You’ll Beat the Taxman with our Expatriate Tax Saving Tips
Published on 01 May 2007
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Do you think the taxman would be sad to know that he’s our common enemy? After all, as expatriates we do everything we can to ensure we minimise the taxation owing in our country of domicile whilst at the same time maximising all the advantages that present themselves to us as soon as we become non-resident! So, do you think that makes the taxman depressed – sad that he can’t get his sticky fingers on our wealth?
Oh well, not that it really matters what he thinks! What really matters is that we expats stick together and help each other out by sharing tax advice and tips, and in this article that’s just what we’re going to do…you’ll beat the taxman with our expatriate tax saving tips that’s for sure!
The first thing you need to know is that you can shake off the income taxman in your previous country as soon as you officially become non-resident there for tax purposes. In the majority of cases this means that you have to have been living abroad somewhere for at least 183 days in a given tax year. You then become tax resident in the nation in which you’re living for the majority of time. Now, this is a pretty simplified version of what constitutes becoming resident or non-resident and of course there are exceptions to every rule – but more about that and determining your own tax status in a minute!
The next thing you need to know is that every nation has different tax rules relating to everything from the income you generate to the amount of that income you remit to a given country, from the capital gains tax due on the resale of property or assets and the amount of extra tax you pay on items from property to cigarettes. This means that you have to get very well informed of your likely taxation burden in your new nation before you commit to it ideally - and certainly get structures and solutions in place as soon as possible to ensure you are living and working as tax efficiently as possible.
By structures and solutions we mean everything from offshore bank accounts to trusts, companies and insurance products for example. All entities that can offset, alleviate, mitigate and reduce your overall taxation burden legitimately and legally.
As an expatriate you really do have an advantage over your peers ‘back home’ and you need to begin exploring your advantage as soon as possible. To do this you need to speak to a tax planning company that can take into account everything from your recent taxation history to your current financial status, from your countries of residence and domicile to your asset protection requirements and your likely taxation situation now and in the future. Such a cross border taxation planning company will then come up with the perfect expatriate tax saving plan for you personally and ensure you never pay more than you owe, that you make the most of your wealth, that your assets are not at risk and do not suffer from taxation erosion and that your future financial position is secure.
We have a strategic alliance with such a company and we can put you in touch with them immediately. As one expat to another let me tell you that you owe it to yourself to legitimately minimize your taxation burden so please, contact us in confidence today to get an expatriate tax saving plan in place.
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