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CyprusExpat.co.uk

CyprusExpat.co.uk has practical and legal advice for expatriates - click here to go to their website, and read articles about expatriate issues below published with permission.                        ....................................................

Information on using an EHIC card on a temporary visit to Cyprus

The European Health Insurance Card is an essential step towards the simplification of our various healthcare systems. Introduced in June 2004, the card substantially facilitates access to medical assistance for EU citizens travelling to another Member State. Furthermore, it guarantees a quick and simplified reimbursement of expenses incurred locally or shortly after return to the place of residence. Since 1 January 2006, the European Health Insurance Card is issued and recognised by all concerned countries and replaces the previously used paper forms, such as the well-known E 111.

Who is entitled to the EHIC?
Click here to read full article

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Information for Cyprus Expats who may believe they are not UK Resident and may still be liable for UK Tax

How does domicile affect your UK Income Tax and Capital Gains Tax liability?

For Income Tax and Capital Gains Tax purposes, whether or not you are domiciled in the UK is generally relevant only if you have foreign income and/or gains during a tax year. If you do not have foreign income and/or gains then your domicile status has no bearing on your UK Income Tax or Capital Gains Tax position and you do not need to consider it. The information in this guidance does not cover Inheritance Tax.

The guidance we provide here will help you, when your affairs are straightforward, to reach a decision on your domicile status. If your affairs are more complex, we direct you to where you can obtain further guidance. We also recommend that you speak to us so we can give you further guidance or that you seek advice from a professional tax adviser.

Click here to read the full article.

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Information for Cyprus Expats on Cyprus Management Committees and Cyprus Apartment Buildings

Every apartment building contains common areas (such as lifts, corridors and swimming pools) which need maintenance.  It is in the interests of all of the owners of units in a building to ensure the good upkeep and repair of such areas which (when kept properly) help to boost the value of the individual units, not to mention the quality of life of the current occupants. However, the law in relation to the management of common areas and shared facilities is an area which can cause considerable confusion and, sometimes, unpleasant disputes.   So, how and when should a management committee be established and (once set up) what powers does it really possess?

When is a Management Committee Needed? Click here to read full article.

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 Information for Cyprus Expats and advice on the procedure when a relative or friend die in Cyprus and abroad

Foreign & Commonwealth Office advice.

This page has key information and advice on how we can help you if a friend or relative dies whilst abroad.  There is also advice on what to do if death occurs in suspicious circumstances.

If you are living in the UK and a relative or friend dies when abroad, then you should contact us on 020 7008 1500. If you are abroad, you should contact the relevant embassy, high commission or consulate.  You'll find a link to our 'Find an embassy' page to the right.
What you need to do

It is essential that the death is registered in the country where the person died. We can advise you how to do this.

You will need to provide documents from yourself and the person who died, which show your names, dates of birth and passport details. CLick here to read the full article on CyprusExpat.co.uk.

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Information for Cyprus Expats on the recent tax changes made by the Cyprus government

On December 14 2010, the Cyprus Parliament introduced several amendments to Cypriot Tax Legislation, which were published in the Official Gazette on December 31 2010. Accordingly, imposition of penalties introduced with these changes, were due to take effect on June 30 2011. However, recently this date has been delayed for three months until September 30 2011 with the announcement made by the Inland Revenue Department.

Changes were introduced are as follow:

Income Tax Law

Invoices and receipts for deductible expenditure
In effect from 1 January 2011 all expenditure needs to be supported by invoices or relevant receipts, otherwise these will not be treated as deductible expenditure for income tax purposes.

Payments to non-Cypriot Residents

Taxes withheld from payments to non-Cypriot residents, for income on intellectual property rights for use in Cyprus or from royalties or fees of professional artists and athletes, not remitted by the end of the month following the month of the withholding will be subject to an additional penalty of 5% of the tax due with effect date 1 July 2011

Notional Interest

The “burden” of notional interest (9%) on receivables from shareholders as of 1 January 2011 will only apply to individuals and not companies. For legal entities, Article 33 of Income Tax Law applies and the application of the arm’s length principals for the transactions between related parties. In this case the interest should be calculated at the market rate.

Special Defence Contribution Law (from July 1, 2011)

Deemed Dividend Distribution

If a Company disposes an asset to either its shareholder (individual) or relative up to the second degree (including spouse) at a consideration price below the market value of the asset, then the difference between the market value and the consideration price will be deemed as distributed dividend to its shareholder. This will not apply if the asset was initially
acquired by way of gift.

The accounting profit should be adjusted for deemed distribution of dividend after deducting:
• Corporation Tax
• Special Defence Contribution (SDC)
• Capital Gains Tax (CCT)
• Any foreign taxes (paid or provided for)
• Transfer to reserves specifically required under any law and before taking into account any:
• Amount which emanates or is the result of revaluation of assets
• Payments between companies for the purpose of the group tax relief
• Additional depreciation due to revaluations of assets
• Losses brought forward

Click here to read the full article

 

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