My wife and I are planning to retire to Cyprus in the next couple of years, but retain our residency in England, and I have a couple of general questions.
I read somewhere that ex-pat income taken into Cyprus is taxed at a standard rate of 5%. Is this true? Is it the same for income that has already been taxed in the country of residency, such as building society interest in the UK?
Are UK pensions uprated each year when paid to a bank account in Cyprus?
I understand that motor vehicles can be purchased tax-free by ex-pats in Cyprus. Is this still true? If so, how much does this save on a new car?
Would it be necessary to get a work permit if one or both of us wanted to do a little part-time work, particularly now that Cyprus is in the EU?
Many thanks.
Alan H
I read somewhere that ex-pat income taken into Cyprus is taxed at a standard rate of 5%. Is this true? Is it the same for income that has already been taxed in the country of residency, such as building society interest in the UK?
Are UK pensions uprated each year when paid to a bank account in Cyprus?
I understand that motor vehicles can be purchased tax-free by ex-pats in Cyprus. Is this still true? If so, how much does this save on a new car?
Would it be necessary to get a work permit if one or both of us wanted to do a little part-time work, particularly now that Cyprus is in the EU?
Many thanks.
Alan H
