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Nestled in the azure expanse of the Indian Ocean, the Republic of Mauritius, often fondly referred to as the ‘Jewel of the Indian Ocean,’ beckons with its tropical charm and dynamic opportunities.
Situated about 800 km east of Madagascar, this collection of islands boasts stunning coral reefs and enjoys a maritime subtropical climate, setting the stage for both breathtaking vacations and a strategic haven for international investors looking to bridge continents.
However, in addition to these charms, Mauritius has a multi-faceted economy and an attractive residency program.
Mauritius extends a warm welcome to individuals seeking residency, offering programs tailored to a range of personal requirements and budgets.
Here’s a glimpse of the benefits you can enjoy by establishing residency in this captivating nation:
For high-net-worth individuals (HNWIs) and retirees, Mauritius offers two primary routes to obtain a Residency Permit:
Additionally, there’s a third option for those who invest at least USD 375,000 in a qualifying business activity, allowing them and their dependents to receive a 20-year PRP.
Mauritius offers three categories of Occupation Permits, catering to individuals who may not meet the USD 375,000 investment threshold:
These Occupation Permits, ranging from three to ten years, can be converted into a 20-year Permanent Residency Permit (PRP) after three years of meeting specific criteria.
As you will now appreciate, Mauritius isn’t just a vacation destination; it’s a gateway to an enriching life experience, both personally and professionally.
If you would like more information about a Mauritius residency program or other residency programmes then please get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article..
Malta, a strategic hub within the European Union, continues to attract highly skilled professionals from around the world.
On June 19th, the Commissioner for Revenue unveiled new guidelines under Article 6 of the Income Tax Act, aimed at providing compelling tax benefits to “investment services and insurance expatriates.”
The goal is to bolster these sectors, which have experienced substantial growth since Malta’s EU accession in 2004, by enticing top-tier talent to contribute their expertise.
Who Qualifies?
For those looking to make a significant impact in Malta’s investment services or insurance sectors, the criteria are well-defined.
An ‘Investment Services Expatriate’ is someone employed by or providing services to a company holding an investment services license or recognized by the relevant competent authority.
This includes activities like management, administration, safekeeping, and investment advice to collective investment schemes.
Similarly, an ‘Insurance Expatriate’ works for an entity authorized under the Insurance Business Act, an insurance manager under the Insurance Distribution Act, or engaged in the business of insurance broking.
To be eligible, these expatriates must not be ordinarily resident or domiciled in Malta, nor have resided there for a minimum of three years preceding their employment or service provision in Malta.
The Generous Benefits
Qualifying Investment Services or Insurance Expatriates will enjoy a range of exemptions, which makes this opportunity even more attractive.
The tax benefits cover personal expenses paid by the employing company, such as removal costs, accommodation expenses in Malta, travel costs for the expatriate and immediate family, provision of a car in Malta, medical expenses, medical insurance, and school fees for children.
These benefits, which are typically taxed as fringe benefits, are exempt from taxation for a remarkable period of ten years, starting from the first taxable year in Malta.
Additionally, these expatriates will be treated as not resident in Malta for specific income tax purposes, leading to exemptions on various types of income, including interest, royalties, profits from transfers of units in collective investment schemes, shares, securities, and more. These benefits remain in effect throughout the duration of the individual’s employment as an Investment Services or Insurance Expatriate.
It’s essential to note that individuals who qualify for these tax benefits cannot simultaneously benefit from Malta’s Highly Qualified Persons Rules. The two registration options are mutually exclusive.
Malta’s progressive tax benefits for Investment Services and Insurance Expatriates paint an attractive landscape for skilled professionals seeking a dynamic and rewarding career within these thriving sectors.
The generous exemptions, combined with Malta’s strategic position in the EU, make this opportunity a compelling proposition for those looking to make a significant impact while enjoying a supportive environment
If you have any queries regarding this article on Malta’s new tax benefits for expatriates or Malta tax in general, then please get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.
On July 19, the Portuguese Parliament took a significant step towards easing the country’s housing crisis by approving the ‘Mais Habitação’ (More Housing) legislative package.
This comprehensive set of measures aims to tackle the challenges of the housing market, and one notable change is the exclusion of real estate from the investment options available under the Golden Visa scheme.
