Why Expats Need a Tax Residency Certificate

Discover why expats need a tax residency certificate when moving their money to low-tax countries. Proper planning is essential to avoid complications when relocating businesses offshore.

Introduction

Residency and tax residency differ based on factors like physical presence and property ownership. Tax residency doesn't always mean high taxes; some countries charge flat fees or have no tax at all.

Tax Resident

Being a tax resident also doesn’t mean that you need to live in that country full-time. But, if you are going to move overseas, you need tax residence, and here’s why.

Banks demand your tax details due to global regulations. While some countries adopt a minimum tax, options like UAE's free zones allow tax-free living or low taxation, offering a significant contrast to high-tax nations.

Why Tax Residency Matters to Entrepreneurs

When choosing tax residency, you need to consider how you are taxed on certain assets that are situated in specific countries.

Choosing Your Tax Residency

Tax residency impacts investment taxes. For example, in Ireland, a treaty might mean 5% on US dividends, while in the UAE, it could be 30% without one.

Consider options wisely; some countries offer residency for as low as $5,000 annually. Banks need this info, affecting withheld taxes. Choose residence aligned with your income for best tax benefits.

Choosing a new tax residence is complex, especially for Americans. Ensure you spend more time in your chosen country to avoid being taxed elsewhere.

Becoming Tax Resident

Become a client, and we will help you move your tax residence to a country that allows you to pay less and gives you the tax certificate you need.

Conclusion

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Our experienced team can help you legally reduce your tax rate offshore, protect your assets, invest overseas, obtain a second citizenship, and improve your peace of mind. We’ve helped 1,500+ HNWI entrepreneurs and investors and we can help you, too.

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