Tax Implications of Moving to Cyprus
Moving abroad is something that many Britons yearn to do, and Cyprus is a very popular destination for many of them.
Yet how much do you know about the tax implications of moving to Cyprus?
There are many issues which people face when moving from the UK to Cyprus. Depending on your circumstances, however, there are likely to be things that you can do to minimise the problems, and you may even find that you can reduce your tax liability by moving to Cyprus!
You should always take advice when looking to purchase property in and/or moving to any country, and in particular Cyprus, where many of the taxes sound the same but are calculated completely differently to similar taxes in the UK. Whilst the tax systems are broadly similar, what is tax-free in the UK is not tax-free in Cyprus. An adviser with a good understanding of both jurisdictions can help you understand the tax implications of your move and work out how to make your money work for you, protecting it against foreign taxes, and how to make the most of the opportunities available.