Dutchtaxadvice B.V.’s Post

Wealthy non-doms are advocating for a tax model inspired by Italy, proposing a tiered system based on net wealth. This would offer exemptions from UK tax on foreign income and inheritance for up to 15 years, helping to prevent an exodus of affluent residents. As the UK government tightens non-dom rules, could this reform balance growth with revenue? To know more, click on the link below: https://on.ft.com/3YpWCmr #TaxReform #NonDoms #UKEconomy #TaxPolicy #WealthManagement #GlobalTaxation #ForeignInvestment #FiscalPolicy #UKBudget

📢 Important Tax Change for Canadian Expats! 🌍 A recent tax change could significantly impact estate planning for Canadian expatriates. New rules affecting capital gains taxation upon death may lead to increased tax liabilities for estates, necessitating a reassessment of estate planning strategies. - Increased Tax Liability for estates that exceed the reduced thresholds. For example, an estate valued at $10 million might not face any federal estate taxes under the current exemption but could owe substantial taxes once the exemption reverts to lower levels. - Potential Need for Plan Revisions: Estate plans set up to take advantage of the current higher exemption may no longer align with an individual's goals post-2025. - Gifting Strategies: Individuals may now consider transferring wealth to heirs while the higher exemption remains in effect. - Trust Considerations: Trusts are often key components in managing estate taxes and ensuring smooth wealth transfer to future generations. ℹ️ Expats should stay informed and consider adjusting their plans to mitigate potential financial impacts. 🔗 Learn more about this tax change. https://lnkd.in/eAqmZ-vN #TaxChanges #CanadianExpats #EstatePlanning #FinancialPlanning #CanadianExpats #EstatePlanning #WealthManagement #TaxLiability #EstateTaxes #TrustPlanning #TaxPlanning #CanadaFinance #CanadianTaxes #DailyNews

Understanding Tax on Foreign Income as a Non-Dom in Ireland As a Non-Dom in Ireland, you’re only taxed on the money you bring into the country (remittance). Careful tax planning is crucial to ensure you're not taxed on foreign income from work done while living in Ireland. Whether you have global earnings or investment income, expert advice from day one is key. Get in touch with us today to ensure your financial strategy is optimised! #TaxPlanning #NonDomIreland #RemittanceTax #IrelandTaxTips #ExpatsInIreland #FinancialAdvice #TaxConsulting #InvestmentIncome #ExpatFinance #NathanTrust #TrustUs

The non-dom regime in the UK is ending. During the UK Autumn Budget, the Chancellor announced the introduction of a new residency-based tax regime from April 6 2025. The changes coming from April 6 2025 include: 📌A four-year foreign income and gains (FIG) regime, without the planned 50% reduction for FIG in the first year of the new regime. 📌A new Temporary Repatriation Facility (TRF), allowing individuals previously taxed on the remittance basis to pay a reduced tax rate for three years from 2025 to 2026. 📌 Removal of Inheritance Tax protections for offshore trusts, with transitional arrangements for people who’ve made plans on current rules. These changes can significantly impact tax strategy planning. The need for robust records and accurate day counts is now. If you’re concerned about your current tax residency risk, take our quick assessment. It can highlight any problem areas and help you take actionable steps during this tumultuous time. Take the assessment here: https://lnkd.in/eshUXk_G #UKBudget2024 #AutumnBudget #NonDoms #TaxPlanning #Daysium

Last week, the UK government confirmed that they would implement seismic changes to the UK income tax, capital gains tax and inheritance tax rules for non-doms, expats, foreign trusts and potentially others with a non-UK connection. As importantly, the government also published detailed notes and legislation, so we can finally see what the new regime will look like. Our note sets out the details of changes announced, practical examples of the impact and possible planning points. The changes will, for the most part have effect from 6 April 2025 so planning starts now.

