# Taxes



## Esentepe (Mar 11, 2008)

Could you please let me know what is the current situation regarding tax. We have had a date of the end Of March, after which it goes from 0.5% to 1.5% could anyone let us know???????????????

Ian


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## Bevdeforges (Nov 16, 2007)

Hi Ian, and welcome to the forum.

Would like to try and help you with your tax problem, but we need a few more details. Where are you, where are you from? And what kind of taxes are we talking about here? (Income, wealth tax, property tax, ...???)
Cheers,
Bev


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## Stravinsky (Aug 12, 2007)

Also this is in the expat information and rules section and needs to be moved. Which country please?


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## Aegean (Feb 5, 2008)

Think he is on about North Cyprus - Stamp duty goes from 0.5% to 1.5% after a given period


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## exja (Oct 25, 2007)

- The tax level in Cyprus is the third best in the world – after The Emirates and Hong Kong. 
- Foreign pension is taxed at 5 percent. An annual exemption of £2.000 is granted.
It is also a popular destination for active retirees due to the fact that there are a large number of double taxation treaties in place, enabling retirees to receive private and public pensions and investment income in Cyprus free of withholding tax. UK citizens may take advantage of the Double Taxation Treaty existing between the UK and Cyprus. The remittance system compares extremely favorably with the tax system used in many other popular sunspots such as Spain. 
Recent tax reforms have sharply reduced the tax burden and foreign residents are now taxed on a flat basis of 5% per-annum on pension income over £2000. 
There is 0% on investment income (i.e. dividends & interest) brought into Cyprus. Consequently, the total tax burden on immigrating residents is often only 3% in practice. This compares extremely favorably with competing destinations where property owners are subject to high tax exposure levels of up to 60%.

More info regarding Cyprus Tax Facts 2007 : http://www.bdo.com.cy/downloads/BDOCyprusTaxFacts2007.pdf


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## Esentepe (Mar 11, 2008)

*Thank you*



Bevdeforges said:


> Hi Ian, and welcome to the forum.
> 
> Would like to try and help you with your tax problem, but we need a few more details. Where are you, where are you from? And what kind of taxes are we talking about here? (Income, wealth tax, property tax, ...???)
> Cheers,
> Bev


Thank you for your welcome, we have managed to sort out the tax situation. It can all become a little scary when you are living on the island. You depend on emails and hope on a wing and a pray at times. It was about the property tax, we where over in January(boy was it cold) but when we returned to the UK it all seemed to change.

Would b good to keep in touch, give me some gossip hahahaha

Regards

Ian


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## exja (Oct 25, 2007)

The current situation regarding tax in Cyprus, you can find at this link:

Cyprus Tax Facts 2007 : http://www.bdo.com.cy/downloads/BDOCyprusTaxFacts2007.pdf


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