Brexit

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  • 1 Post By jfn25
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Brexit


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Old 28th July 2019, 07:49 PM
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Hi

We are planning to relocate early 2020 (end jan) Work prevents us from doing it any earlier,

I am no politician and have no idea on what Brexit may do or how it will end, my questions are as follows if anyone has any ideas it would be great.

If the UK follows the latest news and leaves the eu without a deal will we still be able to relocate or will we no longer have the right to reside/work in Cyprus, I am looking from the Cyprus government view not the UK

I believe if we have a deal the Cypriot approach is for 18 months post the deal we will be welcomed and able to obtain a yellow slip,

Thank you
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Old 29th July 2019, 06:20 AM
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You are asking the same questions we have been asking for the past 3 years, unfortunately nobody knows how Brexit (deal or no deal) will truly affect us. The Cypriot Gov has said those already here with yellow slips will carry on as usual but taxation, reciprocal health agreements, ease of expat relocation is all up in the air.
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Old 29th July 2019, 02:38 PM
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As JonandGaynor have said, no one really has a definitive answer to your question - we are all in uncharted waters. I guess, however, that you are asking more for the opinion of Expats currently living here.

Of course in your situation, a Brexit with a deal will secure your plans as there will be a 2 year transition period, during which you will be entitled to move here and apply for residency. Currently, the main criteria to be proven for residency is financial self sufficiency. I suspect that will, in general terms, continue to be the case after a negotiated Brexit.

However, in the event of a no deal Brexit, all bets are off. Nvertheless, two simple facts should be borne in mind.

Firstly, there are many more Cypriots living in the UK than UK Expats living in Cyprus. Reciprocity will probably dictate the way ahead. Also don’t forget that many UK Expats came to live in Cyprus before they joined the EU, so my opinion is that such migration will continue after a No Deal Brexit. The only thing to have changed will be the ‘right’ to live here under EU law.

Secondly, It’s worth bearing in mind that after Brexit, UK nationals will become ‘third country’ nationals and the criteria which applies to the likes of (for example) Chinese and Russian Expats as third country nationals here is guaranteed residency only if they invest in a €300,000 property in Cyprus and have a minimum annual income of €30,000. Whether this will also apply to UK nationals relocating here after a no deal Brexit is yet to be confirmed of course.
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Old 31st July 2019, 05:18 PM
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We too are anxiously awaiting the answers to your questions

Key issues are as mentioned taxation on pensions/income, elegibility for healthcare and the proif of income requirements

Regarding the possibility of being treat as third party nationals there seems to be at least one other aspect of relocation regarding purchasing property that needs to be noted as I believe that TPN residents have a limit of 2000 square metres

Also does anyone know if the current 5% tax rate for pendion income is the same for TPN residents?

Thanks

Jim
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Old 2nd August 2019, 07:38 AM
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We bought property (a plot of building land) in 1992 and moved to Cyprus in 2002 before Cyprus had announced its intention of joining the EU.

in 1992 we could purchase one property or plot of land of up to one donum (14,400 square feet/ 1,300+ m2) and had to get the approval of the 'Council of Ministers' to own it; although approval was delegated to the District Officer.) That was no problem.

In terms of residency in 2002, immigration needed details of our income and investments to ensure we could support ourselves - plus birth and marriage certificates.

Whether it will be the same post-Brexit no-one knows. (But Bonking Boris' majority has been reduced to one following yesterday's Brecon and Radnorshire by-election, which gives him very little space to manoeuvre.)
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Old 2nd August 2019, 06:20 PM
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Quote:
Originally Posted by nhowarth View Post
We bought property (a plot of building land) in 1992 and moved to Cyprus in 2002 before Cyprus had announced its intention of joining the EU.

in 1992 we could purchase one property or plot of land of up to one donum (14,400 square feet/ 1,300+ m2) and had to get the approval of the 'Council of Ministers' to own it; although approval was delegated to the District Officer.) That was no problem.

In terms of residency in 2002, immigration needed details of our income and investments to ensure we could support ourselves - plus birth and marriage certificates.

Whether it will be the same post-Brexit no-one knows. (But Bonking Boris' majority has been reduced to one following yesterday's Brecon and Radnorshire by-election, which gives him very little space to manoeuvre.)
"Mini Trump" may have played a very cagey Brexit game unfortunately - I saw an analysis the other day which said that with Parliament in recess now then even if there's a vote of no confidence leading to an election then as there isn't enough time to hold one before the Brexit deadline so no Deal will automatically happen as it's the legal default action without an agreed deal....

Jim

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