{"id":21111,"date":"2022-10-20T11:08:07","date_gmt":"2022-10-20T10:08:07","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=21111"},"modified":"2023-01-10T14:17:18","modified_gmt":"2023-01-10T14:17:18","slug":"tax-when-you-retire-to-cyprus-from-the-uk","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/the-tax-basics\/tax-when-you-retire-to-cyprus-from-the-uk\/","title":{"rendered":"Tax when you retire to Cyprus from the UK"},"content":{"rendered":"\n<p>Dreaming of retirement in Europe\u2019s sunniest destination? Here\u2019s your tax guide if you want to retire to Cyprus from the UK!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Firstly, what are the requirements to retire to Cyprus from the UK?<\/h2>\n\n\n\n<p>Retiring to Cyprus is rather straightforward. Sike! It <em>was<\/em> straightforward\u2026 until Brexit, of course..<\/p>\n\n\n\n<p>Now, to even be considered to retire to Cyprus from the UK, you have to:<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-nude m-align-left\">\n    <div class=\"b-block-body\">\n        <ul>\n<li>Prove an annual income of at least \u20ac9568.17 which is approximately \u00a38325.85 (without having to work)<\/li>\n<li>Have a further income of \u00a34014.24 for every dependent \ud83d\ude2e\u200d\ud83d\udca8<\/li>\n<li>Have no criminal record \ud83d\udeab<\/li>\n<li>Purchase or rent a property prior to moving \ud83c\udfe0<\/li>\n<\/ul>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<h2 class=\"wp-block-heading\">Do I have to pay tax on my pension when retiring to Cyprus?<\/h2>\n\n\n\n<p>Cyprus is a very popular destination for retiring. This isn\u2019t only because of the sandy beaches and fresh Mediterranean cuisine. It\u2019s also due to the favourable treatment of pensioners.\u00a0<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<div class=\"embed-container\"><iframe loading=\"lazy\" title=\"Tax in 10(ish) seconds - what&#039;s a pension?\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/eFeTtUEEEXs?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/div>\n<\/div><\/figure>\n\n\n\n<p>So in short, yes you do have to pay tax. However, you get to choose how you are taxed each year. You have these two options:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Pay at a flat rate of 5% on the excess of \u20ac3,420 (this sum being exempt)<\/li><li>Pay at the normal scale rates of income tax<\/li><\/ul>\n\n\n\n<p>No tax would be great, but having some sort of choice is better than no choice at all, right?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Do I have to pay any other taxes?<\/h2>\n\n\n\n<p>Although there is income tax in Cyprus if you earn over \u20ac19,500, the application required to retire to Cyprus from the UK actually prohibits you from working. So it\u2019s probably worth leaving that one out. \ud83d\ude05<\/p>\n\n\n\n<p>The good news is that if you become a resident in Cyprus, you will only be liable to pay local capital gains tax on gains from the sale of real estate located in Cyprus \u2013 property in the UK or elsewhere is exempt.<\/p>\n\n\n\n<p>As for <a href=\"https:\/\/taxfix.com\/en-uk\/glossary\/inheritance-tax-iht\/\" target=\"_blank\" rel=\"noreferrer noopener\">inheritance tax<\/a>, there is no such thing in Cyprus! Residents can pass assets down without them having to pay any local tax. Life as it should be! \ud83e\udd29<\/p>\n\n\n\n<p>Bear in mind, if you\u2019re UK-domiciled, you will still be liable for UK inheritance tax.<\/p>\n\n\n\n<p>Interest and dividends are subject to something called defence contributions. However, non-Cyprus domiciled are exempt from this, so don&#8217;t worry too much about it!<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How do I make my application?&nbsp;<\/h2>\n\n\n\n<p>Whilst the requirements can\u2019t be the easiest to meet (I mean \u00a34k per dependent! \ud83d\ude2e\u200d\ud83d\udca8), there are clearly incredible benefits. So now you want to make your application &#8211; we\u2019ve got you!<\/p>\n\n\n\n<p>To apply for residency to retire in Cyprus from the UK, you will need to submit a <a href=\"http:\/\/moi.gov.cy\/moi\/CRMD\/crmd.nsf\/All\/044601A0B7CE6062C2257D2C0037F93F\" target=\"_blank\" rel=\"noreferrer noopener\">category F resident application<\/a> to the Civil Registry and Migration Department in Nicosia.&nbsp;<\/p>\n\n\n\n<p>The application costs a cool \u20ac500.<\/p>\n\n\n\n<p>This will have to be accompanied by these documents:<\/p>\n\n\n<\/div> <!-- .c-body -->\n\n<div class=\"b-highlight-mini m-blue m-align-left\">\n    <div class=\"b-block-body\">\n        <p><!-- wp:list --><\/p>\n<ul>\n<li>Title deeds or proof of registration for housing<\/li>\n<li>Bank confirmation letter to prove you have a minimum of \u20ac15,000 deposited<\/li>\n<li>Original and photocopy of passport<\/li>\n<li>Bank statement<\/li>\n<li>Statement of source of abroad income<\/li>\n<li>Proof of occupation<\/li>\n<li>Evidence of residential address<\/li>\n<li>Original bank reference letter (Not older than 6 month)<\/li>\n<li>Evidence of health insurance<\/li>\n<li>Original police clearance certificate<\/li>\n<li>Two passport-size photos<\/li>\n<li>Original or certified copy of marriage certificate (if applicable)<\/li>\n<li>Original or certified copy of birth certificate (if applicable)<\/li>\n<\/ul>\n<p><!-- \/wp:list --> <!-- wp:paragraph --><\/p>\n<p>(Darn it, Brexit\ud83e\udd26)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n\n    <\/div>\n<\/div> <!-- .b-highlight-mini -->\n\n<div class=\"c-body\">\n\n\n\n\n<p>The process may take around two years. If you are already living in Cyprus during the application process, you will have to arrange:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Temporary residency within 90 days of arrival (this costs \u20ac140)<\/li><li>Private medical insurance<\/li><\/ul>\n\n\n\n<p>You may be able to acquire permanent residency in as little as two months if you can buy a brand new residential property or two for around \u20ac300,000. For this you will have to apply under Category 6(2).&nbsp;<\/p>\n\n\n\n<p>Basically, if you\u2019re a part of the small minority who\u2019ve got the funds to throw money at their problems right now, chances are, those problems will vanish. Lucky 1%. \ud83d\ude05<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">To move or to stay? \ud83d\ude2e\u200d\ud83d\udca8<\/h2>\n\n\n\n<p>We can\u2019t help you decide whether you\u2019d rather stay in the UK or migrate to Cyprus for retirement, but we can help you with your tax return and offer professional tax advice. Find out more about our services <a href=\"https:\/\/taxfix.com\/en-uk\/services\/\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Dreaming of retirement in Europe\u2019s sunniest destination? Here\u2019s your tax guide if you want to retire to Cyprus from the UK! Firstly, what are the requirements to retire to Cyprus from the UK? Retiring to Cyprus is rather straightforward. Sike! It was straightforward\u2026 until Brexit, of course.. Now, to even be considered to retire to [&hellip;]<\/p>\n","protected":false},"author":30,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[429,427],"tags":[424,102],"class_list":["post-21111","post","type-post","status-publish","format-standard","hentry","category-foreign-income","category-the-tax-basics","tag-foreign-income","tag-hmrc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tax when you retire to Cyprus from the UK &#8211; Taxfix<\/title>\n<meta name=\"description\" content=\"Dreaming of retirement in Europe\u2019s sunniest destination? 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