Under the new legislation, the Portugal Golden Visa scheme will continue to be open for investment in other sectors as the government tests its viability without the property component.
However, the option to make a capital transfer of at least €1.5 million to Portugal has been withdrawn.
It’s important to note that these changes will not be applied retroactively, and existing rights of renewal for family reunification and permanent residency applications remain protected.
Non-EU nationals will still have several investment options available to them under the revised Golden Visa programme, including:
Eurico Brilhante Dias, the parliamentary leader for the ruling Socialist Party, explained that the government’s aim was to preserve a core of job creation and investment in Portuguese companies that already existed under the previous law.
The goal is to assess whether the Golden Visa scheme can thrive through investments in the productive sector, attracting foreign direct investment, and whether it can operate successfully without relying heavily on real estate investments.
The Golden Visa programme has been successful in attracting over €7 billion in investments from non-EU nationals since its inception in 2012. However, real estate investments have dominated, accounting for more than 90% of the total.
The new ‘Mais Habitação’ package seeks to diversify the investment landscape and reduce the dependency on real estate.
With the approval of the ‘Mais Habitação’ legislative package and the changes to the Golden Visa scheme, the Portuguese government aims to address the housing crisis and attract more diverse investments to the country.
As the focus shifts away from real estate, investors will have an array of options to explore when obtaining a Golden Visa and benefiting from Portuguese residence opportunities.
If you have any queries about this article on Portugal’s golden visa changes, or Portuguese tax matters more generally, then please do not hesitate to get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.
The cost of retirement is increasingly becoming a concern, with rising food and energy prices contributing to the growing expenses. In fact, the amount needed for a minimum living standard in retirement has surged by nearly £2,000 in the past year.
As you diligently contribute to your personal or workplace pension plan, it’s essential to have a clear understanding of the funds required to support your post-work life. Fortunately, the recently updated Retirement Living Standards, developed by the Pensions and Lifetime Savings Association (PLSA), offer valuable insights into the annual income necessary for a comfortable retirement.
By utilising these standards, combined with our comprehensive tools and resources, you can effectively plan for the future you desire.
For single pensioners, the minimum required to survive has increased by 18% to £12,800 per year in 2022. Retired couples face an even greater rise of 19%, now needing a minimum of £19,900 annually, representing a £3,200 increase, according to a study conducted at Loughborough University and funded by the PLSA.
Don’t let the cost of retirement catch you off guard. Take proactive steps today to assess your financial needs and plan for a secure future. Leverage the Retirement Living Standards and our resources to make informed decisions and confidently navigate your retirement journey.
As retirement approaches, envisioning your post-work plans becomes crucial. Will you embark on exciting vacations or consider home renovations? Perhaps a new car is on the horizon. To effectively plan for your future, it’s essential to ask yourself these important questions.
By understanding your anticipated expenses during retirement, you can determine the necessary savings required to fulfil your aspirations. Don’t overlook the significance of financial preparedness in ensuring a comfortable retirement.
Take the time to assess your financial goals and evaluate the potential costs associated with your desired lifestyle. This proactive approach will empower you to make informed decisions and establish a robust savings plan.
Prepare for a fulfilling retirement by acknowledging your financial needs and setting realistic goals. Begin saving now to secure the future you envision.
The Pensions and Lifetime Savings Association (PLSA) has introduced three retirement living standards, categorised as minimum, moderate, and comfortable. These standards, developed in collaboration with Loughborough University, offer valuable insights into the financial requirements across different levels of lifestyle.
Each standard incorporates the cost of various goods and services, forming “baskets” that track price changes over time, including home maintenance, food and drink, transportation, holidays and leisure, clothing, and support for others. These standards provide a comprehensive view of the annual income needed for both individuals and couples.
By familiarising yourself with retirement living standards, you can gain a clearer understanding of the potential costs associated with different lifestyles during retirement. Use this knowledge to plan effectively and work towards achieving your desired level of financial comfort.
Ensure your retirement aligns with your aspirations by utilising the PLSA’s retirement living standards as a valuable resource in your financial planning journey.
