Are international bank transfer pmnts taxable in Cyprus?
 

Hey, can anyone advise on this - I have an Egyptian bank & get 13.5% return on a certificate of savings. If I set up a transfer of the interest from my Egyptian bank to Cyprus bank account would the monthly transfers be taxed in Cyprus?

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Looking at some of your other posts I would say that you would not have enough income to be paying tax in Cyprus. You are entitled to 19.5K pppa before being liable to paying tax.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Hi Veronica, thanks for the reply - I should definitely be OK. So much to look into before committing to yet another into country move. Trying to establish the facts to base my decision on is mindblowing as so much to check out.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

I hope this isn't off topic, but I'd like to know how stable Cyprus banks are in Greece? I'd like to transfer some funds to GR, but worry about GRK banks.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

hello Wisewoman44 Cyprus banks are seperate from Grk ones but share some problems. One is that cyprus banks have borrowed heavily from Greece so if Greece goes down this will impact the Cyprus banks. Aanother is shared nationality. If there is a run on the Greek banks then there is likely to be a run on the Cyprus banks.
You are right to be concerned as if greece defaults and leaves the Euro any deposits will be converted to the new currency overnight which will then suffer a huge devaluation .. which I would expect to be about 90%.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

You should get your facts straight. The Greek banks have borrowed heavily from Cyprus banks not the other way round. It is because of the Greek debt that Cypriot banks have problems.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Thank you all for your recommendations. To the person who told me to "get my facts straight" which came across as a bit mean-spirited, I would like to say that I am trying to gather facts. I appreciate the intelligent insights I received.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

No wise woman it wasn't you I was telling to get your facts straight.
If you read my post again you will see that I quoted Jack999 who is giving wrong information about The greek and Cyprus banks.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Maybe you are right but from the following information I deduce the opposite from Moodys. Of course with macro economics there is always two sides the buyer and the seller , thats what makes a market. So we'll have to agree to differ .


"The downgrade can be summarised as stemming from a declining macroeconomic and fiscal situation in Cyprus itself, as well as Cypriot exposure to Greece:

a. Cypriot banks are exposed to Greek government bonds (GGB), which must be written down by approximately 50% of their value in line with the private sector involvement (PSI) agreement of October 26th, 2011.

b. Cypriot banks are exposed to non-performing Greek private sector loans (Greek NPL). According to Moody’s, up to 20% of all Greek private sector loans may be classified as non-performing in the next 18 months

Re: Are international bank transfer pmnts taxable in Cyprus?
 

That is all correct Jack, but unlike what you said in your previous post it means that Cypriot banks bought Greek government bonds and lent money to the Greek banks. This is what is meant by Cypriot exposure to Greece.
I think that you have misinterpreted what is said by Moodys.
We have a lot of contact with Cyprus banks and follow the situation very closely so that we are in a position to give the best advice we can to our clients and help them to choose the bank they apply to for a mortgage with as much information as possible. So I do know for a fact that it is the Greek banks who borrowed from Cyprus and not the other way round.
You say we will agree to differ but I won't agree to that because I know I have my facts right.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Also Jack you say another problem is a shared nationality.:frown:
Cyprus shares a common language with Greece but has been an independant island for a very long time and Cypriots are not Greek nationals. Cypriots are Cypriots, Greeks are Greeks. As I said earlier please check your facts before you make posts as it is not helpful to give false information.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

taz60.
I see from another post you have made t hat you are asking about TRNC.
If it is the TRNC you are intending to settle in the information you have been given on this thread is not any help to you as it pertains to the South of the island not the illegally occupied North.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Hi Veronica-K thanks for getting back in touch, your new reply has cleared up conflicting replies as you stated earlier 19.5K was the point whereby tax became applicable but on a TRNC expat site 10% tax was applied from the start on any interest accrued.

Still looking at both sides - the downside of the South is that the rent factor is so much higher than in the North and with our guaranteed available income of pensions that is our biggest expenditure. The upside of the South is that possibilities of work for my PADI -SSI Scuba Diving husband is more of a possibility and no work permission problems. Plus EHIC cards are available so that gives us medical emergency cover and finally we would be entitled to the pension increases & fuel allowances. Decisions, Decisions & what to do for the best :confused:

Re: Are international bank transfer pmnts taxable in Cyprus?
 

If either one of you is on a UK government retirement pension you will both be entitled to full medical treatment at the state hospitals in the South. Your EHIC would cover you until you get your residence papers here and then you will be able to apply for a pink card at the hospital. Also prescriptions are either free or at very much reduced cost from the hospital pharmacy.

Re: Are international bank transfer pmnts taxable in Cyprus?
 

Thanks - I have been getting SRP almost 18 months now so that's great re: what you just wrote.

Can you recommend any places I could register/search for reasonably priced house/bungalow/villa rentals. I don't need luxury just something reasonable within the community & near to shops etc. also close to diving areas as my hubby would like to find work (he's a PADI & SSI master scuba diving instructor). We are looking for really long term rental (possibly would consider buying at a later date).:fingerscrossed: