OKCyprus

When you move to Cyprus you need to put in order your taxation affairs within the United Kingdom.  In order for you to arrange to pay tax in Cyprus (rates as low as 5%)  you need to register with the Inland Revenue and become non-resident.  Leaving the UK will usually require notification to many organizations including your bank and your pension providers.  When youleave the UK, you will need to put in order your legal affairs.  The UK inheritance tax rules mean that you will still, in most circumstances, be liable to pay inheritance tax.  As it is payable at 40%, it is worthwhile planning to ensure that your family is protected.

The Cypriot taxation system is impler than the UK system and has low rates of taxation by comparison.  Effective tax planning can considerably reduce your liability.  The Cypriot tax year runs from 1st January to 31st December with taxation payable in the April thereafter.