 |
|
(if you don't already receive a monthly announcement that our Cyprus newsletter has been published, you can sign up to our list here) In This Month's Issue You'll Find: A Message from Jackie The Election and how it has affected the Currency Market A new offshore pension scheme called QNUPS What can the OGC Resource Centre do for you? Let me help you plan your Cyprus Purchase The best news of all this month is that baby Sienna has been born! Mother and baby are doing well. Kim and Simon are over the moon and so is everyone at The Overseas Guides Company. Kim’s taking a short break now, but she’ll be back in action soon. So, let’s move on to Cyprus. I’ve written an article on “How to Find a School in Cyprus” for those of you who are thinking of moving over here with your children. I hope you will find it interesting, there are lots of hints and tips you might not know about. Remember to visit my Cyprus Blog too www.cypruspropertybuyingguide.blogspot.com– it gives lots of information on how to sell your property in Cyprus in the current climate, I hope you find it useful. If you become a follower, you will automatically get an update every Friday – it’s really easy, all you have to do is put in your email address. You need to create a “Google account” but that doesn’t mean get a Google email. It is just means you put your email address in, and then a password. You’ll be asked for your birthday and to accept the terms and conditions and that’s it – you are then a follower, and can post a comment if you want to. First things first. I couldn’t believe I received a Christmas mailing just a few days after the last newsletter went out. Guess what – it was from the UK! How anyone can think of promoting Christmas in April amazes me. I thought it was ridiculous and it went straight in the bin. Anyway, that’s my groan over with; let’s get back to Cyprus and all the good things that are going on here. There is some great news. At last, help is at hand for everyone who struggles with paperwork from government departments. A new citizens’ service centre has just opened in Paphos. There are already established centres in Nicosia, Limassol, Larnaca and Polis, all designed to be one-stop shops. They can deal with applications for driving licences, alien cards, ID cards, medical cards and so on. In fact, they provide over 60 different services. And they speak several languages, including good English. The idea of these centres is so you don’t have to trudge around from pillar to post trying to get things sorted out yourself – and best of all, it’s FREE. You simply visit them, they will tell you what you need and they process the application. Or at least that’s the idea. Bear in mind that, as it’s only just opened, there are the usual teething problems. The centre is located at 62 Elefterious Venizelos Avenue near the Kykkos High School. There is parking for 42 cars opposite. Their opening hours are 8am-5pm, Monday to Friday. A recorded list of services in both Greek and English is available by calling (00 357) 26 822 400. Moving on to public transport in Cyprus (or rather the lack of it), after 60 years of abandoning them, we might get our railways back! There is a possibility that trains linking Nicosia, Limassol and Larnaca could be on the cards. This is probably something to do with pressure from the EU, but my guess is that by the time all the paperwork has been sorted out, it will be a while before this happens. I’ll keep you posted. There’s important news too about passports. If you live here and need a new passport, then from 1 June, please note the British High Commission in Nicosia will no longer be issuing them. In future, this will be done by The British Consulate-General in Madrid. However, the British High Commission in Nicosia will continue to issue emergency travel documents. You only have until 13.00 on 28th May to still send your application to Nicosia – remember passports can be renewed up to nine months before they expire and the extra time will be added on to the new passport’s period of validity. After this date, all applications must be sent to Madrid – and at an extra cost of around £40. Further details will be published on the British High Commission’s website at www.ukincyprus.fco.gov.uk or telephone (00 357) 22 861 125. Finally, the weather here is absolutely gorgeous now, it’s one of my favourite times of the year – neither too hot nor too cold - it’s perfect. Gorgeous smells are coming from barbeques, the sun is high in the sky, swimming pools are the right temperature and Cyprus is, believe it or not - still green. What more could you want? If you don’t live here, come and see us soon and join in with this fabulous lifestyle. Until next month. Best wishes. Jackie (and Kim)Cyprus Buying Guide
How to Find a School in Cyprus If you are moving over to Cyprus with your children, you’ll need to know as much information as possible about the schools and the education system here. So the secret is research, research, research! I do strongly recommend that before you buy or rent a property, you make finding a school your top priority and you will see why when you read on. Secure your schools first - that really is essential. There are two choices when it comes to education in Cyprus – a local school or a private school. Young children adapt easier to local schools, but they don’t suit everyone because the main language is Greek. Having said that, I know quite a few young children at very good local schools, and they have learnt Greek very quickly - before you know it, they are fluent. It has many advantages - but the trouble is you then don’t know what they are saying half the time. The private schools are usually international schools, with many nationalities attending. English is normally the main language. If you are considering a private education, you should check that your chosen