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Cyprus is an island nation located in the Mediterranean close to Greece. It has been both a Greek and British colony and is the only country with its capital divided between two countries as Northern Cyprus is controlled by Turkey.


After Cyprus joined the European Union in 2004 Joonas Donskoi Womens Jersey , it became a popular tax haven. British pensioners can have their UK government pension remitted directly to a Cyprus offshore fund without deductions and at a far lower tax rate. British pensioners can avoid the high UK income tax by having pension funds sent to Cyprus banks. This is one reason why a Cyprus offshore corporation is popular with British pensioners.


Cyprus also does not have a wealth tax or succession (inheritance) tax for non-Cypriot residents, which makes it a popular tax haven for retired foreigners too. Many wealthy foreigners have a home in Cyprus because of this.


The income tax rate for pensions in Cyprus is a flat 5% with the first $20,000 USD being tax free. This is the only EU country with such a low tax rate for pensions. Cyprus citizens also speak English (Greek is the official language) which is another reason many British vacation and live in Cyprus. Cyprus does not tax interest from Cyprus bank accounts. Therefore, Cyprus bank accounts are popular with EU citizens. Cyprus is a true tax haven!


Cyprus tax haven does not restrict pensioners to a minimum age. Anyone over 18 years of age with any type of pension can use Cyprus as a tax haven for their pension funds to pay less income taxes and no tax on their Cyprus bank account interest. This also includes people who have taken early retirement. This is another reason why Cyprus is a popular tax haven for pensioners.


Another reason why Cyprus is a popular tax haven for the British is that they have a Double Tax Treaty with the UK allowing British pensioners to just pay a flat 5% income tax on their pensions no matter if their pensions are from the UK government Joe Pavelski Womens Jersey , or from a company, or a personal pension. Cyprus created this low income tax rate on pensions to inspire foreigners to live in Cyprus for economic stimulation.


The Cyprus income tax on pensions allows options. A pensioner can choose to pay a flat 5% income tax above 3,417 Euro. Or, he can pay in their tax bracket system whereby the first 17 Patrick Marleau Womens Jersey ,000 Euro is not taxed with up to a 30% tax rate on pension income more than 34,100 Euro.


The British government also pays annual inflation escalation to their pensioners living in other countries. Very few countries do that. This is another reason why British pensioners love Cyprus as a tax haven because their pension income can go farther in Cyprus.


No Inheritance Tax in Cyprus


Cyprus has no inheritance tax. Simply moving to Cyprus and living there is not enough. To be Cyprus domiciled a foreigner needs to prove intention to have a permanent home in Cyprus. One way to do that is to purchase a burial site in Cyprus which shows your intent to be buried there. British citizens need to cut off all ties to the UK and prove that to HM Revenue & Customs. If a British citizen owns real property in the UK, he will be subject to the UK inheritance tax even if not domiciled there. So, British citizens need to sell all their real property in the UK to take advantage of the Cyprus tax haven and put their money into Cyprus banks.


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