Transferring money from Cyprus

by **mikemm** on Mon Sep 21, 2009 9:54 am

Hi,

I would like to ask a question about transferring money to the UK from Cyprus and the associated tax liability that goes with it.

I am a UK resident and had a property in Cyprus which was given to me by my parents. I recently sold this property and wanted to bring the money to the UK. What I wanted to know is if there is any tax to pay in the UK and at what rates.

Any help would be greatly appreciated.

Many thanks in advance!

by **info@successbuz.org** on Fri Sep 25, 2009 6:47 pm

Dear Sir,

My name is Nicholas Pais Ex Inland Revenue Officer. The only tax to paid from the sale of a property in Cyprus is Gapital Gain Tax in Cyprus.

Now if you sending this money back you have to prove to Inland Revenue of Uk the source of this income and tax paid abroad.

You may claim double taxation treaties for the taxes paid in Cyprus as there is an agreement between Cyprus and UK.

If you think you may may need more of my help you can find me in google search who is nicholas pais and send to me an email if required.

Good Luck

Nicholas Pais

by **maths** on Fri Sep 25, 2009 8:20 pm

Assuming you are UK domiciled and UK resident, the sale of the Cyprus property will precipitate a UK CGT liability at 18% (assuming sale on or after 6 April 2008).

Any CGT liability payable in Cyprus will be offsettable against the UK CGT charge.

If you are not UK domiciled then no UK CGT charge arises unless the monies are "remitted" to the UK.