Hi there,
I'm new to the forum and in need of your, 'been there, know that' experience!
Am considering the move to Cyprus as a retiree and am in research mode. I'm a bit confused about pensions and taxation.
It seems to say I have a choice in how I choose to be taxed so - if I choose to lump all my income together - state and private pension plus interest from investments - which comes way below the tax free allowance of 19,501euros, I don't pay any tax - even the 5% tax on the first 3,417 euros of my pension?
I can't imagine just by doing it that way I could be tax free - sounds too good to be true!
But I'm jumping for joy if it is - here's hoping!
Pension help please
flicker-rose
08 June 2019 12:38:41
2
Toon
08 June 2019 13:41:24
9548
it is indeed true -- almost the same as my situation - although you still have to complete an annual online tax return...
take some good advise from Elizabeth Welch an extremely good tax accountant in Paphos
Toon
08 June 2019 13:44:18
9548
be careful with the declaration of the worldwide investment income as it can and will be taxed at 30% then you have to claim it back.. which may take a year or two to get it returned...
flicker-rose
08 June 2019 15:12:51
2
Wow . . . that is fantastic, thanks Toon! Have jotted down Elizabeth's name.
This is such a great info site - thank you all for the hard work and time you give, it's so very much appreciated by escapees like me.
A special mention to you Toon, I've checked in with lots of old posts and your advice is absolutely priceless about so many elements (some I didn't even know I ought to consider!) to a successful, enjoyable move.
Flat goes on the market now, so we'll see where that takes me!
Toon
08 June 2019 15:27:26
9548
Always ask.. research & fact check. Look listen learn read as much as you can. Consider everything ignore nothing...take your time to choose location and accom. Manage your expectations.... rent first for at least 6-12 months then if buying make sure you visit the property morning noon and night as the location dynamics change....
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