group pensions and private pensions.  Many expats are unaware of this and may find they have been paying tax twice unnecessarily.  If this is the case for you it is advisable to contact a qualified accountant as it is possible to recover any tax you may have overpaid.

If you are interested to find out more from our expat professionals, you are invited to our FREE CYPRUS WISE seminar at 10:30am on the 3rd July at the Captain’s Bay Restaurant and Bar in Pissouri Bay.

Benefit from learning how to make the most of your life and your money and improve the lives of both you and your loved ones here in Cyprus. Enjoy a complementary drink with sea, sun, sand and a seminar! Take the opportunity to talk with our professionals about your personal circumstances and any queries you may have.

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Planning Your Retirement: Get the Bets from Pensions and Benefits, Secure Yourself and Your Property, Kepp Yourself in Great Shape

Planning Your Retirement: Get the Bets from Pensions and Benefits, Secure Yourself and Your Property, Kepp Yourself in Great Shape

A handbook on planning your retirement. It addresses how to: get your entitlements (including pensions, benefits and concessions); plan your finances (budgeting, investing, taxation and financial advice); relocate (if you want or need to move home, in the UK or abroad); secure yourself and your property; and settle your affairs. It is written in a straightforward style and there are contact details and addresses.

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History of Veterans’ Disability Pension Systems.: An article from: Sabretache

History of Veterans’ Disability Pension Systems.: An article from: Sabretache

This digital document is an article from Sabretache, published by Military Historical Society of Australia on December 1, 1999. The length of the article is 5805 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: History of Veterans’ Disability Pension Systems.
Author: Bruce Topperwie

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Lessons from Pension Reform in the Americas

Lessons from Pension Reform in the Americas

Latin American experiments with pension reform began when Chile converted its public pay-as-you-go system to a system of private individual accounts in 1981. In the 1990s, several other countries followed suit, inspired both by Chile’s reforms and World Bank recommendations that stressed adopting compulsory government-mandated individual savings accounts. Following the lead of Latin America, individual accounts were subsequently introduced in a number of countries in both Europe and Asia. The Wo

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Tips from the IRS-Making Work Pay Credit

HAVE YOU NOTICED THAT YOUR PAYCHECK OR RETIREMENT CHECK IS BIGGER LATELY? IT MIGHT BE BECAUSE OF THE “MAKING WORK PAY” TAX CREDIT. THAT’S GOOD NEWS FOR MOST OF US BUT…. IF YOU HAVE MORE THAN ONE JOB ARE MARRIED AND BOTH OF YOU WORK YOU RECEIVE A PENSION OR IF YOU CAN BE CLAIMED AS A DEPENDENT ON SOMEONE ELSE’S TAX RETURN GO TO IRS-DOT-GOV AND CHECK OUT OUR WITHHOLDING CALCULATOR JUST TO MAKE SURE YOU ARE HAVING ENOUGH TAXES TAKEN OUT OF YOUR CHECK. FOR A FEW PEOPLE WHO DONT HAVE ENOUGH WITHHELD, THIS COULD MEAN EITHER A SMALLER REFUND OR EVEN A TAX BILL WHEN YOU FILE IN 2010. IF THE WITHHOLDING CALCULATOR SAYS YOU NEED MORE TAKEN OUT JUST FILL OUT A NEW W-4 WITHHOLDING FORM AND GIVE IT TO YOUR PAYROLL DEPARTMENT. FOR MORE INFORMATION, GO TO IRS-DOT-GOV.KEY WORD WITHHOLDING CALCULATOR.
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Avoiding ERISA under disability insurance contracts.: An article from: Florida Bar Journal

Avoiding ERISA under disability insurance contracts.: An article from: Florida Bar Journal

This digital document is an article from Florida Bar Journal, published by Florida Bar on May 1, 2005. The length of the article is 5851 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Avoiding ERISA under disability insurance contracts.
Author: D. Frank Winkles
Publication: Flo

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Learning from the Pension Experts: Dividing Pensions in Divorce (Family Law Library)

Learning from the Pension Experts: Dividing Pensions in Divorce (Family Law Library)

Pension plans are one of the more sophisticated and difficult areas of the law. At the same time, a pension can be a significant asset or issue in a case. Therefore, understanding pension plans and pension plan experts goes beyond knowing the value the expert has placed upon the interest in the plan. The attorney must be able to evaluate the qualifications of experts, understand the methodologies and concepts used by the experts and how to obtain the relevant information from the experts both du

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Pension Reform in Six Countries: What Can We Learn From Each Other?

