21/12/2020 by France Tax Law 0 Comments
Where Can I Financially Benefit from Relocating?
As anyone who’s investigated the area will know, your choice of tax residency can have a huge impact on how your assets are treated. Whether you’re thinking about civil or tax law, you may be surprised by how beneficial it can be to change where your residency is registered. As experts in providing clients with effective, helpful services, we are perfectly placed to offer advice for those thinking of making the change.
Read on through our blog to see what some countries offer to clients like you.
Monaco is well-known for being a tax haven. Countless high-profile names choose to have their finances reside there, including F1 drivers and celebrities. The reason that Monaco is so popular is that its tax laws and policies are in favour of those that live in the principality (you must spend at least six months and a day in Monaco to qualify as a resident). The principality doesn’t collect Capital Gains Tax or levy net wealth taxes, creating a huge potential saving. Property tax isn’t a thing in Monaco and stock dividends aren’t subject to general corporate income tax.
Another advantage is that banks in Monaco provide a high level of confidentiality. This means that you can operate privately as long as your income is based here. You have a great opportunity to make the most of your money here and we’d be only too happy to help.
Another country well-known for its banking pedigree, Switzerland is a great choice if you’re looking for a residency that offers low tax levels and unrivalled privacy. Swiss banks are revered for their quality and this is shown through the high-net-worth individuals and multinational companies that choose to bank there.
It can also be an attractive place for your to set up your tax residency, as you’re like to pay lower taxes than you normally would and your financial information can be much more closely guarded. While the banks have become more transparent in recent years, the banks of Switzerland are still top of the privacy rankings for the Financial Secrecy Index.
Basing your finances in Luxembourg is helpful with regard to life insurance and the transfer of liquidities. You’re likely to pay a much lower amount of tax on your profits when you’re registered in Luxembourg and we can advise you on how best to navigate their complex, 23-band tax system effectively. There are advantages to be had once you’re in the system, but it’s a country where you’ll require guidance to get the maximum return for your efforts.
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