Dixcart provides effective wealth preservation solutions.
We has been providing professional expertise to individuals and their families for nearly fifty years.
Professional services include setting up and managing family offices, and structuring, establishing and managing companies.
We are an independent group.
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.
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
Consider Practical Issues
Travel documents (visas)
Formal enrolment in country/jurisdiction of 'arrival',
including communication with tax authorities, healthcare,
schooling, etc.
Succession and Inheritance
Confirm which laws govern succession and whether a choice of
different jurisdiction law is available.
Confirm whether marital/family laws are affected and whether a
choice of different jurisdiction law is available.
Review estate planning documents (wills, succession, and
prenuptial documents) and consider the interaction of wills,
appropriate for different jurisdictions.
Implications of Transferring Physical
Wealth
Family heirlooms, jewellery and works of art (possible ban on
export or right of first refusal, etc.). Are import duties
applicable?
Before Exit
Confirm arrangements that affect heirs and family that remain
behind.
Optimal timing of loss of tax residence and exit charges.
Consider establishing new banking arrangements to segregate
income and gains, if this is relevant to the new residence
regime.
Before Arrival
Seek early tax advice from a professional advisor.
Take advantage of any special tax regimes that are
available.
Review if there are any changes to controlled foreign company
rules and what the effects may be.
Ensure that previously established companies, trusts, life
insurance policies, etc. are compliant.
Gifts and Donations
Confirm whether gifts or donations should be executed in
advance of acquiring a new residency.
ONGOING
Annual review of estate planning documents (wills, succession,
and prenuptial documents).
Annual review of trusts arrangements, structures, and bank
accounts.
Annual review of any changes to tax laws and implications in
relation to existing agreements and structures.
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 to help make sure that the decision is right
for now and in the future.
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.
