5 Top Low Tax Options for Expats
Tuesday Tax: Tax Won’t Change With Brexit UK-Cyprus
5 Top Low Tax Options for Expats Living and Working Abroad
The UK and Cyprus have had a personal and business double taxation treaty since 1974. This will not change after Brexit nor impact on personal or business tax arrangements. Double taxation treaties exist with countries as diverse as Albania and Algeria to Zambia and Vietnam.
Tuesday Tax: Tax Won’t Change With Brexit UK-Cyprus
5 Top Low Tax Options for Expats Living and Working Abroad
The UK and Cyprus have had a personal and business double taxation treaty since 1974. This will not change after Brexit nor impact on personal or business tax arrangements. Double taxation treaties exist with countries as diverse as Albania and Algeria to Zambia and Vietnam.
No Double Taxation
A double tax treaty allows a person or company to relocate overseas to another country, take up tax residence there, and pay tax as a local. This change may be for any reason – retirement, new business markets, health, adventure, career development. The double tax treaty allows each government to ensure the correct and fair amount of tax is paid.
Here’s how it works. You may have investment income arising in your home country at 20%. Your Expat country of residence charges 10%. The two countries allow it so that you don’t pay 20 + 10 = 30% tax but only the 20%
This gets better if you live and work in the right location. Tax is normally charged in the country it which it arises. If you work in Dubai with no income tax, and are tax resident in Dubai, then you pay no tax on that earned income. There are other countries good for investors, business investors and the retired.
5 Top Low Tax Options for Expats Living and Working Abroad
1. Cyprus attracts pensioners who pay a flat rate 5% income Tax
2. Ireland has a corporation tax rate of 12.5%
3. Singapore non-resident individuals can pay a flat rate 15% tax
4. UAE workers’ pay 0% income tax
5. Cyprus has 0% Dividend and Savings Tax for Expats
Double taxation treaty’s make the expat world go around and allows people to live and work abroad.
Sovereign States
In the modern world Tax Policy is considered central to national sovereignty and a countries independence.
Tax policy has always remained in the control of EU member states in their home country.
There is a connection with VAT and Social taxes and this is where the EU are seeking to bill the UK.
But this is a separate issue for Brexit.
The UK has Double Taxation treaties around the world, including with EU states.
The tax you pay on pensions, savings, investment, rentals and business won’t be affected by EU Brexit.
5 Steps for Double Taxation Savings
1. Consider your tax residency , are your income, savings and investment paying more tax than needed
2. Register all your taxable income in your country of tax residence to enjoy lower tax
3. Make tax returns each year – if not your home country could tax adding interest and penalties
4. Register your pension income in your country of tax residence to avoid high tax at source
5. Consider holding investments in 0% tax locations to pay the lowest tax possible
Tuesday Tax:
Sam Orgill
ProACT Partnership Expatriate Advice
ProACTSam Orgill
ProACT Partnership - Tax Saving Expat Experts
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