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How To Ensure You Properly Exit Your Current Jurisdiction

How To Ensure You Properly Exit Your Current Jurisdiction

06.04.20

There’s nothing worse than being incredibly excited to move to a new country but realising you haven’t properly tied up the loose ends in the country you’re leaving.

Here’s a list of a few loose ends you’ll want to tie up before you leave:

Current Liabilities

Firstly, make sure that your personal taxation requirements are dealt with in an appropriate and timely manner, ideally before you leave the country.

Clear any outstanding tax bills, any social security liabilities and so on. This is something your existing tax advisors should be able to do for you.

Understand Your Status

Secondly, get advice on your status when you leave the country. Get clarification on domicile and residence status and any impact that will have on your future tax liabilities.

Just because you’re no longer resident in a particular jurisdiction doesn’t necessarily mean your liabilities end so it’s important to get advice on that before you leave that jurisdiction.

Exporting Your Personal Effects

In some countries there are import and export taxes to consider, especially if you’re going to be moving your personal effects.

Whilst some countries give you exemptions and allowances for importing your goods to the new jurisdiction, consideration needs to be made for any charges on taking the good outside of your current jurisdiction.

Future Liabilities

Finally, it’s important to consider your future liabilities, this may be liabilities in the country you’re moving to but consideration should also be a made for the tax liabilities in the jurisdiction you’re leaving.

Depending on your status, there may be future income tax liabilities, capital gains tax and inheritance tax implications in the country you’re leaving.

However, it’s not all bad as there are Double Tax Relief treaties between many jurisdictions which avoid you being charged tax in both jurisdictions.

Plus, some countries offer special provisions for migrants or high net worth individuals where they may apply limited tax on income remitted into their jurisdiction so it can still work out in your favour.

Getting The Best Result

One method to streamline many of these implications would be to consider personal asset restructuring before you leave your current jurisdiction. This can help you to mitigate any excess charges and plan for the best financial approach for you.

For more information on how Mekad can support you with your relocation to Jersey, contact the team on +44 (0) 1534 729870 or email to info@mekad.com.

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