RESIDENCE CITIZENSHIP AND TAXES

Ultra High Net Worth and High Net Worth Individuals are increasingly obtaining dual passports and residencies. Some 35% of UHNWs are have already obtained a second passport and citizenship. Over 30% of HNW individuals are seeking to obtain the same.

Many clients are attracted to a low tax and sunshine country. They can benefit from residence programmes, provided that they have sufficient funds to acquire the property needed, can maintain themselves without putting demands on the local authorities and have adequate health cover.

People change their country of residence for a variety of reasons in our experience.

They may move for family reasons, so as to be closer to those they love or to help them in education or old age.

Selling a business always raises the question as to whether to move abroad. Selling a business? Consult us about selling and moving abroad.

Some countries can become unbearable with their high level of taxation. A low tax and sunshine country becomes appealing. Of course the conditions can be low tax and property, but even that can be attractive as they are experiencing a property boom.

Tax planning in their home country can have become difficult due to so many tax restrictions, inheritance and gift taxes and situations such as forced heirship.

Retirement can be accompanied by the wish to seek a warmer climate to live in and preferably with tax advantages. So a low tax and sunshine country is doubly attractive.

The wish to set up a business in another country. Some countries offer a low rate of corporation tax and the countries concerned have all the facilities and skills needed.

Being transferred for work reasons.

Then the question is where to go?

The popular countries are as follows:

MALTA

CYPRUS

PORTUGAL

SPAIN

GREECE

IRELAND

Heywood Advisory has all the necessary in-house experience and contacts, which are approved by us, in the countries mentioned for investors to benefit from all the advantages on offer.

geoffreyheywood@heywoodadvisory.eu

 

 

Lower Taxes

Sunshine & Beaches

Residency Programmes

Property Needed

Visa Free Travel

Passport & Dual Nationality

Double Tax Treaties

Auto Tax Exchange

Inheritance and Gifts Taxes

Forced Heirship

Wealth Tax

Corporation Tax

Malta

Yes

Yes

Yes

182 countries

Yes 5 years,

Yes

62 countries

5

Countries  signed, 92 agreed

No

Yes

No

5%

Cyprus

Yes

Yes

Yes

171 countries

Yes 6 months,

Yes

50 countries

None signed, 33 agreed

No

Yes

No

12.5%

Portugal

Yes

Yes

Yes

186 countries

Yes after 6 years

Yes

79 countries

15 countries signed 93 agreed

No, but 10% only in certain instances

Yes, but not for foreigners

No

21%

Spain

Yes

Yes

Yes

187 countries

Restricted and Limited

89 countries

 92 countries agreed

Yes and

Yes

Yes

Yes but can be 0%

29.58%

Greece

Yes

Yes

Yes

183 countries

Yes after 7 years

Yes

57 countries

93 countries agreed

Yes and Yes

Yes foreigners excepted

No

29%

Ireland

In summer

Yes

No. Investment needed

185 countries

4 years by naturalization.

Yes for the Irish and UK

72 countries

94 countries agreed

Yes and Yes

Yes

No

12.5%

OTHERS NB Montenegro is not a member of the EU

Italy

Yes

Yes

No

116 countries

Yes 10 years, Yes

100 countries

94 countries

Yes and Yes

Yes

No

24%

UK

In summer

Non Dom

No

186 countries

Yes 5 years, Yes

130 countries

94 countries

Yes and Yes

No

No

19%

France

Yes

No

No

187 countries

Yes  5 years, Yes

121 countries

94 countries

Yes and Yes

Yes

Yes on property

33.3%

Montenegr o

Yes

Yes

Yes

116 countries

Yes 10 years, Yes

42 countries

None

Yes and Yes

Yes

No

9%