We all now live complicated lives. Cheap air travel and online life mean most of us can work in one jurisdiction, live in another and enjoy the sunshine in a third. We have clients who work between Gibraltar and Japan whilst their family live in United Kingdom. Other clients are UK tax residents who spend a lot of their working life in Gibraltar but love to use the pool at their summer villa in Sotogrande. It is common to have assets and income from many different jurisdictions and why not. As any good entrepreneur knows; diversification is key to long term success in difficult markets.
SO, WHAT ARE THE KEY CONSIDERATIONS FOR THOSE WHO LIVE A LIFE WITHOUT BORDERS:
-Be aware of the residency rules in ALL countries where you have assets and/or you work and earn an income. This is important for those who spend almost equal time in more than one jurisdiction. We have worked a lot with clients following the ratification of the recent International Tax Treaty with Spain regarding Gibraltar
-Understand the effects of taxation on your assets and income. A small shift in your work/life can make a big difference in the tax you pay.
-Plan your year. Different jurisdictions have different year ends for your business and varying dates for filing tax returns. An informed schedule can save you a lot of hassle
- Review where your assets and investments are placed for best returns
- Consider regular financial advice with a cross-border specialist to ensure your plan is robust and forward-thinking
- Use company management specialists to navigate the compliance and accountancy requirements in each jurisdiction’s whilst building a business for international markets.
-Seize opportunities. It is no secret that the world is changing apace and there is a need to be always evolving. However, with the right financial plan, we can turn challenge into opportunity.
Knightsbridge Incorporations are a female-led Company Manager business built on client-centric relationships. We work hand in glove with every one of our clients to make sure their needs are quantified, qualified and met. Partnering with our associated businesses, Sterling Rees International Tax & Accountancy and Sterling Rees UK Tax & Accountancy, we can provide advice cross-border.
Life is About Experiences. We use Ours to Improve Yours.
Contact Michaela Rees or Sara Liley T: +350 2000 8080 E: email@example.com W: www.knightbridgeincorporations.com