Achieving a retirement income of £50,000 per year is relatively uncommon among pensioners. According to Loughborough University researchers, approximately 72% of the total population are projected to meet at least the minimum standard of living in retirement. Around one-fifth of the population is on track for a moderate income level, while 8% can expect a comfortable retirement. However, it’s important to note that these figures were calculated before last year’s significant inflation surge.
Ensuring financial security during retirement is a priority for many individuals. While reaching the £50,000 bracket may be challenging, it’s crucial to plan diligently to meet at least the minimum standard of living. By staying proactive and making informed decisions, you can increase your chances of attaining the desired level of financial stability in your post-work years.
If the prospect of relying on a monthly income of £1,000 or less in retirement is unsettling, it’s time to take action and save more before you stop working. But how much should you save?
We consulted researchers from Loughborough University and the PLSA to determine the additional savings required for individuals and couples to reach the minimum, moderate, and comfortable retirement brackets if they retire at age 67, even with the full new state pension. The projected amounts ranged from £0 to £530,000.
Encouragingly, the table highlights a £0 figure: If both partners receive the full £10,600 state pension, their combined income surpasses the minimum requirement of £19,900 for a comfortable retirement.
However, the challenging reality is that a single person aiming for a comfortable retirement must save a significant £500,000 by the age of 67, all while managing mortgage or rent payments and coping with the ever-rising cost of living.
Take control of your retirement future by calculating your savings goals. By developing a comprehensive savings plan, you can work towards achieving the financial security necessary for a comfortable retirement.
Source: Loughborough University and the Pensions and Lifetime Savings Association. (London figures may vary)
Source: Loughborough University and the PLSA
Plan and save accordingly to achieve the desired living standard in retirement. Consider these benchmarks as you work towards securing a financially stable future.
For individuals who feel unprepared to fully retire or simply prefer to stay partially active in the workforce, semi-retirement can offer distinct advantages. In this scenario, you may require a lower income compared to complete retirement since you’ll continue to receive earnings from your employer. With semi-retirement, you have the option to supplement your income by accessing pension funds or utilising other savings before tapping into your retirement plan.
By strategically balancing work and leisure, you can enjoy financial stability while gradually transitioning into retirement. Evaluate your financial situation, including available savings and potential pension options, to determine the most suitable approach for semi-retirement. This flexible path allows you to continue saving for the future while enjoying the benefits of reduced working hours and increased leisure time.
Are you ready to plan for a comfortable retirement in the UK? Don’t leave your financial future to chance. Take control of your retirement savings with these steps:
Remember, the key to a comfortable retirement lies in proactive planning and taking action today. Start building your retirement nest egg and pave the way for a financially secure future with the help from Tax Natives.
As Hungary continues its journey towards modernization, private clients must grapple with intricate tax considerations outlined in the Act of CXVII of 1995 on Personal Income Tax.
This is the main legislation dealing with personal income tax.
Like in many jurisdictions, determining tax residency in Hungary involves some care.
The following are likely to be resident for tax purposes in Hungary:
The definition extends to individuals with a permanent home, vital interests, or habitual abode in Hungary.
Hungarian tax residents are globally taxed, contrasting with non-residents taxed solely on income from Hungarian sources.
Hungarian-resident individuals face a 15% PIT rate on worldwide interest income.
PIT covers various scenarios, including publicly offered debt securities, where capital gains are deemed interest income.
To eliminate double taxation, Hungary provides tax credits or follows relevant double tax treaty rules.
Notably, interest income received in valuable assets triggers tax based on fair market value if withholding isn’t feasible.
Dividend income for Hungarian-resident private individuals is subject to a 15% PIT rate, along with a 13% social tax in 2023.
Distribution from entities in low-tax jurisdictions attracts additional taxes.
Capital gains, including those from the sale of shares, are subject to a 15% PIT rate and a 13% social tax in 2023.
Preferential PIT rules may apply to controlled capital market transactions.
Favorable tax treatment applies to qualified long-term investments, potentially leading to a zero percent tax rate after five years.
Hungary imposes an 18% tax rate on the net value of inherited or gifted properties.
Residential properties benefit from a preferential 9% rate.
Several exemptions exist, such as lineal relatives being exempt from tax, and exemptions for scientific, artistic, or educational purposes.
Transfer tax applies to real estate, movable property, rights of pecuniary value, and securities acquired through inheritance.
