ProACT Expatriate Advice

Sam Orgill www.proactpartnership.com on families taking care and protecting property and assets until a parting of ways

Families can be fun but can be sad, can be rewarding, can be hard work, can make you laugh or make you cry. For better or worse a family is the work of a lifetime and something that can endure in the generations to come after you. It's important then to protect and secure the future of your family in the event you die, to make sure your legacy is a secure and prosperous family future.

During your lifetime you are there to ensure the best for your family and loved ones. You are in control and can make the decisions to ensure health and wealth ensues for your next of kin.

If things take a turn for the worse and you lose your health, or die, then the way you entrust your family legacy is to make a Will and appoint people you trust as executors to ensure your wishes, dreams and plans are carried out in the way you want to protect your loved ones - spouse and children, partner, friend or charity.

For better or worse your lifetime commitment the family gives then a secure financial future and a roof over their head.

ProACT Expatriate Advice
ProACT Expatriate Advice Services are for professionals, business and the retired living and working abroad or relocating overseas include making a will, expatriate pensions, and inheritance tax. ProACT provides cost effective solutions focused around the family for clients in Cyprus saving tax and probate fees. ProACT offer free reviews for all matters relating to this article.

 
Sam Orgill
Web: www.proactpartnership.com  
Email: info@proactpartnership.com
Tel (+ 357) 26 819 424

Sam Orgill of ProACT Partnership looks forward to the leap year that is 2012, international year of the unknown future

Leap into Action in 2012 -

Sam Orgill of www.proactpartnership.com looks forward to the leap year that is 2012, international year of the unknown future

Phenomenal New Year

Happy new year everyone! 12/12/12 is the date to look forward to, it could be End of Days according to some.  The phenomena that may surround 2012 might already have happened if the Euro has collapsed, possible at the time of writing. But our friends the Maya Columbians see 2012 as the end of a 125 year cycle with astronomical alignments and numerological formulae coming together. So much so 2012 has been designated Alan Turning Year being the 100^th year of his birth. The great mathematician was a computer pioneer, when you here the term algorithm think Turning. Mind you the UN has also designated this the year of sustainable energy, necessary if we can’t afford the electric bills.

Either way there is a lot going for 2012 and as I see it you have two choices. Firstly decide the world will end before Christmas 12/12/12, or secondly the numbers will be crunched and we have taxes to pay on time or penalties will added up to even more.

Savings Tax Up

Review your circumstance to ensure you are paying the right amount of tax. Cyprus has increased saving tax on bank interest and dividend tax to 17%.  You may well already see these higher tax bills on bank statements. You can hold investments free of these taxes as a Cyprus tax resident. If you believe the banks are a safer place than alternatives then review the safest bank. ProACT have advisers to help. Do nothing and pay more tax in 2012.

Tax Deadlines

January 2012: 

1. Year end Savings Tax is due by month end. Cyprus tax residents should now be paying tax on gross bank interest, property rental income and dividend income. ProACT can assist making these payments and returns. 
2. If you need a 2011 UK return its due online by month end. A £100 penalty awaits late returns. ProACT can complete this for you. Need help - Ask ProACT 
3. Self Employed 4th Quarter 2011 Social Insurance payments due. Then rates go up for 2012 big time. If your earnings are below your attributed ‘minimum earnings’ then you must apply now for a concession to pay a lower rate for the whole of 2012. You can save allot of expense but need to make the tax and income return.
4. Full year Cyprus tax returns are due from 1/1/12. Only online returns can be made to Cyprus in an effort to improve the time and speed of assessment. These should confirm earnings for business and those with taxable income from abroad. Make sure you get your returns done on time with minimum tax to avoid the new €100 penalty for late returns.
5. Catch up Accounting. We come across many businesses that have not kept tax returns up to date. With the tax man looking for revenue an amnesty has been offered to the end of March for all old returns to be brought up to date without penalty. The new annual levy verifies active companies and hence those that should make returns. If you don’t pay the levy your business may be deregistered by the registrar.  Now is the time to put your house in order.

Make a Will

If the world does end,  have you left instructions for your family to retain control of property and investments, securing their financial future. If you leave it to chance then the family will lose out on your life’s work.

Making a Will in Cyprus saves you time and money but also gives you peace of mind your family benefits in the way you want. Without a Will, the legal and travel bills mount up.

Title Deeds

Don’t wait anymore. There is new legalisation in Cyprus that allows for a speedy resolution of title deed issues. Our UK lawyers can help resolve issues with mortgages or developers in a professional and speedy manner.  With money too tight to mention, banks on the edge,  protect yourself and get the title deeds in your name now.

