Tax planning considerations for Tier 1 (Investor) migrants

The UK encourages foreign direct investments by granting high net worth individual investors and their families the right to reside temporarily in its territory, with the associated tax benefits of the resident ‘non-dom’ regime.

After a qualifying period, whose length depends on the amount invested in the British economy, the individual and their kin can apply to obtain indefinite leave to remain (ILR) in the UK. Later, they can even apply for British citizenship.

The immigration rules, which regulate the process are extremely complex and subject to frequent and unexpected changes.

Applicants usually engage a triad of advisors, who are experts in the fields of UK immigration law, financial and tax planning, to submit their visa applications.

Despite moving to a high-tax country, for many applicants seeking comprehensive tax advice is often an afterthought, when the investments are made and the arrival dates are set.

This article, written by Dmitry Zapol ADIT LL.M (Tax) LL.B (Hons), highlights the primary tax planning considerations relevant to non-domiciled investors at different stages of the UK immigration process for high-value migrants.

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