Selling inherited land in Cyprus from the UK
Posted: 13 Jan 2021 17:07
Hi there,
My grandmother passed away about 12 years ago and left some land in Cyprus to my dad in her will.
The will has all been dealt with and inheritance tax paid where applicable when it first happened.
My dad is just selling the land now and the sale is currently going through. Is capital gains tax payable on this even though he would have already paid inheritance tax? The value is below 80,000 Euros.
I also wanted to check if he was able to just get the money from the sale sent from the Lawyers bank account in Cyrpus into a multi-currency account he holds with Transferwise or if he would need to open a bank account in Cyprus and get the money transferred there before transferring it to a UK account?
Many Thanks
My grandmother passed away about 12 years ago and left some land in Cyprus to my dad in her will.
The will has all been dealt with and inheritance tax paid where applicable when it first happened.
My dad is just selling the land now and the sale is currently going through. Is capital gains tax payable on this even though he would have already paid inheritance tax? The value is below 80,000 Euros.
I also wanted to check if he was able to just get the money from the sale sent from the Lawyers bank account in Cyrpus into a multi-currency account he holds with Transferwise or if he would need to open a bank account in Cyprus and get the money transferred there before transferring it to a UK account?
Many Thanks