school is registered. Most private schools that follow the English Curriculum will have links with The British Council, Edexcel and CIE (Cambridge International Examinations). Do remember that private schools in Cyprus are very popular, and you shouldn’t assume that vacancies are always available when you want them - there are often waiting lists for the most sought after schools. Many parents are disappointed to find out that their children cannot join a school for perhaps another year as it is full. This is why it is better to find a school first – then rent or buy a property. All schools have different admission criteria, but most require entrance examinations. Although most children pass these examinations, I must be honest and say some don’t. You’ll find it’s quite normal to be asked to provide recent reports from your child’s current school, and often samples of their work. And as parents, you will also be interviewed. Children are often given the chance to attend the new school for a day, to see if they like it. The private schools are all different in their own ways. Some are definitely friendlier and more supportive than others. Some schools offer a boarding facility. Some offer transport to and from the school. Others offer a huge range of after school activities – but usually at extra cost. Talking about costs, fees vary tremendously from school to school. Compared to the cost of private fees in the UK though, Cyprus seems very reasonable and classes are usually small. However, fees have increased dramatically in the last few years. When you have chosen your school and your child has been accepted, it’s very important to check exactly what you are getting for your money. Uniforms, books and activities outside the curriculum are almost always extra. It seems to be the norm in Cyprus to pay for additional private lessons too. Watch out for examination fees – these can really add up and are often not included in the fee you will pay. Some schools offer payment of fees by installments to help you. The best advice is to check everything very carefully and make sure you are getting what you are paying for – otherwise you could easily end up with another hefty bill for extras that you weren’t expecting! Please do give the OGC Resource Centre a call if you want to chat about this or any other Cyprus related concerns. They do have services that they can recommend to you so please give them a call if you require help. These are people that we at the OGC have personally sourced and checked or companies that come highly recommended by other OGC readers. This is a free service and you are under no obligation to use them so why not give it a try – you have nothing to lose. The number is 0207 898 0549. Give them a ring today or fill in our OGC Resource form at: http://www.CyprusBuyingGuide.com/requirementsform.htm The Election and how it has affected the Currency Market The UK has just had one of the most hotly contested elections in living memory which, as expected, resulted in a hung Parliament [no one party having a clear majority]. Whilst we saw the pound gain initially as the new Conservative – Liberal Democrat coalition was announced, it has fallen even further and has hit a 13 month low against the US dollar as the reality of the situation facing the UK has hit home. With the election now firmly out of the way, what will drive the value of the pound over the next few months? Sterling has come under attack in the last few months over political uncertainty related to the perceived ‘weakness’ that a hung parliament would bring. Why has this been a problem? The UK needs to match income to expenditure that means tax hikes and spending cuts in order to start paying down the biggest deficit since WW II. Neither the Conservatives nor the Liberal Democrats made it clear in their manifestos exactly how they would tackle the huge deficit. Sterling has weakened since the election as the government has promised £6bn of cuts in the next year and many are concerned – especially with poor housing figures released this week – that aggressive cuts will stifle out the fragile growth that we have seen so far since the credit crunch. Looking at the UK relative to the USA, where interest rates are expected to rise at some point later this year, the USA becomes a far more attractive investment than the potentially stagnant economy of the UK. Whilst the markets have embraced the new government’s stance on aggressively cutting the deficit, they are tentative over its implication. The new chancellor George Osborne releases his first budget on June 22nd, in which he will outline where the cuts are to come from in order to attack the record deficit. For the pound to strengthen there needs to be a clear plan of action that the financial markets thinks is realistic and addresses the core problems and which the “ruling” parties can agree in order for any legislation to get passed. This may seem like too much to ask. Firstly, there are potentially deep ideological differences between the parties on how policy should be implemented and it is likely that the markets will be sceptical of any budget clearing plan – especially given the scale of cuts and savings required. As it stands, the outlook for the pound is poor against the US, Australian and New Zealand dollar or South African rand as these economies seem likely to retain the relative upper hand over our own. There may be one light at the end of the tunnel for sterling – the Euro zone. With the Euro zone in the midst of a debt crisis, the pound could take advantage and strengthen. Could we see sterling hit €1.20/ £1 in the coming months? We will have to wait and see. The best thing to do is call in sooner rather than later and speak to a currency specialist to ensure that you avoid missing out on favourable rates and ensure that you don’t lose money by buying at a poor time. "I have used other currency companies, which are very good, but I don’t tick all the boxes like Smart Currency. I was looking on the web and came across Smart Currency, I am glad I did, and gave you a try. First class. Also getting registered was so easy. I will recommend you to my friends. I will be using you in the future" Anthony Clements Visit Smart Currency Exchange at: www.SmartCurrencyExchange.com It’s often the people that wait until the last minute that are forced into buying at the worst times – don’t let that be you. Request a Quote from Smart Currency Exchange below or give a ring today to discuss your options! Smart Currency Exchange Quotation Form