ProACT Expatriate Advice

ProACT Expatriate Advice Services are for professionals, business and the retired living and working abroad or relocating overseas include tax & business services, making a Will, inheritance tax and property. ProACT provides cost effective solutions focused around the family business for clients in Cyprus time and money. ProACT offer free reviews for all matters relating to this article.

Sam Orgill

Web: www.proactpartnership.com

Tel: +357 26 819 424   Mail: info@proactpartnership.com

How to Keep control of your Assets after you leave this mortal coil - Wills & Administration

Sam Orgill of www.proactpartnership.com on how to keep control of your assets after death.

When you die your assets become the property of your estate, controlled by the Court and your Executor.

How do you cope with the process of administration to get the Title Deeds back in your beneficiary’s hands without paying fixed fees?

Probate
When someone dies the Probate Court issue a certificate allowing an administrator to transfer bank accounts, property, investments, cars and business shares to beneficiaries.

If you have made a Will the appointed executors can be the administrators, or the executors can appoint friends, family or professionals to act.

If there is no Will the Probate Court will appoint a Cyprus solicitor or next of kin if a suitable application is made.

Control
The executor is the legal controller of the estate.  They are responsible for:

• The funeral service
• Valuation of assets
• Probate application
• Tax clearance on the estate
• Payment of all outstanding debts & Taxes
• Transfer of assets
• Production of accounts for the court.  

It is important for the family to keep control.

If your property is your biggest asset and cash is needed to pay debts of any kind, the executor can decide to force a sale of the property to raise funds to pay tax and legal bills.

Fixed Fees

In Cyprus a solicitor appointed as executor in a Will they are allowed to make a fixed charge in law. Hence their fee becomes a debt to the estate, and it can be over 10% of the value of the estate.

If the family act as executors they can agree a normal commercial fee for any professional services provided. For Probate this would normally be in the region of 1-3% of the value of the estate.

Who can act?
 Any person of sound standing can act as executor of an estate.

Most probates are an “administration” process without the need to appear “in court”. If any court hearing is required a solicitor must represent the estate.
 
Most people in Cyprus will need some help. When making a new Will make sure you have the support and provision in place to carry out your wishes. Is there help and support for family executors when your loved one passes away?

Review your Will
 Review your Will to appoint family executors to your estate and avoid fixed fees for Probate.
 Make sure you know how to get help without fixed fees. 
ProACT offer a Will and Probate service. ProACT will offer to complete any part of the Probate process or the whole process.  The family do as much asthey want to, thus keeping control, and costs down.
 
For a FREE quote of what your current executor can charge your estate go to our website www.proactpartnership.com or contact us by email.
 
Sam Orgill
Tel: +357 26 819 424
Email: info@proactpartnership.com

If I have a Will, what will it protect?

For Better For Worse
Sam Orgill www.proactpartnership.com on families taking care and protecting property and assets until a parting of ways

If things take a turn for the worse and you lose your health, or die, then the way you entrust
your family legacy is to make a Will and appoint people you trust as executors to ensure your wishes, dreams and plans are carried out in the way you want to protect your loved ones – spouse and children, partner, friend or charity.

For better or worse your lifetime commitment the family gives then a secure financial future
and a roof over their head.

Make a Will
Make a Will while you can. It helps you meet you commitment to the family for better or worse. If you do the family could have a richer legacy, saving fees and taxes. Do nothing and the family could be poorer and taxes, fees and forced sales eat into the family inheritance.

All adults should have an up-to-date Will and for anyone with property abroad a carefully written local Will taking into account local law and practice is absolutely essential. This is a key part of ProACT’s Family Protection business; we understand UK & Cyprus estate planning and can write UK & Cyprus Wills.

It is always necessary to take account of the foreign property, business or investment in drafting Wills and that inheritance taxes are minimised as far as possible. Co-ordinating UK advice with Cyprus property advice is the key to making sure your families interests are protected against the demands of property.

ProACT Expatriate Advice

ProACT Expatriate Advice Services are for professionals, business and the retired living and
working abroad or relocating overseas include making a will, expatriate pensions, and inheritance tax. ProACT provides cost effective solutions focused around the family for clients in Cyprus saving tax and probate fees. ProACT offer free reviews for all matters relating to this article.

Sam Orgill
www.proactpartnership.com
Tel: +357 26 819 424  
Contact us at info@proactpartnership.com

How can I protect my overseas asset?

Make a Will
All adults should have an up-to-date Will and for anyone with property abroad a carefully written local Will taking into account local law and practice is absolutely essential. 
This is a key part of ProACT’s Family Protection business; we understand UK & Cyprus estate planning and can write UK & Cyprus Wills.

It is always necessary to take account of the foreign property, business or investment in drafting Wills and that inheritance taxes are minimised as far as possible. Co-ordinating UK advice with Cyprus property advice is the key to making sure your families interests are protected against the demands of property.

