We can help you grow your after-tax returns by optimizing the structure of your assets within the legal framework. This is especially useful for more complex asset structures. Our specialists will actively assist you with comprehensive tax advice on issues ranging from planning asset structures to finding the right legal structure. Our aim is to optimize your tax burden.
Comprehensive tax planning
We’ll give you a thorough analysis so that you can arrange your tax situation optimally . This will take a range of factors into account and may also involve other services like citizenship. To put this into practice, we work with proven internal experts, and tried and tested external specialists if necessary.
The benefits of tax planning
- Identification of tax planning options in line with applicable tax legislation
- Adjustment of investment decisions taking into account earnings after tax
- Enjoyment of any applicable tax savings
Tax Residence and domicile
The tax position of an individual will depend on his or her residence and domicile. The rules for when you become tax resident in a country may be different from one country to another.
Your domicile is where you intend to spend the rest of your life.
Some countries do have a special tax regime for individuals who are resident but not domiciled in the country. They are generally called non-doms. The most well-known is the tax regime for UK non-doms but other countries have also introduced similar offers to attract wealthy people to their country.
Previously, UK non-doms would have the opportunity to be taxed in the UK on their income from the UK and any foreign income remitted to the UK. There was no time limit to this position.
However, since 2008, UK non-doms will after 7 years of residency have to pay for the privilege of making use of the remittance basis. The cost of this privilege increases further after 12 years and after 15 years of residency you will be deemed domicile and your worldwide income will be subject to UK taxes and your estate subject to UK Inheritance Tax.
If you leave the UK for a period of 6 years you will effectively be able to reset the non-dom clock and start a period of being resident non-dom for 15 more years.