Contact Smart Currency Exchange ltd on (+44) 0207 898 0541 or visit them at: www.SmartCurrencyExchange.com
A new offshore pension scheme called QNUPS A while ago I put together a short guide on QROPS or Qualifying Recognised Overseas Pension Scheme – you can still get a free copy of this by dropping an email to Cyprus@overseasguidescompany.com and it will be forwarded to you. I mentioned that it was announced in April 2006 that individuals with UK pension rights who have, or will, become non-resident in the UK for tax purposes could move their pension benefits out of the UK to a Qualifying Recognised Overseas Pension Scheme - QROPS. This could be seen as an International Pension or Offshore Pension and a QROPS can have significant tax and investment advantages for people who are no longer resident in the UK for tax purposes. If you have been resident in the UK for tax purposes during the last 5 tax years then the QROPS rules should, for the most part, correspond to the rules governing an authorised UK pension scheme. After 5 years local rules can be adopted, which can be more flexible, for instance a transfer to a Guernsey QROPS would allow residential property investment, member loans and death benefits to be paid without tax deducted. Now, as well as QROPS, there is QNUPS or Qualifying Non UK Pension Scheme. This is a qualifying non-UK pension scheme, established in February 2010 by a new UK HM Revenue & Customs (HMRC) statutory instrument. It is a perfectly legal trust structure for retirement and estate planning, approved by UK law, and it creates significant opportunities for British expatriates to save local taxes in the country in which they are tax resident as well as UK inheritance tax (IHT). The main difference between QROPS and QNUPS is that QROPS is specifically designed for transfers from existing UK pension schemes, whereas transfers into QNUPS are from non-pension assets or investable wealth. As long as the criteria for QNUPS are met then any payments into the scheme, or on the death of the pension holder, will be exempt from UK inheritance tax. QNUPS is particularly attractive to non-UK residents who want to mitigate local death taxes or potential wealth taxes in the country in which they are tax resident and UK IHT should they be UK domiciled, non-UK domiciled but may return to the UK at some future date or if they are simply unsure of whether they are non-UK domiciled or not. As a pension scheme, a QNUPS is very tax efficient in most countries as it can avoid both local wealth taxes as well as succession taxes on your death. It also avoids local succession law. QNUPS allows retired expatriates to continue to put money into a pension scheme:
The rules are sufficiently flexible to allow someone who is 85 years of age and has been retired for 25 years to put large investments into a QNUPS and immediately create significant tax advantages for themselves. The benefits of QNUPS for retired British expatriates: A QNUPS is a pension scheme trust and, as such, you are entitled to take a cash lump sum and income during your lifetime, with the remainder of your fund able to be passed to your spouse or heirs, free from all taxes, on your death. The following advantages are available to you through a QNUPS:
QNUPS and UK inheritance tax To repeat, a QNUPS will escape UK inheritance tax even if you a UK domicile. You do not have to wait seven years to avoid the tax or have to give the assets away, so you and your spouse/partner can continue to benefit from the assets. When holding a QNUPS, it allows individuals to keep investing their money into the scheme after they have taken their lump sum, for as long as they wish to. This differs from a QROPS in that there, once you have taken the lump sum, you just receive an income from the fund that is left. The legislation lets UK expats or overseas nationals with UK pension rights invest in a pension scheme at any age with no top limit. It also has benefits like no obligation to buy an annuity or alternatively secured pensions (ASP), no maximum contribution threshold and no requirement to have earned income from an employment. A QNUPS also holds the flexible tax and investment benefits of other offshore pensions, like a QROPS. Investments and cash draw-downs can be made in a number of major currencies to hedge against exchange rate fluctuations. A QNUPS can also be established in a stable, low tax jurisdiction regardless of where the pension member lives. What’s the difference between QNUPS and QROPS?
As you can see, all this can be very complex. I have repeated myself above in order to give you a good broad outline of the scheme, but you really do need to get first class advice this that takes into account your personal situation and requirements and the very many issues raised. The OGC Resource Centre has services that they can recommend to you so please give them a call if you require help. These are professionals that we at the OGC have personally sourced and checked or companies that come highly recommended by other OGC readers. This is a free service and you are under no obligation to use them so why not give it a try? You have nothing to lose – give them a call on 0207 898 0549.
