|  NEWS

You decided to relocate and are now living and working abroad. Your reasons could have been for tax purposes. You earn more money and pay less tax. A bonus in anyone’s books.

But have you considered the tax implications in your home country? Just because you don’t live there anymore, does not necessarily mean you don’t need to pay any tax.

Things to consider

•    Check if the country you are moving to has a double taxation treaty with your home country. If not, then some of your income could be taxed by both countries.
•    Establish what your tax residency is. This could determine your tax liability in your home country. Your tax practitioner is the best person to advise on this.
•    If you are a UK citizen, find out if you are UK domiciled or UK resident - this determines your tax liability.
•    Do you have businesses or properties, back home or in other countries? – there could be tax implications.
•    Are you still receiving an income back home? – what are your tax obligations?
•    If you earn over a certain salary bracket abroad, your home country could impose taxation according to their tax laws.
•    If you travel frequently for work, the time spent in various countries or back home will determine your tax obligations. Find out the exact number of days you are allowed in your home country without being considered a tax resident again.
•    Are you planning on returning to your home country eventually or planning on retiring elsewhere? This could affect the taxation on your pension back home.

As each person’s financial situation is unique, it is recommended that you discuss your global tax obligations and how to mitigate the cost of higher taxation with your deVere adviser. info@devere-group.com

For complex tax advice, they will put you in touch with deVere Tax consultancy, a separate subsidiary of the deVere Group. 

Please note, the above is for education purposes only and does not constitute advice. You should always contact your deVere Group adviser for a personal consultation.

* No liability can be accepted for any actions taken or refrained from being taken, as a result of reading the above.

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deVere Europe’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines. Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Europe’s Head of Public Relations on george.prior@devere-europe.com or call +44 2071220925