Investing in Australian property as a foreigner can give you great returns, but have you factored in the taxes you’ll have to pay? 💸 As a foreign investor, you must pay Capital Gains Tax (CGT) as part of your yearly tax declaration on your property income. 𝗔𝗹𝘀𝗼, 𝘀𝘁𝗮𝗿𝘁𝗶𝗻𝗴 January 𝟭𝘀𝘁, 𝟮𝟬𝟮𝟱 - 𝟭𝟱% 𝗼𝗳 𝘆𝗼𝘂𝗿 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘀𝗮𝗹𝗲 (regardless the amount), 𝘄𝗶𝗹𝗹 𝗯𝗲 𝘄𝗶𝘁𝗵𝗵𝗲𝗹𝗱 𝗳𝗿𝗼𝗺 𝘆𝗼𝘂 𝗯𝘆 𝘁𝗵𝗲 𝗔𝘂𝘀𝘁𝗿𝗮𝗹𝗶𝗮𝗻 𝗧𝗮𝘅 𝗢𝗳𝗳𝗶𝗰𝗲 (𝗔𝗧𝗢). Not many overseas know about these issues. Unfortunately, they’re shocked when they receive a tax bill and that’s when our phones start ringing. How much more will you put your investments at risk of an unnecessary high tax debt? Also, taxable income for non-residents are much higher than Australians: The income tax rate for foreigners are: $0 to $135,000: 30 cents for each $1. $135,001 to $190,000: $40,500 plus 37 cents for each $1 over $135,000. Over $190,000: $60,850 plus 45 cents for each $1 over $190,000 This is significantly higher than taxes for residents! The Australian taxation system is complex and can be unforgiving, but if you do proper record keeping from 𝗗𝗮𝘆 𝟭 of buying your property here, you can reduce your taxes and protect your assets. Reach out to us if you have questions or need help making sense of your tax obligations. Send us an email: [email protected] or call +61 9379 4040 #InvestmentAwareness #TaxPlanning #CGT #ForeignInvestors #AustraliaProperty #capitalgainstax #nonresidenttax #overseasinvestors #propertyinvestors #proertyinvestment

🌍 Big Changes to Non-Dom Status Coming in 2025 💼 Starting April 6, 2025, the UK will shift to a residence-based taxation system, ending the current remittance basis for non-doms. This will affect income tax, capital gains tax, and inheritance tax. For new arrivals, there’s a 4-year tax exemption for foreign income and gains—but after that, you’ll be taxed like a UK resident. 📈 💡 What You Need to Know: Non-doms will now face the same tax treatment as UK residents after the initial 4 years. 🏠 Investors and high-net-worth individuals (HNWIs) may see significant tax implications on their assets and earnings. 💰 The global tax landscape is also changing, with countries like Portugal, Switzerland, and the UAE offering attractive alternatives for those seeking tax-friendly environments. 🌍 Act now to review your tax strategy before these changes take effect. Seek advice from experts to navigate this complex shift and avoid hefty tax bills. #NonDomTax #TaxChanges #UKTaxSystem #WealthManagement #GlobalTax #TaxPlanning #HighNetWorthIndividuals #Investors #Expats #ResidenceTaxation #DavisAndCoLLP #Budget2025

Earlier in the week, we discussed tips for managing your finances before moving back home. A common question that comes up is about receiving money from overseas, especially if you're living or have family abroad. Whether the money comes from rent, an inheritance, or a gift, if it's coming from another country, you need to consider the tax rules in both countries. Check whether Ireland has a double taxation agreement (DTA) with the country where the money is coming from. These agreements are in place to make sure you're not taxed twice on the same income. My advice? Get professional tax advice in both countries – to fully understand your responsibilities and avoid any tax issues. #FinancialAdvice #DoubleTaxation #Inheritance

There are so many changes for us to get used to following the budget last week. Some help in this note covering #UK changes that affect non-some, expats, foreign trusts, and others with a non-U.K. connection. #UKTax #Domicile #Residence #IrwinMitchell

Australia does not have an inheritance tax, but several taxes are triggered by a person’s death, including the superannuation death benefits tax. This tax is becoming increasingly relevant as people live longer and accumulate more wealth. However, it is often overlooked because it is not frequently payable. To read more of Vista Financial Group's insights, check the link in the comment section #InheritanceTax #SuperannuationTax #EstatePlanning #FinancialAdvice #Australia #Beaumaris #Geelong #Colac #VistaFinancialGroup #AchieveYourTomorrow