Offshore tax havens: advice for expats

Expats can pack their pension plans too and take their funds overseas

Tax free havens are not just for British Formula One champions

With millions of Britons opting to work overseas or emigrate on a long-term basis, what are your tax and savings options?
It is estimated that more than 5.5 million Britons have moved to live or work overseas in the past decade. And while the recent weakness of the pound has had a detrimental impact on pensioners relying on pension income based in sterling there is still a huge appetite from people to leave these shores.


For non-Cypriot nationals, the tax rates can be very low - between 10 and 15pc, while there is no wealth or succession tax for non-Cypriot domiciles. Cyprus is one of the very few tax havens where if you have a UK government pension (for example from military service, or being a civil servant etc), then you can have your pension remitted without deduction of any UK PAYE, and pay a far lower tax rate in Cyprus.

A government pension of this sort usually remains taxable in the UK even though you might live elsewhere; Cyprus is a notable exception

Tax-efficient pensions and savings

Pensioners who are fed up with Britain’s high taxes and miserable weather can escape both without leaving the European Union by moving to an English-speaking country with a flat rate of income tax at 5 per cent or annual allowances of more than £14,600 tax-free.
Savers who have retired can receive interest from bank deposits and shareholdings entirely free of income tax.


Read more at The Telegraph

www.taxsavingcorp.com