Owning property abroad

GeorgeClare

My mother wants to gift her holiday apartment in Cyprus, to me and my siblings. It is not rented out and is used just for family holidays.  If we take it on, does it affect us financially in the uk? Eg tax 
thank you 

Keep_pedalling

Assuming your mother lives in the UK then she is likely to incur a CGT liability an any gain in value it has achieved. It will also stay in her estate for 7 years for IHT purposes unless she is going to continue to use it as a holiday home in which case it will stay there indefinitely unless she also pays full market rent for using it.

if either of you are not already home owners then you will no longer be first time buyers and if you go on to buy a home in the UK you are going to be hit with additional tax on that purchase.

poseidon1

See below summary of domestic Cypriot taxes that may or may not be an issue.

Specifically, your mother should take advice as to whether Cypriot CGT at 20% could arise on the gift or whether an exemption applies for gifts to children. 

https://taxsummaries.pwc.com/cyprus/individual/other-taxes

theartfullodger

You and we don't know what changes to tax (eg IHT, CGT etc etc) will happen between now & when you (or your estate) eventually sell it.

Turkish or Greek cyprus?? 

Good luck. 

Schwarzwald

Probably affects your first time buyer status and related tax benefits, if relevant