Pension help please

Last activity 08 June 2019 by Toon

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flicker-roseMember08 June 2019 10:38:41

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!

ToonCyprus Expert08 June 2019 11:41:24

9844

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

ToonCyprus Expert08 June 2019 11:44:18

9844

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-roseMember08 June 2019 13:12:51

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!

ToonCyprus Expert08 June 2019 13:27:26

9844

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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