Cyprus-Forum.com

[RichardB]

Why don't you stock your own machines? We are looking for an agent in Nicosia!!!

Hi Stuart thanks for the offer .
As you can see from my avatar I'm splitting my time between Nicosia and Blackpool at the moment and wont be moving over permanently until i've tied up all loose ends in the UK (business comittments etc)

hopefully this will be done by the end of this year.

At the moment I've got so much to do when I'm over in cyprus (New roof on cottage last year ...New bathroom this year) Plus I'm looking for a place in Nicosia At the moment the flat is large enough but will need a larger place when we move over permanently ) that would not leave me time for any more commitments.

Once again thanks for the offer

[eric williams]

Cyprus Vending - Are you talking about capital gains tax or property tax probs. investing in French property? Have looked to buying in Dordogne & have heard some horror/taxman stories from ex-pats so am now looking to invest in Cyprus instead. Any tips on Cyprus tax situation welcome.

[Cyprus Vending]

Cyprus Vending - Are you talking about capital gains tax or property tax probs. investing in French property? Have looked to buying in Dordogne & have heard some horror/taxman stories from ex-pats so am now looking to invest in Cyprus instead. Any tips on Cyprus tax situation welcome.

To Eric & Pathos

French Tax is a nightmare...

When we sold the property not only where we hit with a huge tax bill, but it also included a Tax Bill for the money we had from our UK based mortgage @ 68%..............

Total money HELD back by the lawyer 280K Euros

The lawyer (under French Law) then re-paid local taxes that we had already paid. He also paid utility bills that where estimated etc etc!!!

So - we will continue the fight to get OUR money back...

YES moving to France was a BIG mistake...

As for Cyprus - we took on a VERY good accountant a year before moving over. So we know what we are getting for our money!!!

Stuart

[Pathos]

Surely, you should have taken on a VERY good accountant the year BEFORE you moved to FRANCE? LOL! Could have saved yourself the €280k!

Still can't understand why you took out a mortgage in the UK to buy a place in France when the preferential rate is French, at around 3.5% as opposed to the UK's 6-7%? Or have I misunderstood?
The French do have a thing called 'Wealth Tax' for those 'lucky' enough to be so described....
Maybe you should have moved to Switzerland instead?

Ah well, c'est la vie as they say in France, eh?

[eric williams]

Cyprus Vending - Are you talking about capital gains tax or property tax probs. investing in French property? Have looked to buying in Dordogne & have heard some horror/taxman stories from ex-pats so am now looking to invest in Cyprus instead. Any tips on Cyprus tax situation welcome.

To Eric & Pathos

French Tax is a nightmare...

When we sold the property not only where we hit with a huge tax bill, but it also included a Tax Bill for the money we had from our UK based mortgage @ 68%..............

Total money HELD back by the lawyer 280K Euros

The lawyer (under French Law) then re-paid local taxes that we had already paid. He also paid utility bills that where estimated etc etc!!!

So - we will continue the fight to get OUR money back...

YES moving to France was a BIG mistake...

As for Cyprus - we took on a VERY good accountant a year before moving over. So we know what we are getting for our money!!!

Stuart

OMG OMG OMG!!! that's serious money - you're VERY BRAVE taking on the French Government - can we watch this space for progress reports???
Seems then the horror stories are true - I was also concerned about the French wealth tax and the possible inclusion of our other foreign properties - hope Cyprus is a little less grasping on the property & tax matters.

[Cyprus Vending]

Hi Eric

The money is coming back - bit by bit --- but of course to our French bank account.

Our attitude is, how every long it takes - we don't care - but they will not get what is not theirs!!!

Stuart

[eric williams]

NO MATE...

But the Taxman is NOW getting worried about how much we are going to sue them for --- We WILL get OUR money back............ However long it takes!!!

Anyone interested in this saga - found a link in a Loire Valley forum go to:
http://loire.angloinfo.com/forum/topic. ... ic_id=2789

Obviously suing the taxman is not that easy!

[RRichie]

Interesting link

[Pathos]

From where I'm sitting, I can feel the French taxman quaking in his boots! Interesting link, thanks for that. In general terms French tax is like any other. You have to declare what you earn as income and the sources you earn the cash from. Now if Mr. Vending's been honest & above board (I have no doubt that he was) with all his dealings when in France then there really shouldn't be a problem. If he wasn't, then of course the French tax authorities have every right to retain monies due to them, and he'll deserve any punishment they care to give him. They can confiscate goods etc. if they so wish too. If receipts are available to prove where the money went, then there's no problem either. There will be problems if the renovations were carried out by itinerant workers, or artisans not registered with the chamber of commerce with a Siret number, and therefore obligated to issue receipts as well as a 10-year guarantee on all works carried out. If the UK 'mortgage' was a loan from friends or relatives, then of course it's seen as 'income' and treated as such. To the French there's no such thing as 'unofficial' mortgages.

It's the same in Switzerland too.