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Sam
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My family have a house in Larnaca, Cyprus that is currently

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My family have a house in Larnaca , Cyprus that is currently in probate. The house will eventually be sold by my family. The proceeds to be split equally between 5 siblings.
My question is .... when we receive the money for the eventual sale of the house , does ALL the money have to either stay in Cyprus or be brought into the UK ? As I’m being told this is what has to happen.
Reason being 2 siblings want to reinvest in Cyprus & 3 siblings want to bring their money into the UK (which they know is subject to UK tax laws). But from what I’m being told this can’t happen as ALL the money has to either stay in Cyprus or come into the UK. Please can you advise me if this is true ? Thanks.

Hi, Sam here , one of the UK tax Experts here on Just Answer, thank you for your question and I shall reply shortly

HI

No that's not true but there will be tax arising on this sale for those that are living in the UK and are treated as domiciled and UK resident or for those that are treated a snot domiciled but remit the money into the UK

So its partly right but each of you are looked in terms of your own share

Thanks

Sam

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