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News / New Year Financial Planning Review For Cyprus

New Year Financial Planning Review For Cyprus

29.12.15

Please note that this article is over six months old. While Blevins Franks takes care to make sure that information is accurate on the date of publication, some content may change over time. You should not rely on the accuracy of legislation and tax information in this article; take professional advice for your circumstances.

The New Year is an excellent time to carry out a ‘wealth-review’ to make sure your money is working as well as it can for you. Are you are up to date with the latest developments in Cyprus and internationally that affect you? Do you have a strategic tax and wealth management plan in place?

The New Year is an excellent time to carry out a ‘wealth-review’ to make sure your money is working as well as it can for you. Spending a little time now will help you preserve your wealth over the long term to meet your financial objectives. Are you are up to date with the latest developments in Cyprus and internationally that affect you? Do you have a considered, strategic tax and wealth management plan in place? Has there been any change in your circumstances since you last reviewed your affairs?

Savings and investments

Are you sure your investments, and the mix of them, is suitable for your circumstances, needs, time horizon and risk tolerance? You may have built up a portfolio of shares and funds over the years without really considering how they work together; whether they suit your aims, or match your risk profile.

Your portfolio can also shift away from the one designed to match your risk profile and objectives, and your circumstances can change, so you do need to review it annually.

Tax and estate planning

There were two significant changes in Cyprus last year. Non-Cyprus domiciles no longer have to pay defence contributions on interest, dividend and rental income. This may however impact your UK inheritance tax position so you need specialist advice.

UK nationals are now subject to the restrictive Cyprus succession law. You can choose UK law to apply under the new EU succession regulation, but this is a new, complex area so take professional guidance.

A new, global exchange of information regime has just begun. This will affect anyone who is not declaring their income correctly in Cyprus, however inadvertently. This is a good time to review your tax planning to both make sure it is compliant in Cyprus and that your investments and assets are arranged in the best, most up-to-date way to limit your tax liabilities.

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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.

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; individuals should seek personalised advice.
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