Shares in real estate holding companies may also incur real estate transfer tax.
Local municipalities may levy building tax, capped at 1,100 forints per square meter or 3.6% of the adjusted fair market value.
Land tax, imposed annually or based on adjusted fair market value, allows municipalities to charge up to 200 forints per square meter or a maximum of 3%.
Like their equivalents in other jurisdictions, private clients navigating Hungary’s tax landscape face a myriad of considerations.
Hopefully, our high level article underscores the importance of understanding the nuances to ensure compliance and optimize tax outcomes in this dynamic environment.
If you have any queries about this article on Hungary Private Client Tax Matters, or Hungarian tax matters in general, then please get in touch.
When it comes to tax planning, consecutive gifting or “Kettenschenkung” can be an attractive way of optimizing the use of tax brackets and personal tax allowances.
This concept allows for the transfer of assets to family members over time, which can help to keep the gift tax burden low and preserve family assets.
Recently, the German Federal Fiscal Court clarified the conditions for consecutive gifting in its ruling (dated July 28, 2022 – II B 37/21).
The case that was brought before the court concerned the donation of a house by a father to his daughter, who then donated half of the house to her husband.
The tax authorities argued that the father’s donation must be taxed as if he had donated half of the house directly to his son-in-law. This would have resulted in a higher tax burden for the son-in-law, as the tax allowance for family members is higher than for third parties.
However, the court clarified that the determination of the respective donor and beneficiary in cases of consecutive gifting is based on whether the person passing on the asset has an independent decision-making power regarding the disposal of the gifted asset.
Therefore, a valid consecutive gift structure requires at least two successive gifts that are legally effective, and the intermediary donee must obtain the right to fully dispose of the gifted assets without any obligation to transfer them to another person.
Consecutive gifting can be an effective structure in cases where a direct gift would lead to an increased gift tax burden. However, it is important to carefully consider the requirements established by case law in order to achieve the intended tax benefits.
If the intermediary donee intends to pass on the gift to another person, close attention must be paid to the implementation of consecutive gift arrangements.
The contractual agreements must clearly emphasize the power of disposition of the first donee, and all provisions must be avoided that could result in an obligation of the first donee to transfer all or part of the gift to another person.
It is worth noting that the potential for tax optimization is not limited to private assets but can also be used for tax planning in the context of business succession.
The personal allowances under the German Inheritance and Gift Tax Act are higher among family members than among third parties, which can be effectively utilized to minimize the tax burden and preserve family assets.
Consecutive gifting can be a valuable tool for tax planning and asset preservation, but it is important to carefully consider the legal requirements and contractual agreements in order to achieve the intended tax benefits.
With the right approach, this concept can be a powerful strategy for families and businesses alike.
If you have any queries about consecutive gifting in Germany, or German tax more generally, then please do not hesitate to get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.
The United Arab Emirates (UAE) has taken a significant step towards modernizing its tax system with the recent introduction of new criteria for determining tax residency status.
The UAE Cabinet of Ministers, through Decision No. 85 of 2022, announced these changes on 9 September 2022.
The new rules apply to both individuals and legal entities for the purpose of UAE tax law or bilateral tax agreements, starting from 1 March 2023.
Ministerial Decision No. 27 of 2023, published on 1 March 2023, provided further clarity on some definitions related to tax residency for individuals, as outlined in Cabinet Decision No. 85 of 2022. These new tax residency criteria replace the previous system that relied solely on the number of days an individual spent in the UAE.
Under the new rules, an individual will be considered a tax resident if they fulfill any one of the following conditions:
These criteria, which came into effect on 1 January 2023, apply to all individuals, including UAE nationals and expatriates. This decision has significant implications for individuals who were previously classified as non-residents for tax purposes but will now be considered residents.
The introduction of the new tax residency criteria is part of the UAE’s ongoing efforts to diversify its economy, broaden its tax base, and generate more revenue to support economic growth and development.
An individual might still be considered a tax resident of the UAE, even if they don’t meet any of the three criteria mentioned above, if they aren’t considered a tax resident in any other jurisdiction and they spend at least 90 days in the UAE in the calendar year. This means that an individual who spends less than 183 days in the UAE in a calendar year and doesn’t have a permanent home or active residence visa in the UAE could still be considered a tax resident if they spend at least 90 days in the country and aren’t tax residents of any other country.
