Home » Offshore Banking and Savings Guides » Expat Tax Saving Guide
Expatriate Tax Saving Advantages
Mon, November 02, 2009 - 9:47 am EET
When you move abroad to live or work permanently overseas, your tax situation changes. Depending on the nation you originate from, you will need to be non-resident in your old home nation for a set number of days before you can officially claim this non-residency status for tax purposes, but as soon as you can, your entire financial situation can change for the better!
One of the main advantages of becoming non-resident for tax purposes in your old home nation is that you can embrace the wonderful world of offshore and take your full expatriate advantage as a result. At this point there is a very real potential tax benefit to you from saving and investing, banking and doing business offshore.
In this article we’re going to explore expatriate tax saving advantages so that you can fully understand what courses of action are available to you to help you save tax once you move abroad.
Why Americans Shouldn’t Go Offshore
Wed, October 28, 2009 - 9:01 am EET
Unfortunately we receive multiple requests on a daily basis from Americans living abroad as well as those who are resident in the US and who want to discover ways they can benefit from going offshore. The requests are mostly straightforward and legitimate queries about where one can source better interest rates offshore for example.
The unfortunate part is that we cannot assist anyone who is American, no matter where in the world they live, and we cannot assist anyone living in America, no matter where in the world they herald from. The reason is simply because subsequent American governments, in their so-called war on tax evasion, have eroded the rights of their citizens completely.
It seems American governments – whether republican or democrat - want to wage war on everything from Iraq, Afghanistan, terror and tax evasion to their own citizen’s freedom of choice. In this article we’re going to explain once and for all why Americans shouldn’t go offshore – particularly in light of a new bill that strips even greater choice from Americans and is incredibly threatening to those who do have legitimate assets offshore.
BBC’s Revelation: To Avoid UK Tax You Have to Emigrate
Thu, October 15, 2009 - 9:09 am EET
Sarcastic moment coming up I’m afraid. Imagine our complete and utter surprise when we read a BBC article recently about how to avoid UK taxation and were informed that to avoid UK tax you actually have to emigrate!
My goodness – I mean, who would ever have thought such a thing! In fact, it wasn’t even the BBC who dropped this incredibly earth shattering bombshell, it was none other than a spokesperson from the accountancy firm Saffery Champness who was quoted in the appalling article.
I suppose we’ll just have to assume that Saffery Champness clients are exceptionally dim if they need to be told: “If you want to be sure you will not be regarded as UK tax resident, you need, in effect, to emigrate.” Either that or the person quoted assumed that the readers of the BBC article would be very poorly educated. Well, just in case anyone is in any doubt, if you do want to stop paying British taxes you have to become non-resident – and here’s how the latest rules work to that end.
Offshore Bank Accounts No Fines For the Innocent!
Mon, September 14, 2009 - 9:33 am EET
The latest, (and apparently last), tax amnesty as announced by HMRC is designed for all Britons who are tax resident in the UK to come clean about any undisclosed assets that they have and earn interest or an income from abroad and offshore.
In the first taxation amnesty, the customers of a handful of British banks who held accounts offshore were targeted, and now HMRC is attempting to clear up the sticky issue of taxation forgotten, avoided or evaded by all others who have the likes of bank or savings accounts offshore.
The bottom line is that it is not illegal to go offshore with your money – even if you reside and pay tax onshore in the UK. What is illegal is failing to disclose this money to the taxman. However, the good news is that there will be no offshore bank account fines for the innocent. I.e., those who have genuinely been ill advised or made a mistake will not necessarily be fined by HMRC. Read on to learn more…
Five Facts About HMRC’s Offshore Tax Amnesty
Mon, August 31, 2009 - 2:09 pm EET
HM Revenue and Custom’s taxation amnesty, or ‘New Disclosure Opportunity’ (NDO) starts tomorrow – the 1st of September 2009 - and it will run until the 12th of March 2010, thus presenting a very narrow window of opportunity for anyone affected by the terms and scope of the amnesty to get their affairs in order.
If you’ve been living abroad and are now back in the UK with offshore accounts still overseas, or if you’re a UK resident with offshore savings and investments and you’re worried about whether you’ve been reporting your affairs correctly, this report is for you.
We’re going to details the five most salient facts about HMRC’s offshore tax amnesty so that you can make sure all your fiscal arrangements are legitimately secured and reported to the right authorities.
Why You Need to Know About the Tax Amnesty
Fri, August 14, 2009 - 10:47 am EET
HM Revenue and Customs, HMRC, recently announced details of a second opportunity to disclose and pay tax for those UK taxpayers who have non-UK income which they have so far failed to make known to the taxman.
The so-called ‘New Disclosure Opportunity’ or NDO is expected to be the last ‘tax amnesty’ of its kind by HMRC, so if you have any assets offshore that you have yet to make known to the taxman, and you are a UK taxpayer, this report will cover why you need to know about this tax amnesty and what you need to know about this tax amnesty…
Basically, UK taxpayers with unpaid taxes linked to offshore accounts are being given a final chance to settle their outstanding tax liabilities with only a reduced penalty applied to them in what is a partial amnesty that may result in up to a billion in previously lost revenue for the Treasury.
How Can British Entrepreneurs and High Earners Escape UK’s Taxation?
Wed, August 12, 2009 - 1:48 pm EET
As the countdown is well underway to the introduction of the 50% taxation rate for high earners in the UK, we decided it was high time we explained how British entrepreneurs and high earners can escape the UK’s excessive taxation regime. Some may call us unpatriotic for so doing – however, why should those who already contribute more to society be penalised for the failings of the current government?
The fact of the matter is, we’re in an economic hellhole in the UK because of successive chancellor’s failings, because of hedonistic and ridiculous banking practices, and because the British population was led to believe that bust would not automatically follow boom, and eternal credit and unsecured borrowing was apparently no bad thing.
This is not the fault of those who are doing well in life through their own hard work, so why should they be effectively penalised and made to pay for the mistakes of others? We are not going to enter into a debate about this, our position is clear – what’s more, there are very practical and legitimate steps that high earners and entrepreneurs can take to reduce their overall taxation liability in the UK.