Pension Reform in Six Countries: What Can We Learn From Each Other?

The provision of retirement income is a dynamic system that needs to be constantly adapted to the ever changing economic and social environment. When incremental adaptations are not sufficient, larger reform steps are necessary. At this juncture of history, almost all industrialized countries face rapid population aging and need to adapt their pension systems to this historically unprecedented demographic change. The six countries in this study (Chile, Germany, Great Britain, the Netherlands, Sw

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Amazon Consulting Unveils Exclusive New Channel Research: “From Rookie to Rockstar: Accelerating the Development of Channel Partnerships”

Amazon Consulting Unveils Exclusive New Channel Research: “From Rookie to Rockstar: Accelerating the Development of Channel Partnerships”

Mountain View, Calif. (Vocus) October 21, 2010

Ramping partners quickly and effectively from new recruits to productive sellers has been an age-old vendor challenge. Amazon Consulting, a leading partnering services firm dedicated to helping companies elevate the impact of partnering, just published exclusive channel research entitled, ”From Rookie to Rockstar: Accelerating the Development of Channel Partnerships.” An executive brief of the study’s findings can be accessed at Amazon Consulting’s website.

”With the collaboration of Arrow ECS, we interviewed 47 leading vendors and nearly 200 solution providers to better understand what it takes to efficiently develop a successful channel partnership,” said Amazon Consulting CEO Diane Krakora. “This executive brief addresses how long it should realistically take a vendor to elevate a partner from new in their channel program to being a productive seller; what are the key steps along the way, where does the process stall, and what kind of support are solution providers looking for from their leading vendors to accelerate the process?”

According to the research, solution providers are willing to invest for up to 12 months in a new vendor line before realizing revenue. But, both vendors and their partners would like to be actively selling within 6 months. Issues such a rebounding economy, new technologies that cause shifts in new practice investments, and industry consolidation are impacting the time and cost of developing solid vendor/solution provider partnerships.

Amazon Consulting’s recent study identifies key areas that can boost the time to market and ROI for vendors and solution providers. For example, vendors indicate that it only takes their partners 30 days to enroll and get activated in their program, and another 2-4 months to begin actively selling and marketing, after training. Solution providers consistently indicate that throughout these development steps, they rely on vendor’s staff in sales, technical, services and marketing to accelerate their ramp. They do value some other on-line systems and automation, but the value of people in building new channel relationships remains key.

”We have analyzed this data in depth from both the vendor and solution provider perspectives to better understand the disconnect between the vendor and solution provider communities’ expectations,” said Beth Vanni, Amazon Consulting’s Director of Market Intelligence. ”The findings of this particular study validate the common vendor challenge of having 20% of partners producing 80% of their revenue. But, it forces vendors to look more closely at aligning their support along the partner development continuum to what their partners need most. For instance, we found many vendor support programs are unused or under-valued. We also found that the vendors and solution providers had quite different expectations of their distributors for development support. Bottom line, vendors need to spend smarter, know what programs are most valued and used, and clearly identify distributors’ role in support.”

To learn more about the complete research findings from the ”Rookie to Rockstar: Accelerating the Development of Channel Partnerships,” click here. Full details of this analysis are available through a subscription to Amazon Consulting’s PartnerG2 market intelligence service.

PartnerG2

Amazon Consulting offers market research studies through a comprehensive annual market intelligence subscription program called PartnerG2. Fueling channel management professionals with valuable research, analysis, thought leadership tools and expert advice to guide partnering success, PartnerG2 offers unlimited users under a corporate subscription, quarterly studies based on industry hot topics, a complete library of thought leadership materials and 4-hours of complementary consulting services. Channel industry analyst and speaker Beth Vanni is the Director of Market Intelligence for Amazon Consulting’s Partner G2 program and can be followed at http://amazonconsultingblog.wordpress.com/ or http://twitter.com/bvanni .

About Amazon Consulting

Amazon Consulting, LLC is a partnering development firm based in Silicon Valley, California, wholly dedicated to helping companies elevate the impact of partnering. We achieve this by effectively designing, implementing and automating channel and alliance models. We offer services ranging from channel models and program development plans to partnering operations and program execution. PartnerPath® provides our clients a best-in-class partner portal and program automation system. For more information please visit us at http://www.amazonconsulting.com .

Press Contact:

John Sperrazzo

Eye-To-Eye Communications, Inc.

858-565-9800

Email: john(at)eyetoeyepr(dot)com

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