UK resident non-domicile

If you intend to live in the UK for a short time, you could consider life in the UK as a non-domicile. Depending on your circumstances, this approach could be advantageous from a tax perspective.

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How we help

Professional private wealth planning advice

Our award-winning and experienced team of wealth planners can offer a comprehensive review of your finances ahead of your move to avoid potential issues or impacts to your wealth later. You may also be able to take advantage of new investment structures available to you.

We can also help you review your existing investment and wealth structures to check that they remain the best approach for you and your family.

A good understanding of UK tax legislation is essential, and your personal circumstances should be carefully considered with the help of tax professionals. Seeking expert advice will help you make more informed financial decisions when you relocate.

Understanding your needs

Our wealth planners and private bankers take the time to understand you and your needs

  • Using financial modelling software

    We can help you visualise your financial future and include the impact of any relocations. We stress test the plan, giving you the best chance of achieving your goals. This will help structure your investments in the most efficient manner.

  • Tax status

    A UK resident whose permanent home is outside the UK is known as a non-domiciled individual or ‘non-dom’, which is purely a description of their tax status and indicates they do not intend to live permanently in the UK. You should seek specific tax advice from a tax adviser before making decisions on your wealth structuring.

Separation of income

Borrowing for a new home?

If you plan to purchase property in a new location as a home, or for other purposes, special regard must also be given to where the loan is granted from and how and where it’s serviced, in order to avoid any remittance issues.

  • Separation of onshore and offshore bank accounts and investments

    Choosing the remittance basis of taxation has wide implications, specifically for your investment strategies and foreign income management.

    See ‘Special basis of taxation’ section below.

  • Where can we help?

    Our unique consolidated, banking and investment accounts will provide a seamless experience to move money onshore and offshore.

Frequently asked questions

Nedbank Private Wealth

What should I do before I move?

Having a private wealth planner examine your existing financial arrangements may mean you are able to revise decisions ahead of your move, helping to avoid potential issues later.

Should I seek wealth planning advice before I move?

This is important, whether you are a high net worth individual looking to make your move to the UK permanent or not. You may be able to take advantage of new investment structures.

Why are residency and domicile status important?

In the UK, the way you are taxed by HM Revenue and Customs (HMRC) is based on your residency and domicile status.

What is the difference between residency and domicile?

Your residency status is simply where you live. Your domicile is generally either where you were born or where you choose to live indefinitely.

Why is the difference between residence and domicile important?

Non-domiciled individual living in the UK you can choose to register non-domiciled status, meaning they are only taxed on income and gains earned in the UK.

Are there notable implications to choosing remittance basis of tax?

Choosing the remittance basis of taxation has wide implications, specifically for your investment strategies and foreign income management.
Wealth Structuring

Structuring your wealth to meet your needs

With your private wealth plan in place, it’s important that we use the right investment and wealth structures that are appropriate for your needs and suitable for your circumstances. We will take into account considerations such as:

  • The tax-efficient accumulation of wealth
  • Planning for a successful retirement
  • The transfer of wealth to the next generation
  • Leaving a lasting legacy through charitable giving.

We can use sophisticated cashflow planning software as part of your bespoke wealth plan to help visualise your financial future.

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Immigration and relocation to the UK

Find out how we can help with your relocation. Our team of experts work with clients all over the world with their relocation needs, delivering a personal strategy to address their specific requirements.

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International lending

Bespoke UK property or investment backed lending

Borrowing from within or outside the UK to fund your new home or borrowing for other requirements needs careful consideration and solutions which do not create remittance issues. Special regard must be given to the source of debt servicing to avoid remittance issues. This is where a private bank with access to both on and offshore capabilities is very useful.

We work with tax professionals to ensure lending is done in the most efficient manner.

Special basis of taxation

Living in the UK but don’t intend the move to be permanent

You can choose to be taxed only on your income and gains earned in the UK and those which you bring into the UK. This is known as the remittance basis of taxation, and it means any foreign income and gains remain outside of the scope of UK taxation, which can be advantageous if you have significant foreign income or assets. The remittance basis is only available for the first 15 years of living in the UK, but during this time it provides the potential to secure wealth and avoid tax erosion. After this period, you will automatically be ‘deemed’ to be domiciled in the UK and will have to pay tax on your worldwide income.

How can we help you?

Contact us to find out how our advisers can help you structure your wealth as a res non-dom on +44 (0)1624 645000

Find out more about our teams in the UK, Isle of Man, Jersey and Dubai here

Frequently asked questions

Nedbank Private Wealth

How can we help you?

Contact us to find out how we can help you to relocate with confidence on +44(0)1624 645000.

Should I cease residence in the country I am leaving?    

It is important that you seek professional tax advice for your specific situation.

What about my pension?

While you are likely to have an existing pension, it’s worth checking what the potential restrictions are when accessing the funds your new home country.

Where should I keep my international assets?

For some it may be preferable to have assets centrally managed or located in one place. Your decision should be based on your specific needs.