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@telf

so if you have a passive income (UK private pension) paid into your Hellenic Bank Account, that鈥檚 only 11k euros per year, that would come under the Taxable free Allowance?聽 Or does it have to be employment income only?

sorry, trying to get my head around tax etc. as in process of planning right now.聽 I鈥檝e read somewhere there鈥檚 a 5% flat rate on passive income.

sorry in advance.

Think the 5% relates to pension, first 4k or around there tax free, then 5% after that, but if you only have 11k, then probably best just to use the 20.5k allowance, don't think it relates to passive income only

Tax on pension income.

The tax free element of 鈧�3420 then 5% for all pension income is really only beneficial when that income currently聽 is above 25000 euros approx ..聽 that is likely to rise to 26000 euros cut off point in 2026 tax year

Toon

Not sure what you mean there

As of April 2025, the full UK state pension will be 拢230.25 per week, or 拢11,973 per year. equal to say 14,291 Euros

If that same someone got a pension from a previous non government employer of lets say 8, 709 euros

Meaning the whole pension total聽 was 23,000 euros

How would this flat rate of 5% work taxwise ?

thanks

If that is your only income then best not to use the 5% pension route, when the 5% route comes into its own is if you say rental income then you can use the full.allowance for that and tax the pension at 5% above 3420 as the two are considered separately if you want

Simply the first 鈧�3420 of pension is tax free then the rest is taxed at 5%, as Toon says only beneficial if total income more than 鈧�26k

In Cyprus you can chose if you want your pension taxed as a pension or as income and use the first 鈧�19,500 as tax free and 25% after that

@Gordon76

Toon is right:

You can opt to either:

a) Have the first 鈧�19,500 tax-free, and pay 20% on anything over that; OR

b) Have 鈧�3,250 tax-free, and pay 5% on anything over that (for income from foreign pensions only).

If you do the maths, the breakpoint where you're better off taking the 5% option is currently around 拢25,000; if your total pension income is below that then you're better off with the 20% option.

If allowances increase next tax year, the breakpoint will be nearer 鈧�26,000.

This might help

Thanks to all recent posters

I understand now.

I have a new question to ask

One of the tax benefits of Cyprus is that you can gift a family member tax free

So if you maintain a UK bank account after becoming a Cyprus tax resident , and inform that UK Bank of your Cyprus address and tax status

Can you make a tax free gift payment to a family member living in another country from that UK bank ?

or

Would the tax free payment have to be made from a Cyprus Bank ?

many thanks in advance

I would say yes you can but there are other things to consider to and even so there maybe other implications of doing so.... So I would suggest seeing a taxation professional ..

ChatGPT says ...they can be wrong too .lol

Yes, you can generally make a tax-free gift to a family member living in another country from your UK bank account, even after becoming a Cyprus tax resident, but there are a few things to consider:

1. UK Tax Implications

The UK does not have a gift tax. However, gifts may be subject to Inheritance Tax (IHT) if you pass away within 7 years of making the gift and are still considered UK domiciled.

If you've left the UK and are non-domiciled or non-resident for tax purposes, this may reduce or eliminate IHT liability, but UK domicile status can persist even after moving abroad, depending on your ties to the UK.

2. Cyprus Tax Implications

Cyprus does not levy a gift tax, so as a Cyprus tax resident, you鈥檙e not taxed on gifts you make.

However, if the gift is in the form of money entering Cyprus, e.g., if the recipient later deposits the funds into a Cyprus account, it may be useful to retain proof that it was a gift (for source-of-funds purposes).

3. Bank and Reporting Considerations

By informing your UK bank of your Cyprus address and tax status, you're compliant with CRS (Common Reporting Standard) rules. The bank may report account info to Cyprus tax authorities.

There鈥檚 no restriction on sending money abroad as a gift from the UK bank account, but large transactions may be subject to scrutiny under anti-money laundering regulations.

