ExPERTS IN EUROPEAN NOTARIAL LAW

Your choice of domicile/tax residency will have a significant impact on the treatment of your real and personal assets, whether it applies to civil or tax law. 

Luxembourg/Monaco and Switzerland are known to be tax havens in Europe for various reasons : Luxembourg with its life insurance and companies system that provide low tax on profits or transfer of liquidities, Monaco for its income tax free system and Switzerland for its location and bank secrecy and confidentiality. The recent public leaks with accountants’ firms and banks have proved that other Europeans countries try to break the system and ask those countries to provide more transparency regarding their clients.

Income tax will apply on your worldwide income depending on the legislation of the country where you reside. As we know there is no income tax in Monaco, income tax in Switzerland depends on the district of your residence and Luxembourg and France have scales similar to the UK

Most of European countries have ratified the European succession Law and Monaco has now decided to create its own international rules to match the rest of Europe. As a result civil law will no longer be an issue for an English national as he will always be able to apply English law to his assets wherever he is located.

However, Inheritance tax law is a different matter and European countries have not ratified any regulation to harmonise the tax system throughout the European Union. As a result, some assets, mainly immovable will remain governed by the tax legislation where they are situated.

We can discuss income tax and inheritance tax with you before you decide to relocate. The reading and understanding of a double tax treaty is primordial to assess any levy in double taxation from one country to another.

To speak to our experienced team about RELOCATION today.

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