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Key Tax Considerations When Relocating To Jersey

06.04.20

When considering a move to Jersey, it’s important to look at all aspect of the relocation right from the beginning. Whether it’s for financial reasons or personal reasons, there is a lot to consider when relocating to a new country.

As early as you can in the process, make sure you complete a full assessment of the relocation.

To help you we’ve listed the three steps to follow when considering relocating to Jersey:

Step 1: Get Clear On What’s Moving With You

The first consideration is who and more importantly, what is moving over with you. This covers the obvious aspects like people and physical objects but also any businesses you may or may not be involved in.

It’s important to confirm whether you’re relocating as an individual, with a family and whether you’re bringing over a business as that will drive the tax considerations to be aware of.

Step 2: Do An Impact Assessment Of Your Relocation

In order to get a full picture of the financial impact of your relocation, you need to complete an impact assessment of your relocation.

This assessment should be split into two parts; an assessment on the country to moving to and an assessment on the country you’re leaving.

When considering the country you’re moving to, you’ll need to consider aspects such as income tax, corporation tax, valued added taxes or goods and services taxes, payroll taxes, social security charges, refuge taxes and other stealth taxes.

When considering the country you’re leaving, you’ll need to consider any future tax liabilities that may occur, such as future income tax, capital gains tax and inheritance tax implications.

It’s also important to get a clear understanding of how your relocation will impact your domicile and residency status.

Step 3: Get A Relocation Advisor To Ensure A Smooth Transition

Once you’ve reviewed your relocation opportunities, the final step is to get a relocation advisor.

Your relocation advisor will be able to assess all aspects and complete a feasibility study on relocating opportunities.

Your relocation advisor will also be able to communicate directly with your existing tax advisor in your current jurisdiction to take work off your hands, reduce the administration costs and avoid any duplication of work.

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

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