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Cyprus Eastern Forum Index » Ask Nigel A Question » Selling/Exchange rates/Capitol Gains
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Selling/Exchange rates/Capitol Gains 
Post: #1   PostPosted: Wed Aug 14, 2019 9:22 am Reply with quote
Da Funk
Joined: 19 Aug 2010
Posts: 124
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Iím considering putting my villa for sale in Cyprus, Iím a little perplexed into how to get the best rate for selling, particularly with exchange rates. I would like to avoid putting the house sale proceeds into my Cypriot account and then transferring to my U.K. account as Iím sure the banks will offer poor exchange rates and also will want a percentage cut going by all the charges I currently receive.

Are the Cyprus lawyers familiar with that process of paying direct to a U.K. bank account from a property sale? What if itís a international buyer or a Cypriot purchasing? I donít want to be short changed with exchange rates? Anyone got advice on how to sell with exchange rates and a Cypriot, Russian or international purchaser?

Can I bypass any capital gains in cyprus and just pay capital gains tax to the U.K. Inland revenue under the reciprocal tax agreement as Iím currently residing and working in the U.K.?
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Post: #2   PostPosted: Wed Aug 14, 2019 12:53 pm Reply with quote
Santorini Paul 1
Joined: 17 Jan 2007
Posts: 2736
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Location: Dherynia

 
I would advise not to use a bank either in Cyprus or the UK to handle the currency exchange. Use an FX company as they will give a much better rate than any bank. You will probably not be allowed to send the money straight to their euro account (from your solicitor) for money laundering reasons but the transfer from your euro account in Cyprus to an FX company's euro account should not be expensive. The FX company then does the exchange to GBP and you then do the transfer from their GBP account to yours, again not expensive.
I believe some FX companies guarantee you will not get any bank changes.
We use Currency Fair (https://www.currencyfair.com) but many such companies are recommended if you search on here.
Good luck.
Paul.
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Post: #3   PostPosted: Wed Aug 14, 2019 4:52 pm Reply with quote
madmum
Joined: 01 May 2016
Posts: 1123
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Location: protaras

 
If you sell to someone from in UK they could pay you in sterling into a UK account. with exchange rate on selling price confirmed on day of sale

we did this when buying our house here. was a pain in being only able to transfer a certain amount with online banking and took a week to pay whole amount. As soon as seller received final payment he rang estate agent to authorise handing over the keys
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Re: Selling/Exchange rates/Capitol Gains 
Post: #4   PostPosted: Wed Aug 14, 2019 6:34 pm Reply with quote
nhowarth
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Joined: 30 Aug 2005
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Location: Erimi, Limassol

 
Da Funk wrote:
Can I bypass any capital gains in cyprus and just pay capital gains tax to the U.K.


In a word - no.

Capital Gains Tax is paid in the country where the gain is made; i.e. Cyprus.

(The double taxation agreement between Cyprus and the UK does not include Capital Gains Tax.)

Regards,

_________________
Nigel Howarth
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Selling/Exchange rates/Capitol Gains 
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