'Cyprus offers favourable tax regimes'

Cyprus has been pinpointed as an ideal location to make money transfers to pensions and mortgages.

Pafilia Property Developers recently explained that expats moving to the island may benefit from its favourable tax systems.

Demetris Prodromou, UK & Ireland area manager for the company, revealed that emigrants planning on making international money transfers to mortgages may be allowed to borrow up to 80 per cent of the value of their new home.

In addition, the country does not impose inheritance tax on assets so UK citizens can be sure their entire investments are passed on after death.

Emigrants may also be able to save more easily for their retirement as pensions are taxed at just five per cent.

"Whether you wish to make a complete escape to a much sunnier clime with a lower cost of living and better taxes, Cyprus is still a great choice," said Mr Prodromou.

Expats may be able to negate paying inheritance tax by making money transfers to life insurance policies held in trust, according to Shelter Offshore.

Click here to make an International Money Transfer.

By Linsey Summers.