The Most Important Thing For Expats When Relocating Abroad

The most important thing for expats when relocating abroad, is to make a will. When you relocate abroad you look at your income and assets and how to protect those in the future. You might be relocating to another country with a lower tax regime or it doesn’t tax your foreign income from that location. You might be moving to country that reduces tax on your pension income; in Cyprus they offer a 5% flat rate tax on foreign pensions for example. You might be moving to a country that frees you up from IR35 constraints that come with working as a contractor for a UK company. You might be moving to a country frees you up from capital gains on things like property sales, business sales & Bitcoin gains. We at ProACT look at each case individually, tailoring a long term plan to your specific needs to protect you or your family from potential capital gains or inheritance tax. UK expats relocating abroad still have a 40% inheritance tax liability on worldwide income. Read more at https://proactpartnership.com/blog/the-most-important-thing-for-expats-when-relocating-abroad