4. Gift Size and Documentation

If the gift is large, it's wise to document it clearly (e.g., a gift letter), especially to avoid complications later if questions arise about the source or purpose of funds

In addition to all the points made by Toon, also bear in mind:

1. If you tell your UK bank (or they find out) that you are Cyprus tax-resident, they may require you to close the account. Some do, some don't; check their terms and conditions!

2. Even if they don't, sending money abroad directly from that account might incur hefty fees, and probably a poor exchange rate. Better to either go via Revolut or Wise, or, especially for large sums, a currency specialist such as Smart Currency.

My findings were upon learning of Cyprus address and domicile聽 UK banks would react as follows :-

Barclays (closed)

Lloyd's (retained)

Halifax (retained)

@Drambuie

HSBC have been fine with us for 16 years...

I considered HSBC recently Toon and started the ball rolling but then thought again and decided not to bother. Just my wish to simplify life for my family. I'm sure HSBC are as good as any.

@Drambuie

Nationwide also let you keep an account.

And if Halifax do, then presumably (but not necessarily!) Bank of Scotland would too, since they're part of the same group.

A few in that group Peter :-

Bank of Scotland and Halifax are distinct banking brands, but they are both part of Lloyds Banking Group. Halifax is a division of Bank of Scotland, but it operates under its own brand. In 2001, Bank of Scotland merged with Halifax to form HBOS plc, which was later acquired by Lloyds TSB and became Lloyds Banking Group.

Thanks again folks

Another question

I assume that when I obtain an MEU1 (yellow slip visa)聽 by way of getting an Irish Passport that I will have to wait 12 months minimum before being able to apply for a Cyprus passport.

AI Google says:

4. Live in Cyprus for 12 Months:

Before applying for naturalization (Cyprus citizenship), it's necessary to live continuously in the country for at least 12 months.

Are there any benefits to adding a Cyprus passport to a UK passport and an Irish passport ?

No. I think you may have misunderstood ..聽 currently you must have legit residency for 7yrs and there must be a continuous legal stay of 12 months immediately prior to the submission of the application .. Applications can take between 3 yrs and 5 years to complete .. without a guarantee of success

There are of course other criteria you must meet too

Including

greek language聽 to b1 level as a minimum

Be conversant with Cyprus social cultural political matters and the Cyprus problem.

Advertise twice your intentions of taking citizenship in the national newspaper

Possibly police conduct check

And the fees are quite heavy

Personally i see no benefit in taking citizenship although you may become more accepted in the Cypriot social circles in some areas.. You will have full voting rights in national.and local elections as opposed to just being able to vote in local elections as a non-Cypriot EU national. Non EU nationals dont have any voting rights even with Permanent Residency, unlike our Cypriot聽 opposites resident in UK.

Once you have lived here legitimately for 5 yrs (likely to be reduced to 3yrs soon) You can apply for permanent residency and be treated the same as any other Cypriot citizen..

@Toon Do you have any links to where the reduction of the qualifying period for PR from 5 years to 3 years is explained.

We will have been here 3 years in September.

I think It's under discussion just now so not passed or legislated yet it was in the local newspapers recently as new legislation changes were needed. I think I posted this in an earlier post and it indicated a backlog of applications for both citizenship and permanent residency and I suspect they will make changes to accommodate a solution to the back logs of both

I might be a tad presumptuous though .... But it really wouldn't surprise me ..especially as some people have got permanent without being here at all other than regular holidays in their holiday home..some only for a pre Brexit holiday of two weeks....

I would suggest talking to a professional..it's really quite surprising that this is happening and those in the know can get this done, bypassing the usual routes

One guy in Paphos is well known for getting this done

They still need the evidence they were here pre Brexit and temporary residence slip and the income plus records of expenditure for the entire period - many get rejected as they cannot show money being spent - why it鈥檚 always useful to have everything on your debit card as the statements give a picture of your daily living and expenditure not just utility bills showing only a regular payment

I would agree that's the way it should be...however I know it's happening on more than one occasion with only proof of visit pre Brexit via booked flights and accom. And no financials required. A certain individual enabling it ..exactly how I don't know..but maybe they are arguing emigration was the reason for the visit and pushing the withdrawal agreement rights.. I don't know just guessing and with covid etc and restrictions delaying things... Who knows for sure but it has happened.. maybe still is...

