Selling Up And Going

[desmond]

Hi,
My wife and 3 year old son are going to move to Cyprus, we've checked up on everything we have been warned about eg. Health Ins., Taxes, etc, but one thing was mentioned to us yesterday that I don't know the answer. I have been told that when I sell my house in England that I will have to pay a Capital Gains Tax on the profit I make from the sale.

Could someone please advise me on this?

Many thanks.

[jaime]

Hey Desmond,
Do you already have a home in Cyprus? If so then depending on the tax laws there you might have to as you would be selling your second home. However if it is your only home then no you should not be paying CGT.

In my situation for instance I have to make sure I sell my house in the UK before I move to my house in Spain, otherwise I will be charged CGT in Spain on my house sale in the UK. Unfortunately though there is a chance that when I eventually sell my house in Spain I will have to pay Spanish CGT on that one!
See you soon

[nicola]

Good morning,

I have lived in Cyprus for the last five years and will help you with any information that you require. If the property you buy is in two names ie Mr and Mrs you will each receive a 10,000 cyp pds allowance against any profits you make after that there is a 20 per cent tax although many people add on any extras they have paid for and furniture they leave to bring tax down.If you however keep the property for five years then they give a one off allowance of NO tax to be paid. Please contact me at any time if you need any more impartial true advice

Regards
Nicola

[grumpy001]

Good luck on your move, remember if theres anything you need there will be as much help as you need on these forums

[Osops]

Hi

We are able to advice you on that, it isnt as complicated as you may think. Cyprus is a fantastic haven to save tax but we maybe able to offer you a product that will prevent you having to pay CGT. Call me 01217062423

Originally Posted by desmond

Hi,
My wife and 3 year old son are going to move to Cyprus, we've checked up on everything we have been warned about eg. Health Ins., Taxes, etc, but one thing was mentioned to us yesterday that I don't know the answer. I have been told that when I sell my house in England that I will have to pay a Capital Gains Tax on the profit I make from the sale.

Could someone please advise me on this?

Many thanks.