ProACT Expatriate Advice
 ProACT Expatriate Advice Services are for professionals, business and the retired living and
working abroad or relocating overseas include making a will, expatriate pensions, and inheritance tax. ProACT provides cost effective solutions focused around the family for clients in Cyprus saving tax and probate fees. ProACT offer free reviews for all matters relating to this
article.

Sam Orgill
www.proactpartnership.com
Tel: +357 26 819 424  
Contact us at info@proactpartnership.com

Rose Between Two Thorns

Sam Orgill of www.proactpartnership.com on using

Wills to Cut Costs and Save Inheritance Tax when you die

When living, working or retired abroad with assets in more than one country making a two Wills, one for each country in which you own assets, can save you probate costs and reduce inheritance tax liability dramatically. In this article we consider the pros and cons for making a Will in separate locations whether you live abroad or if you just own overseas property.

A Cyprus estate of €250,000 can attract fixed probate fees of €19,500 to be paid in cash when
probate is granted. UK inheritance tax is charged at 40% of the estate, that’s £40,000 on an estate of £425,000. When someone dies how will your family cope with the 2 thorny issues of paying for 
probate costs settling the Cyprus estate and inheritance tax during the grieving process?

UK Wills for Expats

UK legislation allows for a statutory estate of £250,000 to pass between spouses on death. But even without a Will you will still need probate if savings are over £15,000 or if you own property
or certain other assets. A UK Will ensures the process is always simpler and quicker.

If there is no UK Will the administration can be complicated if you live abroad. If you live outside the UK for more than 7 years your legal tie to the UK is broken and you can be forced to use your resident country, eg Cyprus, for worldwide probate increasing causing additional probate cost and delay.

If you have UK bank and financial balances of under £150,000 and live abroad, a UK Will allows settling of these quickly and simply.

Review with ProACT if you need to Make a UK Will if:

• You have bank accounts with more than £15,000 in your name 
• You own financial assets in your name You own UK property
• You have a UK business

Cyprus Will for Expats

Probate can take longer in Cyprus, 2 years typically, and can be expensive with fixed probate costs. By writing a Cyprus Will to cover only Cyprus property, bank accounts, cars and
businesses you can reduce the fixed costs and ensure offshore bank accounts are not frozen because of delays in Cyprus probate. Without a Cyprus Will a Cyprus lawyer can be appointed with
fixed probate costs.

Review with ProACT if you need to Make a Cyprus Will if:

• You have bank accounts in your name
• You own a car or boat
• You own Cyprus property
• You have a Cyprus business

 Inheritance Tax

Two Wills for different countries can help separate assets and reduce inheritance tax in one or both countries using Will Trusts. UK inheritance tax is charged at 40% of property value and payable within 6 months of death. Making a UK and Cyprus Will together is a good tool for reducing Inheritance tax

Review and Make a Will

It is always wise to review your Wills every few years to take account of changing circumstances. ProACT offer a free review online, by phone or in Cyprus with one of our advisers.

Review with ProACT if you need to Make a UK Will if:

1. You have bank accounts with more than £15,000 in your name
2. You own financial assets in your name
3. You own UK property
4. You have a UK business

Review with ProACT if you need to Make a Cyprus Will if:

1. You have bank accounts in your name
2. You own a car or boat
3. You own Cyprus property
4. You have a Cyprus busines

ProACT Expatriate Advice

ProACT Expatriate Advice Services are for professionals, business and the retired living and
working abroad or investing in overseas property. UK lawyers and UK accountants based in Cyprus offer professional advice and expertise in estate planning to avoid inheritance tax and help make a will, and inheritance tax. ProACT provides cost effective solutions focused around the family for clients in saving inheritance tax and probate fees. ProACT offer free reviews for all matters relating to this article.

Sam Orgill
ProACT Partnership

Tel: +357 26 819 424
 Contact us at info@proactpartnership.com

Or see www.proactpartnership.com

Directions to the New ProACT Office www.proactpartnership.com/services 

Will Things Change ?

Sam Orgill www.proactpartnership.com highlights the need to review and make a will

....... Relatively speaking yes. Make a Will and it can last a lifetime. But circumstances, relationships, where you live, relocation, health, births, deaths, marriages all create circumstances where you need to update your Will. For Expats while the law may not change dramatically the fact that you own property, business and financial assets in different countries with different laws means that added vigilance is necessary to protect your assets in event of death and ensure they go to your intended family members without unnecessary expense or delay in the probate process.
Review your Will
 We look back at Will written more than 4 years ago and in most cases there has been specific changes. Wills done for Expatriate clients in 2002 before Cyprus were in the EU are based upon different advice and practice today. Time changes things. Below we detail a check list of issues to consider when reviewing your Wills. Contact ProACT if you feel that changes in your circumstances over time means that a revision and update of your Will for UK, Cyprus or other countries where you have property, business or financial assets.
 