As an owner - or a potential owner - of a home overseas, you will already understand the importance of protecting your valuable asset. Until now it has been hard to find an insurer who provides comprehensive protection combined with a flexibility that covers all eventualities. For instance, do you have the cover for legal liability for domestic employees – jad you even thought about this? And if you let the house out, what restrictions are in place, if any? Are the tenants covered – and are you if they should find fault with your house? If your insurance policy has been placed through an insurance company abroad it is more likely that you simply do not know - but you can change all that! The answer is a specialist in foreign property insurance that provides a plain English property insurance policy, underwritten by Lloyds of London and administered in the UK via helpful and knowledgeable staff. I am delighted to tell you that we have found such an insurance provider that provides comprehensive cover against all eventualities for holiday homes in more than 40 countries. Whether your home is occupied or not, or let short term or long, their policies are ideal for property abroad - their product is flexible and designed to meet your specific needs. Every policy offers a host of benefits, but one of the key advantages is the UK-based English speaking team that resolves any problems that may arise. In addition, all policy documentation is written in English, so you know exactly what you are getting. Their cost effective policies provide far wider cover than most standard European policies. Add £5 million worth of essential public liability cover, which is important for anyone who lets their property - particularly with today’s trend toward litigation - and you have truly comprehensive cover at a very competitive price. Don't risk turning you dream home into a nightmare by not having the right insurance cover - for more information please contact me at 0207 898 0549 and let’s have a chat. Or go to the link below to fill in the insurance resources form. I will phone you to discuss this very important aspect of your property abroad.
What can the OGC Resource Centre do for you? Well…we have simply masses of feedback from people who have already used our services, so here are what a couple of people had to say: “…Let me say how happy Philip and I are with your [OGC Resource Centre] service. You have opened so many doors for us….I like to take things one step at a time, to fully take on board every situation, but I could never have been prepared for the multitude of options that you have presented us with. …You can be sure that we will be using your recommendations because we are gaining more and more confidence in your company and that is all down to the interest you take and the advice you give.” ~~~~~ "Having found the forum, subscribed to the free newsletters & purchased the Guide to purchasing property, it was amazingly easy using the tips & suggestions, to define my requirements & establish my strategy for what I really wanted. Just pick up the phone at 0207 898 0549 and the OGC Resource Team will be happy to help you. The team is available Mon-Fri from 9am to 6pm. You are under no obligation to use any of the recommendations and this service is absolutely free at the moment, so give them a ring today or fill in our OGC Resource form at: http://www.CyprusBuyingGuide.com/requirementsform.htm Let me help you plan your Cyprus Purchase The media is filled with doom and gloom, but just because the economic outlook is a little on the gloomy side it does not mean you have to postpone your plans to either buy a second home or move abroad. On the contrary, it actually couldn’t be a better time to buy, providing you do your sums correctly, buy in the right place and use reliable, professional people to help you. Let the Guides help you with all this – and more. Every step of the buying process is clearly and simply outlined, starting with the initial idea to buy all the way through to areas, how to buy land, investment options and many top tips. What is more, there’s a money-back guarantee if you don’t like the Guide so you have nothing to lose!! The Guides are written by OGC staff members who know the country intimately and in many cases own their own homes there. They cover Cyprus, France, Greece, Portugal and Italy plus there is a wonderful Emigration Guide that would benefit anyone thinking of moving abroad on a permanent basis. The Guides are utterly honest and take a straightforward, no-nonsense approach to the property buying process and all the other aspects that such a move will raise. This is what Eric and Mary White wrote: I am sure it is through your efforts that many people who would have given up the idea of having a home or emigrating abroad have only succeeded by following the path through your Guides. Also your follow-up support has made it possible; I am just at the beginning of the long path but with your help I know we will end up living in our tranquil surroundings in our dream home, Eric and Mary White There are many steps that need to be thought out in advance, but with the help of the Guide you will succeed! Just order your copy now at http://www.CyprusBuyingGuide.com/guide.htm. You are also welcome to phone the OGC Resource Centre where you will find a team of friendly and helpful people happy to assist with yourqueries. The number is 0207 898 0549. To get more information on each guide on offer, please select the country below: Well, it’s a beautiful day, it’s time for lunch then I’m going to jump in the pool. Tonight it’s off to the beach for a sundowner to watch the sunset and capture it on camera. No two are the same - they really are spectacular here! Have a great weekend whatever you do, relax - and I hope to see you in Cyprus soon! Until next time Jackie (and Kim) Cyprus Buying Guide (if you don't already receive a monthly announcement that our Cyprus newsletter has been published, you can sign up to our list here)
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
|
|
