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Leaving UK? (How to become a NON-Resident for TAX Reasons?)

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Lately, I've been talking to a lot of people from the UK who are interested in leaving the country.
This raised an important topic that we already talked about here, which is becoming a non-resident in a country that you want to leave. Today we are talking about how the UK processes individuals who are leaving and becoming non-residents and what should you pay attention to.

There is a very important distinction to understand: Being a non-resident VS Being a resident somewhere else. Just because you became a resident somewhere else doesn't mean that you cease to be a tax resident in your home country.

For example, you might be interested in establishing a residency in UAE. UAE wants you to spend a day in the country every six months in order to keep your residency. However, that doesn't immediately make you a non-resident where you're from. It might be more important from a tax standpoint to become a non-resident of your country than to become a resident somewhere else.

Today we are talking about the UK, which has a very clean and understandable process.
We'll talk about UK Statutory Residency Test and how it works.

There are three sections of this test to pay attention to:
The first one is what we call the Automatic offshore test. If you meet the Automatic offshore test you don't need to go to the next part.
The second is the Automatic Residency test. If you meet all the criteria, you don't need to go to the next part.
The third part is the Sufficient ties test.

If you don't pass any of these statutory residency tests does it mean that you will be a UK tax resident? We are going into detail about everything that you should know.

Link to the UK statutory residence test
https://www.gov.uk/government/publications/rdr3-statutory-residence-test-srt
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We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.

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Author: Michael Rosmer

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Видео Leaving UK? (How to become a NON-Resident for TAX Reasons?) канала Offshore Citizen
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27 февраля 2021 г. 17:45:00
00:09:09
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