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Introducing the LemonFools Personal Finance Calculators

How much is enough?

Including Financial Independence and Retiring Early (FIRE)
DiamondEcho
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Re: How much is enough?

#112667

Postby DiamondEcho » January 22nd, 2018, 10:12 pm

'How much is enough?'
I used the budgeting spreadsheet in MoneySavingExpert. And 1) input all my current outgoings. That gave me a good view of where I currently stand. Then I created a 2nd version, building up an expense line-by-line budget for what I aspire/need to have in retirement.

Might sound a horrible process, but I found it verging on 'liberating'.

umeca74
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Re: How much is enough?

#117775

Postby umeca74 » February 13th, 2018, 7:00 am

TheRIT wrote:- Cyprus. No CGT on investments listed on regular stock exchanges. Also if you're a non-domicile of Cyprus (we are) then no 'tax' (called a Special Contribution for Defence) on dividends/interest for the first 17 years of residency. No wealth tax either. Interestingly they do have CGT on immovable property situated in Cyprus (with a tax free limit) so if you want to live in a big house then this could be a consideration if Cyprus gets some house prices gains/inflation.


having made the move to Cyprus 2 years ago, I can confirm all these assertions but the "tax break" for non-domiciles is 10 years, not 17. Perhaps in 10 years they will have sorted out the Turkey problem so defense tax that eats into dividends will be abolished - but I wouldn't hold my breath for that :)

TheRIT
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Re: How much is enough?

#118252

Postby TheRIT » February 14th, 2018, 7:57 pm

umeca74 wrote:
TheRIT wrote:- Cyprus. No CGT on investments listed on regular stock exchanges. Also if you're a non-domicile of Cyprus (we are) then no 'tax' (called a Special Contribution for Defence) on dividends/interest for the first 17 years of residency. No wealth tax either. Interestingly they do have CGT on immovable property situated in Cyprus (with a tax free limit) so if you want to live in a big house then this could be a consideration if Cyprus gets some house prices gains/inflation.


having made the move to Cyprus 2 years ago, I can confirm all these assertions but the "tax break" for non-domiciles is 10 years, not 17. Perhaps in 10 years they will have sorted out the Turkey problem so defense tax that eats into dividends will be abolished - but I wouldn't hold my breath for that :)

Are you sure it's 10 years and not 17 years? Would be interested in your information source.

Deloitte, https://www2.deloitte.com/content/dam/Deloitte/cy/Documents/tax/CY_Tax_TaxFacts2017EN_Noexp.pdf, state "Individuals are subject to special defence contribution if they are both Cyprus tax resident and Cyprus domiciled. An individual is domiciled in Cyprus for the purposes of special contribution for defence if he/she has a domicile of origin in Cyprus as per the Wills and Succession Law (with certain exceptions) or if he/she has been a tax resident in Cyprus for at least 17 out of the 20 tax years immediately prior to the tax year of assessment."

Blevins Franks, https://www.blevinsfranks.com/news/article/living-in-cyprus-financial-benefits, state "Since July 2015 non-Cyprus domiciles do not have to pay defence contributions. Generally, you will be considered Cyprus-domiciled if you were born in the country or you have been resident for 17 out of the last 20 years. So most UK expatriates will escape this levy for their first 17 years of residence."

Would you be prepared to share some of your good, bad and ugly views of Cyprus? I've visited a few times and tried to do as much research as possible but until you live somewhere you of course never really know.

umeca74
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Re: How much is enough?

#118292

Postby umeca74 » February 15th, 2018, 6:37 am

as you see, "17 years" defines the eligibility, but 10 is the actual period of SDT grace period


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