This 90-day criterion is designed to capture individuals who may not be physically present in the UAE for an extended period but who have strong connections to the country, such as those who frequently travel to the UAE for business or have family ties in the country.
It’s crucial to note that this criterion isn’t an automatic exemption from tax residency in other countries. Individuals must still consider the tax residency rules in any other countries where they may have tax obligations to determine their overall tax residency status and obligations.
In conclusion, the introduction of the new tax residency criteria is a positive move towards modernizing the UAE’s tax system and aligning it with international best practices.
The decision ensures that the UAE’s tax system remains competitive and attractive for individuals and businesses.
The introduction of the 90-day criterion offers more flexibility in determining tax residency in the UAE and acknowledges the diverse ways individuals may have ties to the country.
If you have any queries about the UAE tax residency or UAE tax matters more generally, then please do not hesitate to get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article
The Australian Taxation Office (ATO) has announced that a new Register of Foreign Ownership of Australian Assets is set to come into effect on 1 July 2023.
This Register will create several new reporting obligations for foreign investors and Australian entities that become “foreign persons”, in relation to certain interests in Australian land, entities and businesses.
Foreign investors will be required to provide notice to the Commissioner of Taxation (the Registrar) of certain events relating to interests in land, entities and businesses in Australia. Such events include acquisitions, disposals, lease arrangements, options to purchase or lease arrangements, as well as the creation or transfer of interests in a trust.
These reporting obligations are in addition to the approval processes and reporting obligations that already apply under Australia’s Foreign Acquisitions and Takeovers Act (FATA).
In anticipation of the Register’s commencement, Treasury has released an exposure draft of amendments to the Foreign Acquisitions and Takeovers Regulation 2015 (Cth) which is open for consultation until 31 March 2023. The ATO, which will administer the Register, has also released draft data standards prescribing how and what information must be reported for inclusion in the Register.
When a “registrable event” occurs, foreign investors must give notice to the Registrar within 30 days of the “registrable event day”. This day varies depending on the type of event but is generally the date on which the notifiable event occurs, or when the person is aware or should have been aware that the relevant event has occurred.
The ATO will be launching a new online platform through which investors will be able to report interests for the new Register. A third party will also be able to be authorised by a foreign investor to give notice on behalf of the foreign investor. Civil penalties will apply for a failure to give notice within the requisite 30-day period.
The Register will not be public. The information on the Register will be subject to similar rules as those that apply to other information relating to foreign investment in Australia under the FATA. That is, the information can be disclosed to other government bodies to enable them to perform their functions or exercise their powers under the FATA.
Information on the Register will also be permitted to be disclosed to a person to whom information on the register relates.
Under the FATA, a person must notify the Treasurer within 30 days of taking certain actions approved under a no objection notification or an exemption certificate, as well as certain notifiable situations after the action has been taken. These situations include when the relevant interest ceases or changes, or the entity or business the interest relates to ceases to exist.
From 1 July 2023, these circumstances will also need to be notified to the Registrar in order to be recorded on the new Register. To reduce duplication, the draft regulations provide that by giving a notice to the Registrar of a registered circumstance, this will also satisfy any other equivalent reporting obligations to the Treasurer under the FATA in relation to the same action.
On commencement of the new Register, the registers maintained by the ATO, including the Register of Foreign Ownership of Agricultural Land, the Register of Foreign Ownership of Water Entitlements, and the Register of Residential Land, will be repealed, and all information will be incorporated into the new Register. All circumstances required to be reported in relation to these registers will instead be reported to the Registrar and recorded on the new Register.
The Register of Foreign Owners of Media Assets maintained by the Australian Communications and Media Authority and the Register of Critical Infrastructure Assets administered by the Cyber and Infrastructure Security Centre will continue to operate
These key dates related to the new Register of Foreign Ownership of Australian Assets:
If you have any queries about the New Register of Foreign Ownership , or Australian tax issues or tax matters in general, then please do not hesitate to get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.
Switzerland is a country that levies taxes on three levels: federal, cantonal, and municipal. The tax rates are progressive, meaning they take into account the economic capacity of a taxpayer. Each canton has a set of tax deductions that reduce the tax base and, hence, the marginal tax rate.
