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.
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.
Get in touch
Find out more about how we support our resident non-domicile clients by calling us on +44 (0)1624 645000
Understanding your needs
Our wealth planners and private bankers take the time to understand you and your needs
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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.
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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.
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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.
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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.
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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?
Should I seek wealth planning advice before I move?
Why are residency and domicile status important?
What is the difference between residency and domicile?
Why is the difference between residence and domicile important?
Are there notable implications to choosing remittance basis of tax?
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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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
OUR TEAM
Meet our team of dedicated professionals
Our teams are highly skilled and will help to understand your needs, giving you access to proactive help and efficiency through a single point of contact.
Find out more about our teams in the UK, Isle of Man, Jersey and Dubai here
Frequently asked questions