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ProACT Expatriate Advice
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Living and working abroad
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Sam Orgill of www.proactpartnership.com examines the benefits of paying tax in Cyprus
Why Pay Tax?…To fund the civil service, pay for politicians follies, keep the EU going or save the world with environmental taxes for the pleasure you get from smoking, drinking or driving (they don’t tax sex yet!) Many Expats pay UK national insurance in the UK to ensure full state pension when they reach state retirement age. This is a clear demonstration that a tax payer is willing to pay if he sees a benefit for him self. State pension reforms in the UK meant that from April 08 it is proposed only 30 years national (social) insurance contribution to the UK is required for full state pension. So why keep paying if you have 30 years contribution and no...
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Sam Orgill of www.proactpartnership.com with 10 Ways to Beat the Double Dip
If you hadn't noticed we are well into the third year of recession. While the period has been speckled by a few positive periods - allowing the politicians to avoid using the word depression - the squeeze is well and truly on in 2012. The collective realisation that we can't all go on spending money, creating debt without paying some back, has mean government, taxmen, banks, business and households are all finding ways to cut costs, and reduce debt. In the first quarter of 2012 the UK showed a fall of 5% of the total money in the economy ie the total of savings and loans. This reflects people paying off loans rather than spending or saving. This reduces demand...
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Bermuda Immigration Crackdown
A British family were cast adrift after living and working in Bermuda for 20 years as the British Overseas Territory of Bermuda tightened its immigration policy. Like Us ProACT Partnership on Facebook Stephen and Kirsty Tomlinson were refused a renewal of their residency visa and have been force to abandon their business and return to the Uk to live with family in Hull (pronounced '' Ull " by the locals) The Foreign Office said they could not help, basically Bermuda are a law unto them selves when deciding on their own immigration policy. ProACT offer Expatriate Advice with a Free Review online of your Immigration concerns and issues. Contact us on Facebook or by email hello@proactpartnership.com ProACT are considering '...
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Sam Orgill of www.proactpartnership.com takes perspective on a changing world
What a dynamic and interesting time we are living in. As the impact of the recession continues to ripple across the globe all sorts of unexpected consequences are popping up as a new world order comes rushing towards us. The ripples make waves for some, tsunamis for others, causing sudden and dramatic change in people’s lives – some good, some challenging. Where do we go with this? Back home say some. Elsewhere say others. Stay put works too. Where should Expats be looking too in the new world order starting to emerge from the ruins of the recession? Backwash Home should be where your family and friends are. No doubt some Expats will relocate back home to find a changed...
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Sam Orgill of ProACT Partnership asks the question "How safe are the banks?"
As the US housing market deteriorated in 2007, many of these loans began to default. This sparked off liquidity problems for markets in August 2007, as investors withdrew funding from these packaged loans, resulting in the banks having to finance them from internal funds. This put strain on banks’ balance sheets which was compounded by losses as the loans went sour. A slow motion chain reaction ensued, resulting in increased stress in most parts of the financial system, which revealed that the borrowing excesses of recent years had been much greater than realized at the time. Some institutions experienced liquidity problems (needing more cash than they had available) while others had credit or solvency problems, as losses eroded their capital...
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Sam Orgill of ProACT Partnership looks forward with plans to protect your assets and your family’s future
If you are thinking of living in Cyprus, or indeed if you already do so, then you may not be aware of the laws governing your estate should you die whilst resident in the country. In Cyprus, if you die without a Will your estate passes automatically to your children – not your spouse. Also, it could be expensive because of unavoidable taxes and fees. The very wealthy are able to make trusts and foundations to hold overseas assets and control ownerships when people die, these same rules are available to everyone and using them can avoid expensive and lengthy probate costs. ProACT Partnership was established in 2002 by Birmingham solicitor Gareth Fatchett & Sam Orgill in Cyprus to offer...
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Sam Orgill of www.proactpartnership.com on more changes to Cyprus Immigration rules
This week a hastily introduced requirement for all expatriates living and working in Cyprus to have a current Yellow slip has been radically changed. Cyprus immigration, 2 months ago issued a clarification confirmation all expats living in Cyprus must have a current and valid yellow EU residency permit or a valid residency visa if from outside the EU. This is required by the Cyprus authorities in order to validate tax related benefits in Cyprus including tax registration, property tax rebates, medical cards, social insurance registration and benefits. Under legal pressure from the EU, Cyprus have now confirmed expatriates who have previously obtained and have a valid "permanent residence" visa, a blue stamp in their passport, do not need a yellow...
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Sam Orgill of www.proactpartnership.com with assistance on obtaining your Title Deeds
I'm trying to secure my Title Deeds - What property taxes am I likely to be liable for? Cyprus Property Taxes. Two taxes are the main constituent of property transfers. Tax clearance confirms the exact value of outstanding taxes payable when Title Deeds are transferred. Property transfer taxes are payable at the land registry on the day of transfer and are based upon the contract value confirmed on the day of transfer. Immovable property tax can be paid to a developer but then reclaimed after the title deeds are received. Capital Gains tax may be payable by the seller. This does not apply when title deeds are gifted to children. Finally various stamp duties can arise. ProACT Expatriate Advice ProACT...
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