In terms of tax residency, individuals are liable to pay tax in Switzerland if they have their tax residency in Switzerland or if their stay in Switzerland exceeds a certain period of time. Swiss tax residents are subject to unlimited taxation on their worldwide income and worldwide assets, with some exceptions for foreign real estate and foreign business income.
Swiss-sourced employment income is fully taxable in Switzerland, unless a double taxation agreement provides otherwise. The same tax rate for employment income applies also to interest and dividend income.
Swiss-sourced interest payments and dividends are subject to Swiss withholding tax at a rate of 35%, but Swiss tax residents are entitled to a full refund provided the investment income is declared in their annual tax return.
Dividend payments from a majority shareholding are taxed to the extent of 70% at the federal level and to the extent of 50 to 80% at the cantonal level, depending on the cantonal tax provisions.
In terms of capital gains tax, there is no capital gains tax on the disposal of movable assets such as shares and collectibles, but in cases of excessive trading, hedging, and debt-financing, the tax administration may conclude that the individual is a professional securities trader subject to income tax on his or her gains. Gains on immovable property are taxable, and a real estate transfer tax is due in many cantons on the change of ownership of real property.
All cantons (and all municipalities) levy a wealth tax on global net wealth, which includes all movable, immovable, and business assets, works of art, jewelry, and other collectibles.
Spouses are exempt from gift and inheritance tax in all cantons, and lineal descendants in most cantons.
The right to tax gifts and donations is in the canton where the donor or testator is or was domiciled, and the tax rate is determined by the amount of the gift or inheritance and the degree of kinship.
Finally, Switzerland has been a signatory to the Common Reporting Standard since 2017 and has entered into various exchange of information programs with a number of participating jurisdictions. Information on a client’s Swiss bank accounts will therefore be exchanged with the tax authorities of their home country if that country is a participating jurisdiction.
If you have any queries about Switzerland personal tax issues, or Swiss tax matters in general, then please do get in touch.
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.
It’s a tax status available in the UK for people who are not domiciled in the country. This article aims to clarify some common myths and facts surrounding Non-Dom status.
What is Non-Domiciled (Non-Dom) status? Non-Dom status is a tax status available to individuals who are not domiciled in the UK. It means that they only have to pay taxes on money they earn inside the UK, not on money they make outside the UK. However, specific rules and conditions must be met, which is not a one-size-fits-all solution.
Some people think that Non-Dom status is only for the super-rich. But that’s not true! Anyone who meets the criteria can qualify for this status. Non-Doms still have to pay taxes like UK residents, but they can benefit from some tax advantages.
Another common myth is that Non-Doms don’t have to pay any tax in the UK, which is false. Non-Doms are subject to the same taxes as UK residents, including income and capital gains taxes. However, they can benefit from some tax advantages, such as the remittance basis of taxation.
One of the benefits of Non-Dom status is the remittance basis of taxation. This means that Non-Doms only have to pay taxes on the money they bring into the UK, not on the money they keep in their bank accounts outside of the UK. However, there are some restrictions and additional charges.
Non-Dom status can also help people save money on taxes and inheritances. Non-Doms are not subject to UK inheritance tax on their non-UK assets. In addition, Non-Doms can have foreign bank accounts and invest in other countries without paying UK taxes.
Non-Dom status can be a valuable tax status for people who are not domiciled in the UK. However, it’s essential to seek professional advice to ensure that you qualify for this status and that it’s the right choice for your situation.
In summary, Non-Dom status is a tax status available in the UK that can benefit people who meet the criteria. Non-Doms still have to pay some taxes like UK residents, but they can benefit from some tax advantages. The remittance basis of taxation allows Non-Doms to pay tax only on money they bring into the UK. Non-Doms can also enjoy other benefits like not being subject to UK inheritance tax on non-UK assets and having foreign currency bank accounts and investments without being subject to UK tax.
If you have any queries relating to the non-dom status UK or tax matters in the UK more generally, then please do not hesitate to get in touch with a UK tax specialist!
The content of this article is provided for educational and information purposes only. It is not intended, and should not be construed, as tax or legal advice. We recommend you seek formal tax and legal advice before taking, or refraining from, any action based on the contents of this article.