I would agree that's the way it should be...however I know it's happening on more than one occasion with only proof of visit pre Brexit via booked flights and accom. And no financials required. A certain individual enabling it ..exactly how I don't know..but maybe they are arguing emigration was the reason for the visit and pushing the withdrawal agreement rights.. I don't know just guessing and with covid etc and restrictions delaying things... Who knows for sure but it has happened.. maybe still is...

I would agree that's the way it should be...however I know it's happening on more than one occasion with only proof of visit pre Brexit via booked flights and accom. And no financials required. A certain individual enabling it ..exactly how I don't know..but maybe they are arguing emigration was the reason for the visit and pushing the withdrawal agreement rights.. I don't know just guessing and with covid etc and restrictions delaying things... Who knows for sure but it has happened.. maybe still is...

I would agree that's the way it should be...however I know it's happening on more than one occasion with only proof of visit pre Brexit via booked flights and accom. And no financials required. A certain individual enabling it ..exactly how I don't know..but maybe they are arguing emigration was the reason for the visit and pushing the withdrawal agreement rights.. I don't know just guessing and with covid etc and restrictions delaying things... Who knows for sure but it has happened.. maybe still is...

Then as you say renewal 10yrs down the line might be problematic

Mr friends were here looking 4 a house and were featured on a home in the sun they have proof but only of a pre Brexit visit 4 2 weeks. They arrived in April 2024 and by October they had PR and biometric cards! If the 5 years is reduced to 3 I can apply l8 next year Whoop Whoop 馃憤

If you become a tax resident of Cyprus

Can the HMRC still chase you for any back money owed ?

It two sure fire things you can bank on... Taxes and death...

I would say yes

Once tax is assessed it's a debt owed, wherever you are located.

Many Brits are now finding themselves having to pay increasing taxes on their savings due to UK pension payment so very close to the tax free 12,500 pounds allowance and interest rates being better after circa聽 6 or 7 years on next to nothing

Hence the HMRC is chasing pensioners that now get interest on their savings in UK banks above the 1,000 allowance

With inflation costs still around many UK pensioners living alone in their own house paying increased council taxes/ and increased聽 electricity and gas bills which have rocketed over the last 2 or 3 years now face further increased water bills of around 25% this year.

So many pensioners are living in poverty in their own home and still being chase for more taxes after having winter payments taken away --- in the last year 500,000 people left the UK

Next year that number looks set to rise

Does anyone think that at some point Cyprus will end their visa programs ?

How many more people does Cyprus want before it says we are full ?

gordon

Presumably if Starmer takes the UK back into the EU as polls now suggest the vote would be reversed in a new referendum , the trickle now would become a flood

Could EU individual member states place restrictions on how many get granted residence ?

Would being out of Schengen allow Cyprus latitude in this regard ?

Next year it will be at least 500,002 leaning the UK , I hopw the Cyprus drawbridge remains open

gordon

Many Brits are now finding themselves having to pay increasing taxes on their savings due to UK pension payment so very close to the tax free 12,500 pounds allowance and interest rates being better after circa 6 or 7 years on next to nothing
Hence the HMRC is chasing pensioners that now get interest on their savings in UK banks above the 1,000 allowance

With inflation costs still around many UK pensioners living alone in their own house paying increased council taxes/ and increased electricity and gas bills which have rocketed over the last 2 or 3 years now face further increased water bills of around 25% this year.

So many pensioners are living in poverty in their own home and still being chase for more taxes after having winter payments taken away --- in the last year 500,000 people left the UK

Next year that number looks set to rise

Does anyone think that at some point Cyprus will end their visa programs ?

How many more people does Cyprus want before it says we are full ?

gordon - @Gordon76

Quite a few countries are cancelling their visa programs, so anything is possible.

