Paphos People

Can anyone from the UK who is now considered a Cypriot resident please tell me, do you have all your monies invested in Cyprus banks?
Does having money invested with offshore banks affect your Cyprus residency ?
Do you still have monies invested with UK banks?
Does the Cyprus defence levy only apply to interest gained in Cyprus banks ?
Thanks Gary

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So close yet so far away

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Experience is what you get when you don't get what you want....

Thanks Brian. Are you now a Cyprus resident as in your pension is eligible to be taxed at 5% ?
Gary

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So close yet so far away

Your pension, OAP or private is only taxable if your 'worldwide income' is above Euros 19,500.00. Register with the Cyprus tax people and fill in their form and you get it back with nil to pay. Wonderful.

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Clive of Payia

Clive, could you expand please ? my income will exceed the figure you quoted,but I don't understand what it is you are saying.
My understanding is that once you are acknowledged as a Cyprus resident you only pay 5% tax on your income
I need to know what you have to do before you are considered to be a Cyprus resident.
This question is open to anyone, not just Clive !
Thanks Gary

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So close yet so far away

Hi Gary

This web site may be of use to you:

http://www.mof.gov.cy/mof/ird/ird.nsf/d ... enDocument

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Molly

Treat others as you want to be treated

Gary, you will therefore pay income tax in Cyprus at the percentage indicated on the IR's website. Any ex-pats are under the false illusion that you pay 5% on your pension even if it's under 19,500 euro's. if you are still unsure than a trip to the IR office in Paphos, sorry I don't know where it is located today, and they will help you and give you the approriate form.


Clive

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Clive of Payia

Thanks Molly for the link but the page I want is under construction.
Clive, I may very well be mistaken, but I was/am under the impression that a Cyprus resident pays 0% tax on the first 3400 euros of a pension, then5% on anything above.
Is this not the case ? I am talking about pension not income.
Gary

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So close yet so far away

Try this one Gary:

http://www.mof.gov.cy/mof/ird/ird.nsf/A ... enDocument

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Molly

Treat others as you want to be treated

Thanks Molly, that shows the first 19500 at 0% tax then 20%, I'll settle for that !
Gary

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So close yet so far away