A move of residence can provide opportunities to review your affairs and holding structures. There may well be potential to implement wealth preservation and inheritance provisions, and advantageous strategic investment structures.
Every jurisdiction is different. There will always be some specific items to consider before relocating and taking bespoke professional advice at an early stage will always be the right thing to do. Carefully considered pre-exit and pre-arrival planning is essential to ensure a smooth and efficient move.
Please see below a comprehensive checklist that every individual and their family need to consider before relocating.
PRIOR TO ARRIVAL IN NEW COUNTRY
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|Succession and Inheritance||
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Residency versus Citizenship
Residency and citizenship are not the same things. Individuals may seek alternative residency in another country and may still remain a citizen of their country of origin. Citizenship is the status of being a 'citizen' of a country. This will include the privilege of holding a passport for that country. Dual citizenship (nationality) may be an interesting option, but it is not always feasible, depending on an individual's country of origin.
Residence programmes vary in what they offer and the criteria that need to be met. Depending on the country, there are differences regarding the time period that residence is valid for, how to apply, what the benefits are, tax obligations, and how to move on to apply for citizenship (and a passport), if the individual wishes to follow this route and it is permitted by the particular residence programme.
There are many reasons why individuals and their families choose to take up residence in another country. They may wish to start a new life elsewhere, in a more attractive and relaxing environment, or they may find the greater political and economic stability that another country offers, of appeal.
For individuals considering an alternative country of residence, the most important decision is where you and your family would like to live. It is critical that clients consider the long-term objectives for themselves and their family before applying for a particular residence (and/or citizenship programme), to help make sure that the decision is right for now and in the future.
Citizenship – A Passport
The benefit of gaining citizenship is the right to obtain a passport from a particular country. This may also make travel much easier, into and out of a considerable number of countries.
A number of residence schemes can lead to citizenship and a passport. Countries where this is possible include: the Isle of Man, Malta, Portugal, St Kitts & Nevis, and the UK. If ease of travel and a relatively quick solution is required whilst plans are in progress to live elsewhere, a St Kitts & Nevis passport can offer a good interim solution.
What else can Dixcart Domiciles help you achieve?
Experts at Dixcart Domiciles will not only help you achieve your family goals but can assist further, by explaining the tax regimes that exist in different countries (a number of which are particularly attractive for new residents) and assist you to ensure that your affairs are structured in a tax efficient manner. The exit strategy from the country that you are moving from also needs to be planned for. We can also help on a practical level by organising visits to the country and helping you complete application forms and supply the right documentation. You may also need advice regarding the purchase of real estate – and even help with the move itself.
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.