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Best Country to 'Tax' Emmigrate To?

minimumcost
Posts: 37 Forumite


in Cutting tax
If you're retired, have money in an ISA and a private pension you now can't pass on ex IHT what is the best country (with a tax treaty with the UK) to economically emmigrate to?
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[Deleted User] said:UAE
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Aren’t there other considerations than just tax?
No reliance should be placed on the above! Absolutely none, do you hear?0 -
How about just staying put and enjoy your wealth by spending some of it on yourselves. If you have children and grandchildren do you think they would prefer more money when you are dead or spending more time with you while you are alive? If you don’t have children why are you even think of hoarding it instead of using it?
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I had a chum lived in the Cayman Islands, there wasn't much tax to pay when he was there, however getting visa and residence was not straightforward. I forget where he went after that.
I looked at Honduras some years back but you need out of country income to avoid Honduran income tax and I think it was $1500 a month to get the residency visa
With a bit of smarts and life left to live it should be feasible to convert a few million out of the estate and on to the recipients without leaving the country though.
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I'll have a look at UAE.I don't want to live in the UK. Other than for economic reasnos where I'm resident is somewhat academic as I travel almost full time. My daughter is disabled and will need financial support in later life.0
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There are many threads on this site from expats who lose their UK banking facilities once they are no longer resident in the UK.
There are some workarounds but they are not FSCS protected and they can be discontinued at any time.
The only guaranteed way to keep UK banking facilities is to open an offshore account say in the Channel Islands. These accounts require large initial deposits and have other onerous conditions.
Suggest you do more research if either you have property you will rent out whilst abroad or receive a pension of any description.
i am not sure it is as simple as having a UK address at which you do not reside. If something goes wrong like fraud, you may have to present yourself at a branch with proof of ID and proof of address.1 -
lr1277 said:There are many threads on this site from expats who lose their UK banking facilities once they are no longer resident in the UK.
There are some workarounds but they are not FSCS protected and they can be discontinued at any time.
The only guaranteed way to keep UK banking facilities is to open an offshore account say in the Channel Islands. These accounts require large initial deposits and have other onerous conditions.
Suggest you do more research if either you have property you will rent out whilst abroad or receive a pension of any description.
i am not sure it is as simple as having a UK address at which you do not reside. If something goes wrong like fraud, you may have to present yourself at a branch with proof of ID and proof of address.I've got that covered. The question is, ....what is (I should say 'are') the best country with a tax treaty with the UK to economically emmigrate to.... other than the UAE?
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minimumcost said:I'll have a look at UAE.I don't want to live in the UK. Other than for economic reasnos where I'm resident is somewhat academic as I travel almost full time. My daughter is disabled and will need financial support in later life.
i know of someone who has exiled himself in Jersey. Downside is it costs a lot to get residency to start with, plus a lot of money spent on flights for his family to visit.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1 -
Cyprus has low taxation for UK citizens, with certain conditions of course.
Also you are in a 'hot' part of the world in more than ways than one, due to the various neighbours like Lebanon, Syria, Israel, Turkey etc0 -
Albermarle said:Cyprus has low taxation for UK citizens, with certain conditions of course.
Also you are in a 'hot' part of the world in more than ways than one, due to the various neighbours like Lebanon, Syria, Israel, Turkey etcI'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
new zealand no inheritance tax need about 2.5 million uk to get round the work visa grounds and then money for propertyaustralia some inhertiance taxes on property i think for descendeants / but no overall inhertiance tax/ last time i looked a few years ago it was about £2 million required to get round having to work or you had to employ 2 to 20 peoplecannot remember what i read now / norway or sweden maybe both is no inheritance tax / but you would need an irish in my case or eu parents/grandparents / not sure about norway for this which is outside the euamerica -i think they set the inheritance tax bar very high under trump /not looked to see if inheritance tax is exempt t but i would guess it is / monaco / but only i would guess if you were mega rich for there.0
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