Have you considered where you are going to spend your future and retire? You should!

You work hard to have a successful career or build your own business, you create wealth, you provide opportunities and a secure future for your family – and all with the intention that one day, you’ll be able to relax, pursue your interests and just focus on enjoying life.

As with all successful implementation strategies, planning is key. You need to consider where you might be resident, tax resident and/or hold citizenship to ensure that you and your dependants are set up securely and efficiently for the future but can also benefit from a broad range of personal, business and lifestyle opportunities today.

Whether you plan to establish primary residency in one country or to be internationally mobile, dividing your time between two or more countries, it’s important to look ahead, consider all your options and plan.

When developing the most suitable residency, citizenship and wealth management strategy, each factor will have a determining impact on the other. It is also worth noting that it is possible and can be advantageous to plan across multiple countries and jurisdictions.

Why plan ahead?

When it comes to your future, it’s worth considering all your assets, responsibilities and goals as part of your wider wealth plan. Without this approach, you might overlook opportunities or make decisions without all the relevant information. Beginning the process now provides time to plan and implement the most suitable strategy for your personal needs, without rush.

Establishing an alternative place of residency or citizenship now will ensure that you receive the advantages of the programmes that are currently available (these are often subject to change or closure), that your investment in property or qualifying assets is made at today’s prices, and that you will be in a position to exit from any mandatory investment holding periods and recuperate your funds at just the time that they might be needed.

Establishing an alternative place of residency or citizenship now may also provide you with greater travel freedoms and security and will serve as an insurance policy to protect your long-term plans in the event of any sudden economic or political upheavals that could threaten to derail them.

It also means that you and your family have the option to establish permanent residency or citizenship through naturalisation sooner, while children still qualify, so that the resulting benefits can be enjoyed for life and passed on to future generations.

Knowing your future place of residency and tax residency is an important but often overlooked element of international financial planning. It creates a platform upon which to build, implement and protect a tax efficient wealth management strategy.

Alternative Residency

The Sovereign Group advises clients on a wide range of residency programmes worldwide that cater for most personal requirements and budgets. Qualifying applicants will typically receive a local residence permit and the following additional benefits:

• The right to reside, settle and stay indefinitely in your chosen country.
• The option to include spouse, children and additional qualifying dependants.
• Greater visa free access and freedom of movement within cooperating countries.
• No language requirements.
• Access to excellent educational institutions.
• Access to first class medical facilities.
• Business access to new markets.
• Multiple personal and corporate tax benefits.
• Eligibility to apply for permanent residency or citizenship through naturalisation in the future.

Tax Residency

Low Tax Countries and those that offer preferential rates to new residents and/or non-domiciled individuals can provide a broad range of tax efficient benefits. Depending upon the country programme selected, these can include:

• No tax on foreign-sourced income unless it is remitted to the country in question.
• Reduced tax rates applicable to locally sourced income.
• Reduced or no tax applicable to foreign-sourced dividends, rental income, interest and/or capital gains.
• Preferential local corporate tax rates.
• No estate duty or inheritance tax.
• Access to numerous double taxation treaties.

Second or Alternative Citizenship

Citizenship can be attained through an investor programme or through naturalisation. It can provide applicants and their qualifying dependants with a broad range of benefits, which include, but are not limited to, the following:

• Obtain a second citizenship and passport and right to reside, settle and stay indefinitely in the country of your choice.
• No minimum stay requirements.
• The right to live in cooperating countries (e.g. within the European Union/European Economic Area (EEA) or Switzerland, the Gulf Cooperation Council (GCC) or the Caribbean Community (CARICOM).
• Obtain access to a greater number of countries through visa-free access or visa-on arrival (e.g., within the EU Schengen zone).
• Potential to pass on new nationality to future generations.
• Access to high quality educational institutions and medical facilities.
• Protection through the law of the country where you obtain citizenship.
• Personal and corporate tax benefits.
• Availability of cross border trade agreements.

Sovereign Group International Residency & Citizenship Planning Services

The Sovereign Group advises on and provides access to a comprehensive range of residency, citizenship, and tax residency solutions. Our extensive network of offices, experienced local teams and professional service partners ensure that we are best placed to assist clients with the identification, development and implementation of the most suitable overall strategy for their needs.

Together we work with individuals, families and businesses currently based in and establishing new links within:

• Europe
• The Middle East
• Africa
• Asia
• The Americas
• The Caribbean

Planning and Implementation

Sovereign provides clients with comprehensive advice, planning and support throughout. Depending upon your chosen permit programme, this may include:

• International residency and citizenship planning and implementation.
• Tax residency planning and implementation.
• Application preparation and processing.
• Immigration meeting coordination and support.
• Assistance with identifying suitably qualifying investments.
• Assistance with identifying property for rent or purchase.
• Corporate establishment and management services.
• Establishing local fiscal requirements, tax ID’s and certificates and bank accounts.

Combined with Private Client, Corporate Establishment and Management Planning Services
Sovereign works closely with applicants during each stage of the planning and implementation process. When combined and managed correctly, the following Sovereign Group services can assist companies, individuals and families to develop and implement a comprehensive, flexible and tax efficient strategy:

• Corporate establishment and management services.
• Trusts and foundations.
• Estate and succession planning.
• International retirement plans.
• Wealth management.
• International life and medical insurances.

For further information, to discuss your requirements, explore your options and begin planning today, please contact Sovereign’s Residency & Citizenship Planning team.