Presumably if Starmer takes the UK back into the EU as polls now suggest the vote would be reversed in a new referendum , the trickle now would become a floodCould EU individual member states place restrictions on how many get granted residence ? Would being out of Schengen allow Cyprus latitude in this regard ?Next year it will be at least 500,002 leaning the UK , I hopw the Cyprus drawbridge remains opengordon - @Gordon76

The UK isn't joining the EU, stop listening to Farage and the Tories. They are saying that just to divide people in an attempt to keep people voting for them and not Labour.

Labour hasn't said anything about rejoining the EU. Yes it would be nice, but it's not happening. The only thing is Starmer wants better ties with the EU.

Of the 27 EU member states, 25 are members of the Schengen Area. Cyprus and Ireland are the only EU member states that are not part of the Schengen Area.

The UK is heading for a full-blown financial crash, and nothing can stop it now聽 - excellent articles in the Telegraph and Financial Times

The options open to the government are limited to raising personnel taxes or scrapping net zero.

10% of capital gains tax has disappeared since the wealthy have started leaving the country with the treasury looking upto 25% in lost income to the economy as more depart.

Job losses and more corporates moving to lower tax rate locations are further adding to a situation of the national debt and benefits being the largest contributor to GDP imbalances as interest payments the government pays on national debt 拢2.8 trillion) also varies from month to month. It was 拢4.3bn in March 2025. This was 拢1.3bn more than March 24.

The old adage that you can squeeze until the pips squeak comes to mind as younger professionals and entrepreneurs also are relocating and we are starting to see the start of a brain drain in most sectors including healthcare

The European Union (27 countries) owed 13.8 trillion euros ($15 trillion) entering the final quarter of last year, a debt roughly 82% of reported gross domestic product, according to data published by Eurostat on Monday

Reports that the chancellor is seeking to force pension funds to invest in government projects/infrastructure etc are likely to limit the fund managers primary aim of ensuring a profit for their clients and could increase volatility in the financial markets

For avoidance of any doubt

I have no outstanding monies owing to the HMRC

I do anticipate however needing to recoup some HMRC payments when we plan to make our move to Cyprus at the end of April next year after my partner has received her second FULL UK pension payment and can show the last 6 bank statements which will include the UK pension payments in the last 2 of the 6.

Hence we anticipate becoming tax residents approximately just over halfway through the UK tax year

Is is a simple process to get a refund of UK taxes paid ?

And would I be correct in assuming my Cyprus tax residency starts say on some date in November 2026 so I would only get monies back from the HMRC for November to April 5th 2027 ?

Or would I just stop paying HMRC in November 2026 and automatically switch to Cyprus tax payments ?

Which I guess would mean you never get a HMRC rebate at all ???

Following the Reform Council /Mayoral elections and the demise of Labour ,聽

Reform now look likely to have a real chance of becoming the next Government unless Labour can win back the OAP vote which they have currently lost and switch tack on various policies concerning migrants. Both seem unlikely.

Hence I can see Stormer looking for a way to keep over 50% of the UK population onside with them by soon announcing another EU referendum

This will clearly muddy the waters and win over many fence sitters that never voted in the last election when the 2024 General Election saw the second lowest voter turnout since the universal suffrage in 1928 with only 59.9% of people turning out to vote.

Hence IMO the possibility of the UK back in the EU remains in the present term of this ( so called ) Government.

I assume Cyprus NOT being in Schengen will allow them to control their own borders as they wish ?

Hi - I'm moving to Cyprus later this week. The Cyprus tax year runs 1 Jan to 31 Dec. If you arrive in Apr 26, you apply for tax residency 6 months after this - so Oct 26. Once approved, your tax residency is then backdated to the start of the tax year you arrive - 1st Jan 2026. However, UK and Cyprus have a double tax treaty so you won't pay tax in Cyprus on anything that's already been taxed in the UK. One thing to check is the number of days you can spend in the UK each UK tax year. It's based on the number of 'ties' you have in the UK - such as do you have a UK residence (check on HMRC website). The more 'ties' you have the fewer days you can spend in the UK. I have 3 'ties' so for me it's 45 days. Remember that if you are leaving the UK say 30 April 26 you will have used 25 days in the UK tax year 26-27.