As another year passes, we are seeing a lot of clients take time to reflect and reconsider their priorities for 2022. The last two years have been a time of uncertainty and disruption, but some normality is starting to creep back into our lives.
As we prepare for the new year, many of you might be considering a move of residence and/or alternative citizenship – as a means of easing travel. You may feel that a time for relocation is on the cards, and a better destination may suit you and your families, now priorities have changed, and lifestyles are different to what they used to be.
One particular trend we have seen over the last 12 months is the rise in 'digital nomadism'. Working from home has shown us all that in reality, we can work anywhere. And anywhere could be any destination in the world. This edition considers Cyprus, Malta, and Portugal as popular destinations for entrepreneurs, business owners, and start-up companies, who have no ties elsewhere, and plenty of freedom. These countries have specifically introduced Digital Nomad visas which allow individuals to work and live abroad yet continue to be employed in their original country. Professional advice should be taken on all aspects of a potential move of residence in such circumstances as there could be tax consequences for both the individual and the company they work for, as a result of that move of residence. In the case of a "Nomad Employee" one needs to consider whether the duties carried out by the employee in their new country of residence would change the tax residence of the employer company, or create a permanent establishment for the employer company, in the new country of residence of the employee.
We also take the opportunity to remind our readers of the temporary cost reduction for the St Kitts & Nevis Citizenship by Investment programme, which is available until 31 December 2021. The programme is extremely popular as it allows applicants to apply for a second passport for them and/or their family, without the need to travel to St Kitts & Nevis or commit to any visiting requirements during the year once they have received the passport. In addition, citizenship can be passed onto future generations which is a unique and very attractive benefit to any family who goes down this route.
We finish this edition looking at two jurisdictions which remain as popular as ever: Switzerland and the UK. Both rank highly in regard to places to live, both offer advantageous taxation systems, high quality of life, healthcare and education systems, and benefits to companies also relocating or starting up.
More news from the Dixcart Group will follow in the next month, but from the Dixcart Domiciles team, we would like to wish you all a joyful festive period and a happy new year.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.