Why plan before you move?
Many countries tax by tax residence. The US and Canada, for example, both tax residents on worldwide income. Once you are a tax resident, overseas income, investments and accounts may need to be reported — so review your arrangements before your status takes effect.
What to review before moving
- Income: how salary, dividends, rent and business income are taxed in the new country.
- Asset structure: how company shares, property and investments are held.
- Foreign account reporting: some countries require overseas bank and financial accounts to be declared.
- Succession: whether wills, trusts and family office structures still work.
- Timing: when your status takes effect and when you actually move affect which year you become tax resident.
Big differences between countries
The UAE levies no personal income tax; Panama taxes on a territorial basis, only on income sourced there; the US and Canada tax residents on worldwide income. Tax is an important factor in choosing where to go.
Our advice
Have a tax adviser review your overall arrangements before investing or applying. GI Group works with partner accountants and tax advisers to plan for the whole family.