Expatriate Tax Saving
Expatriate Tax Saving by Shelter Offshore in Money Offshore
Published on 31 May 2008
There have been significant changes in tax rules and regulations in the UK and internationally in the last six months, therefore the specialist producers of some of the best offshore and expatriate tax guides available have updated their most popular guides for 2008.
Taxcafe produce and publish the likes of ‘Non-resident and Offshore Tax Planning’ as part of their series dealing with those who live and work abroad, those who invest offshore and also those who have property abroad as well as complex personal financial situations requiring specific and specialist advice.
Published on 08 May 2008
The European Union may have come up with a number of annoyingly pernickety directives to counteract tax avoidance, and in so doing limit personal choice when it comes to where to invest overseas and offshore, but it’s not just the likes of the average expatriate who has been targeted by the EU – oh no, there are taxing times in Europe for the likes of Spain and Portugal too!
The European Commission, which oversees the smooth running of all things fair and just across the 27 EU member states, has taken direct and decisive action against Portugal already over its property taxes, and now it’s targeting Spain, Romania, Bulgaria and Portugal over the taxation of dividends…
Published on 28 April 2008
Every single year the UK loses a number of its citizens to the Portuguese sunshine and inimitably attractive way of life in Portugal. The majority of these people head off in search of adventure in Portugal giving little in the way of a second thought to their financial affairs before they go…but once they are living in Portugal thoughts of tax, pension income, savings and investments often comes to mind.
If you’re in a position where you have just made the move or are about to expatriate, here’s the essential tax information for Brits living in Portugal that you are likely to need.
Published on 26 April 2008
Despite the fact that Cyprus is now in the EU and also in the eurozone as well, it is one of the most advantageously taxed countries in the whole of Europe for many an expatriate. For example, for those who qualify, pension income can be taxed at a rate as low as 5% and higher rate tax is only 30% compared to 40% in the UK.
Expatriate tax in Cyprus will be covered in this article – however, this article does not constitute advice and because the information supplied herein is subject to change and based on an average scenario, you are strongly advised to seek personal advice about your own tax situation in Cyprus if you are an expat.
Published on 07 April 2008
For those about to retire abroad or those currently deciding whether a new life overseas could benefit them, there is a key question that always crops up. The question relates to the taxation treatment of British pension income.
However, when it comes to expatriate tax saving and UK pensions there isn’t actually all that much you need to know or do – there are just some fundamental upfront decisions to make relating to the payment of your pension once you have moved abroad. In this article we’ll explain all about your British pension and your UK or overseas taxation liability once you expatriate and retire abroad.
Published on 11 February 2008
The UK government has plans in place to begin taxing non-doms – or non-domiciled residents in the UK who earn an income abroad and therefore pay no taxation on such income in the UK. Long considered an excellent location for international trade and business as a result of its favourable taxation treatment of non-domiciled individuals, the expatriate tax saving advantages in the UK are now under threat.
The short sighted and extremely damaging Labour plan in a nutshell is that anyone non-British domiciled but resident in the nation for seven years or more will pay a flat fee of GBP 30,000 to retain their tax efficient status. Naturally enough there are many individuals up in arms about this – but international companies who send workers to the UK are also upset at the plans as is the British maritime industry...now leading voices in the worlds of business and finance are vociferously lobbying the government to amend their damaging plans.
Published on 10 January 2008
The idea of moving abroad and expanding your physical and spiritual horizons is one that appeals to many people but it takes a special kind of individual to actually make the move a reality. These special people fall into the category of ‘expatriate’ and it’s a pretty exclusive club to be a member of!
If you’ve already expatriated – congratulations - and welcome to a world of opportunity and adventure. If on the other hand you’re toying with the idea of international relocation, chances are the experience will be hugely rewarding for you on many levels. At Shelter Offshore we impart advice that we have learned ourselves – and one of the most important pieces of advice that we can give is expatriate tax saving advice. As an expat it’s the first thing you should know about but usually one of the last things you think about!
Published on 26 November 2007
Hong Kong has made itself more competitive once again – in keeping with its plans to maintain its position as the most competitive business environment in the region it has cut its taxes and expatriate tax saving in Hong Kong is now very possible!
Following Singapore’s tax reduction announcements earlier in the year, Hong Kong was forced to go further if it wanted to remain head and shoulders above the regional competition and retain and attract new business. As a direct result, Chief Executive Donald Tsang has announced that from 2009 taxes on salaries and company profits will be cut to 15% and 16.5% respectively.
Published on 26 September 2007
A leading London based business law firm which engages in taxation related advisory services as part of their holistic approach for their client base has advised that the current unstable tax climate in the UK means that for expatriate tax saving, their wealthy British clients are seeking shelter offshore in droves.
Caroline Garnham, a partner at Lawrence Graham LLP explained in a recent interview that it is becoming impossible for high net worth individuals and British based companies with a high turn over to effectively plan to manage their tax burden when the British tax laws are subject to massive change with little or no warning.
Published on 18 July 2007
The very first question that most people need answering when researching the pros and cons of going offshore is the one relating to the legality and legitimacy of going offshore – i.e., ‘is going offshore legal?’
The very simple answer to this question is that YES, going offshore is 100% legal for the vast majority of people! In this article we go a little further in depth to explain why going offshore is legal and what an individual’s obligations are relating to the reporting of their offshore activities so that their actions remain legal.
Further Expatriate Tax Saving Articles
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