Remember that consideration should be given to the location of financial assets, which legal jurisdiction applies. ProACT can provide advice and assistance to ensure your Wills work for you in a cost effective and secure manner. Revisions can be made by side letter of wishes, codicil or rewriting the Will.

 Tax Check

Everyone likes to think things you own can be passed on to your next of kin on death but this is often far from the case. With ever more tighter money laundering rules being enforced by governments looking for criminals and people to pay more tax, banks and investment companies are required to have all transferred verified. 

When your dead you can’t do this – that is why your executor needs a ‘court order’ to authorize the issue of probate allowing assets to be passed to the widow and children…. Or current partner. 
Legal ties are determined by how you hold assets, who you hold them with, which country they are in, what type of asset they are and what tax isdue before and after death.

 We look back at Will written more than 4 years ago and in most cases there has been significant changes, these can cause confusion and delay of not addressed by action before it is to late.

Will Review Checklist

1. Are you in contact with your executors and have up to date details. Can they still act for you? Are family members appointed to keep control of your money?
2. If you are appointing Cyprus Solicitors are you aware that they will charge a statutory fee of around 10% of the value of your assets?
3. Are the beneficiaries still relevant? Are there additions or removalsrequired?
4. Have you made provision to avoid 40% UK inheritance tax on offshore assets? This can be done using a Will for overseas assets?
5. Have you a Will for each jurisdiction in which you own assets? This can savetime, money and inheritance tax.
6. Have you wishes not in your Will that you would like included?
7. Is there any issue you would like clarification and checking?
Changing Concerns

If you identify areas you would like clarification or advice we strongly advise that you consider a review and update advice regarding your Wills to take account of changes in Cyprus since they joined the EU in 2004 and change of practices in UK and around the world also in order to minimise expense and delay in probate.

ProACT can also assist and offer independent free review and advice if you have Wills made elsewhere to provide updates or revisions as required. This may just give piece of mind, but also ensures that when the Will is needed then unforeseen problems, expense and taxes are avoided by planning ahead.

ProACT Expatriate Advice

ProACT Partnership offer professional expatriate advice services for Professionals Entrepreneurs and the Retired. ProACT Professional Expatriate Advice Services for Professionals Entrepreneurs and the Retired living working retired or relocating abroad including retired and working people covering tax returns abroad, make a will, probate services in Cyprus UK, inheritance tax and pensions paid aboard. We help and advise expats with assets in different countries or when relocating abroad.

ProACT offer FREE reviews online, by phone or appointment find out more at www.proactpartnership.com
Sam Orgill
ProACT Partnership
EMAIL: info@proactpartnership.com
  CYP TEL: +357 26 819 424 
TAX SERVICES – WILLS & ESTATES – BUSINESS SERVICES – PROPERTY SERVICES

Cutting inheritance tax & death duties

Sam Orgill www.proactpartnership.com on ways to avoid expense on death

As if death is not bad enough, it is quickly followed by expense - funeral, relocation,

Make a Will
probate fees, death duties and inheritance tax on all your hard earned wealth. Some people avoid planning ahead but the widow and family ends up paying. For expatriates the situation is complex with their home country and their resident country both wanting a slice of the cake which can inflate the funeral, tax and probate lawyer fees even more.
  
The undertaker is the first expense but the tax man will want his cut within 6 months. With Property, Investments and Family the probate administration cost can rise. Inheritance tax can be charged at 40% from the UK, that's £40,000 for every £100,000, but can be avoided. All the expenses are to be paid in cash from the estate before the family can inherit and may involve forced sale of property.

To read the whole article click HERE  
Contact ProACT to book your FREE review - click HERE            
ProACT Expatriate Advice
ProACT Expatriate Advice Services for professionals, business and the retired living and working abroad or relocating overseas.
Overseas relocation consultants for tax overseas, making a will, immigration and visas, investing offshore, expatriate pensions, currency conversion, overseas property consultants, expatriate healthcare, trusts& estates, inheritance tax, offshore business formation, Cyprus Business Networks.
ProACT Expatriate Services assisting at each step of the way using trusted UK legal & accounting professionals to help your dream of relocating abroad become a reality.
 Sam Orgill
ProACT Partnership

Tel: +357 26 819 424  Contact us at info@proactpartnership.com

Or see www.proactpartnership.com

ProACT Partnership | 5 Michalaki Christodoulou Street | Office 204 | PO Box 62474 | Paphos | Cyprus | 8065 | Cyprus