British expats in Cyprus could still be liable for UK taxes
13/07/09 15:12
Expatriates from Britain who have settled in Cyprus have been advised to look closely at their tax situation, as they may still have to pay levies on inheritance tax.
Cyprus Property Magazine has published guidance by HM Revenue and Customs, which sheds light on the complicated tax situation facing British expatriates.
Expatriates are advised to check their domiciled position because even if they have bought property and are residents in Cyprus they may still have to pay taxes.
The magazine notes that being domiciled does not mean you are a resident.
"If you are originally British, or had long-term connections in the UK it is very possible you are still UK domiciled."
Should this be the case, Brits will face inheritance tax on their UK money and Cypriot property.
Expatriates should seek professional advice on their financial situation and on the suitability of international health insurance to cover their health needs while living abroad.
British buyers have been picking up cheap property in the northern part of the island, which is administered by Turkey.
Mark Pawlak
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