Tax Planning
“Any one may so arrange his affairs that his taxes shall be as low as possible; he is not bound to choose that pattern which will best pay the Treasury; there is not even a patriotic duty to increase one's taxes.”
Judge Learned Hand in Gregory v. Helvering (2d Cir. 1934)
Tax planning is all about minimising the amount of taxes you owe while staying within the bounds of the law.
By analysing your financial situation and making strategic decisions, you can take advantage of differences in tax level and conditions. For some, changing your personal tax residency may be beneficial and may help reduce or escape certain taxes.
At Westmoore Private Clients, we assist individuals and businesses navigate the complex world of tax planning to ensure you're making the most of your financial resources. We will of course taking into account personal taxes like income tax, wealth tax, inheritance tax as well as the position of companies and other entities where you are engaged.
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 change of residency or 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.