UK Gov pension payments in Cyprus
I have a sterling and current account in a Cyprus bank and I'm considering having my UK Government Pension paid directly into it from UK. I know they give the exchange rate of the day when they transfer it, but does anyone know if they apply a charge for doing this and how much?
|
Re: UK Gov pension payments in Cyprus
Originally Posted by RetireePam
(Post 10110851)
I have a sterling and current account in a Cyprus bank and I'm considering having my UK Government Pension paid directly into it from UK. I know they give the exchange rate of the day when they transfer it, but does anyone know if they apply a charge for doing this and how much?
|
Re: UK Gov pension payments in Cyprus
I checked DWP in UK and was told that they don't incur charges on transferring pensions and that I would receive a good rate as it's done by Citi Bank. They were unable to give me a rate of exchange (for the day I asked for) to enable me to make a true comparison. DWP said they do either a 4 or 13 week payments of government pensions abroad. I couldn't
get hold of anyone at Citi bank and their website doesn't give exchange rates on the day either. :zzz: Can anyone in Cyprus who receives either a 4 or 13 weekly government pension, that is paid directly into their Cyprus bank, let me know what they received in Euros for their most recent payment. I would also like to know how it compares with what they know they should receive in sterling in the Uk so I can work out how many Euros they actually receive to the £ and see how 'good it really is' in reality? :confused: |
Re: UK Gov pension payments in Cyprus
Does anyone know the correct Immigration office in Paphos telephone number. The one on their website just keeps ringing whatever time of day I ring it?
|
Re: UK Gov pension payments in Cyprus
I have my UK state pension paid here to a local village bank that I can walk to, there is no charge as posted, and so far always happy with the exchange rate the give you on the day, as many will agree it's not a huge amount of cash but every little helps in these hard times, by the way I never keep it in the bank as the local bank I use is Greek owned not Cypriot, I maybe be paranoid but you never know..
Jim |
Re: UK Gov pension payments in Cyprus
Can any UK pensioners advise whether it is true that you can elect for any taxable pensions amount to be taxed from Cyprus at 5% as opposed to UK @ 20%. I read somewhere that this is because of the dual tax agreement between Cyprus & UK. 15% tax reduction is better off in our purse than in the UK tax bin!!. Would welcome any advise on this matter.
|
Re: UK Gov pension payments in Cyprus
Yes this is true, I am below the Cyprus tax threshold at €19.500, a benefit at the moment to paying any tax's here on the island
|
Re: UK Gov pension payments in Cyprus
Thanks JimCross. My combined pensions are more than my personal allowance so I will definately elect for tax Cyprus end if I make it over to the beautiful Isle. Hey, every penny saved counts, especially when we lose out on benefits like winter fuel allowances and pension increases just because we decide to leave the UK to retire to the sun for a bit of quality life
|
Re: UK Gov pension payments in Cyprus
You cannot do it if you have a government pension though. Only state and private
|
Re: UK Gov pension payments in Cyprus
Thanks Mitzyboy. I have a SRP + superannuation pensions from when I worked for Local Councils in England (local Govt. officer) so I should be OK. I have only been on this site for a couple of days and am overwhelmed at all the goodness expats in Cyprus show each other - Way to go guys & gals xx
|
Re: UK Gov pension payments in Cyprus
Originally Posted by Mitzyboy
(Post 10263521)
You cannot do it if you have a government pension though. Only state and private
|
Re: UK Gov pension payments in Cyprus
Hi John & Kath. Thanks for the update and will definately look into the 5% rule. As always all the nice little gem's and perks we are entitled to never seem to get publicly issued to us, so lots of us lose out - so bad of the powers to be - they're quicker off the mark when it comes to taking from us though. Hope you're having a good life in Spain despite missing out on the tax break.
|
Re: UK Gov pension payments in Cyprus
Originally Posted by taz60-annie62
(Post 10263542)
Thanks Mitzyboy. I have a SRP + superannuation pensions from when I worked for Local Councils in England (local Govt. officer) so I should be OK. I have only been on this site for a couple of days and am overwhelmed at all the goodness expats in Cyprus show each other - Way to go guys & gals xx
|
Re: UK Gov pension payments in Cyprus
:nod:
Originally Posted by taz60-annie62
(Post 10263851)
Hi John & Kath. Thanks for the update and will definately look into the 5% rule. As always all the nice little gem's and perks we are entitled to never seem to get publicly issued to us, so lots of us lose out - so bad of the powers to be - they're quicker off the mark when it comes to taking from us though. Hope you're having a good life in Spain despite missing out on the tax break.
|
Re: UK Gov pension payments in Cyprus
Hi John & Kath. Glad Spain's good for you. We're currently roasting alive in Sinai Egypt where it's been seriously hot. Fed up with the intolerable oppressive heat, camels, goats, sheep & rubbish strewn everywhere. Been here 6yrs & boy do we miss bacon, pork chops/roasts and all things yummy. I'm hoping I can get a visa to live in Cyprus but retain my finances from Egypt as I get really good XE & % savings interest
|
All times are GMT. The time now is 8:44 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.