Expat praises tax breaks in Cyprus

Wednesday July 23rd , 2008

An expatriate from the UK has revealed that he is now enjoying a number of financial breaks since moving abroad.

Andy Leck is planning to relocate to Cyprus with his wife Eileen in order to enjoy a peaceful retirement in the sun.

He told the Financial Times that while the pleasant climate was one of its main attractions, he was also tempted by its overall affordability.

In particular, he said his tax burden on the Mediterranean island would be far lower than in the UK, as he will be charged less on his pension income.

Mr Leck commented: "I save £40,000 a year by being in Cyprus rather than Britain."

He added that 40 per cent of his pension income would be paid to the state in the UK, whereas in Cyprus he is charged just five per cent.

This comes soon after the island was praised by Shelter Offshore for offering very affordable healthcare to foreign expatriates.