I'm interested in finding out a bit more about non UK domicile. I understand how it works from a tax point of view, but I'd like to know how it works from an immigration point of view. I understand that many non EU born high net worth individuals claim UK domicile, but what is their residency status? I'm pretty sure they are are not entering and exiting the country on holiday Visas. If you can prove you're have significant wealth outside the UK, what type of residency are you eligible to apply for and does anyone have an idea of how difficult the process is? Thanks in advance, Runningbear
You can be an EU citizen. There are plenty of greek shipping owners and swedish paper billionaires taking advantage. You have to make sure that you only bring into the UK income and not capital or is this the other way round? Apparently nobody has ever been refused non-domicile status by the Inland Revenue. It is a lot easier than emigrating to America. Though if you are American it will not help you unless give up your US citizenship as you will still be liable for US taxes.
You can only bring capital, not income....the UK will not tax non domiciled people tax on their world income unless it is brought into the UK. To be resident here but not domiciled you have to be able to say that your living here is not permanent. Perhaps strong family ties/another house etc etc in your home country are strong enough to indicate your going to return. "The concept of domicile, which is unique to the English-speaking common law jurisdictions, attaches to a person's original home country, and cannot be changed unless the person moves their whole life, family and base to another country, with the intention of remaining there permanently. Few 'visiting' residents will therefore have a UK domicile. Foreign investment income is exempt from tax for such individuals as long as the income is not remitted to the UK. Therefore they can safely make offshore investments knowing that the income will be reinvested without deduction - the ideal way of turning income into capital without taxation. Note however that capital gains crystallised abroad during a period of residence are deemed to be remitted to the UK, and are then taxed. Some types of mutual or hedge fund impose capital gains unilaterally on members. American citizens, and nationals of the very few other countries that tax world-wide income on the basis of citizenship, won't be able to take advantage of this UK possibility, but for all other nationals, it is available. This rule has led to many foreign celebrities making the UK their home for tax purposes. " http://www.guardian.co.uk/uk_news/story/0,3604,682157,00.html You will find that news paper article very interesting....How a billionare manages to only pay ~600K a year in taxes due to the law. Hans Rausing, sold Tetra Pak for £4.5 Billion. Basically it says he can be resident for as long as he wishes, as long as he indicates he will return home some day (Even if its returning home in a coffin). Incidently this law applies also in the Republic Of Ireland, which are said to be the only two countries in the world that offer this kind of oppertunity (Which is good for someone who is domiciled in the UK) to anyone bar Americans and other unfortunate enough to have world wide income tax.
Check out the knowledge base @ http://www.lowtax.net/lowtax/html/offon/uk/ukhom.asp Has some interesting things on UK and other countries.
izeickl, So if I'm granted non UK domicile, do they issued some type of visa that allows you to remain in the country for extended periods? Runningbear
Anybody who can't get residency in Britain must be educationally sub normal. It is very easy. You'll have second thoughts when you see the property prices. London is more expensive than New York.
Honestly I dont know the exact visa that you would get/apply for...im not an expert on the matter just for my own tax purposes Ive searched/read a lot about such things. However I am UK domiciled so the only place left to me is Ireland (where my father moved). UK is stupidly easy to get into however, whether your a penniless asylum seeker (*cough* sponger), "skilled worker" the country needs (like the one legged roofer from Romania, or the electrician from Hungary with no fingers on one hand).....or if you actually have money and true skills. Check out http://www.ukvisas.gov.uk/servlet/F...t/Xcelerate/ShowPage&c=Page&cid=1006977149962 And see what fits your bill (there is an "Investor/Independant Means" under the "purpose of visit" box....just pick the country your from and see what it says. Property prices are stupid in London, even tho steps are being taken to try and curb it (BOE slowly increasing rates etc)....depends on where you want to go, but Id rather slit my wrists than go to London. There are lots of other places tho, further you move from South East of England the cheaper things get.
Ive no idea if it truly is or not...but its close and fitted the bill for us. As I said im not really an expert, and did/do not consult anyone in regards to it. I dont know why very high net worth individuals like Rausing would choose UK over Monaco etc either, certainly not for the weather! http://www.lowtax.net/lowtax/html/jmchom.html Has some info on Monaco. And yeh 0% income tax looks sweet. Ive no idea about other aspects in being resident there.
Monaco is a closed shop. A private club for those with connections. To live there you basically need to be approved by the Royal Family. Hence the reason all the GP drivers live there as the King is a car nut. Apparently he refused Micheal Jackson residency several years ago. Runningbear