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:
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.
OTHERS – NB Montenegro is not a member of the EU