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Tax tips: Making the most of living abroad
British expats have been given some advice on making the most of their offshore tax planning when working overseas or even emigrating for good.
An estimated 5.5 million UK residents have opted to live or work abroad in the past decade, the Telegraph reports, with this figure set to increase in the wake of the economic gloom.
These people can make significant savings on income, capital gains and inheritance taxes even in countries that do not immediately seem to be offshore tax havens, such as France, Spain, Portugal and Malta.
"Portugal and Italy have no wealth taxes but residents of France are taxed on the full value of their worldwide possessions each year, although new proposals will limit this to French assets for up to five years for new residents," the paper advised.
The Telegraph also noted that expats should ensure that they are covered for healthcare, as many popular retirement destinations do not have healthcare agreements with the UK.
Posted by Brian de Selby.
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