Changes to UK "non-doms"? What is it all about?

Everyone in Europe is banging on about changes to the UK's non-dom regime.

What does it mean? Is it important? Why tax matters when you are considering relocating.

UK non-dom status has changed. It was a way for very wealthy people to reside in the UK - mostly London - and pay lower taxes there, is being terminated. For years, they could choose to live in the UK and be taxed only on what they owned in the UK and the tax authority did not look at their entire package of assets around the world. Many of the persons affected are seeking alternatives in Switzerland. At YourPlaceInEurope.com we are here to support them.

Beginning next tax year, they will be taxed on all worldwide income and have to deal with UK inheritance tax. That is a big change and to avoid it, they must leave the country and reside elsewhere before the 6th of April......That is short notice.

Many are scrambling to leave quickly and looking to Switzerland, Spain, Italy and other countries, particularly those in which they can work out individualized tax deals with the government (yes, this is possible in some countries and regions - sometimes hard to believe, but true).

This just goes to show that in your consideration of moving to Europe and choosing the right location, local taxation and political stability will be factors that you should consider. You don't want to arrive somewhere, happy you made the move, and then be faced with political decisions that cause you uncertainty.

We are happy to help you in your move to Europe and help you factor such considerations into your decision.