How your visa status will impact you financially

On moving abroad, the type of visa you obtain, and how you act financially when your visa is being applied for is likely to be absolutely critical to how your assets will be taxed in your destination country. This could make a difference of over 40% in what your assets are worth!

For example:

Did you know that there is a major difference between being permanent/temporary tax resident, and being permanent/temporary resident for visa purposes?
Did you know that this subtle difference could mean that either i) all your assets are fully taxed on reaching your destination country; or ii) none of your assets are taxed on moving country?
Did you know that this can be the main difference between whether you should retain your assets in the UK or abroad?
Did you know that this difference can lead the value of your total assets after tax to change by over 40% without the correct advice?

Pretty serious stuff. The difference between one visa class or another can create significant extra tax benefits for you, or lead you to pay an excessive tax bill on moving countries.

If planning to move abroad, you may wish to seek advice on what visa class to go for. We would be pleased to work through this for you, together with a reputable visa agent, so that you are not caught out.
Alternatively, if you already have your visa, we would be pleased to work with you to take you through the available tax benefits based on your visa class – and hence how to optimise the after tax value of your assets with this in mind.
This service is available to people who have not yet applied for a visa, are in the process of applying for their visa, or have already made the move. It is also available to nationals of the departure or destination country.

This requires specialist advice so you are not caught out by the difference in visa classes and residency status. Prism Xpat would be pleased to advise you on this, considering the UK/Australian and/or New Zealand markets.

Expat finance

For Investment Planning we make recommendations based upon the Whole of Market. The levels and bases of taxation are subject to change. Information provided on this site in relation to tax, pension & Investment issues in both Australia and New Zealand is based upon our current understanding. Related legislation and tax rates are subject to change at any time by the respective governments and authorities of both countries. The guidance provided within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. This site does not confer any form of personalised financial advice, should you wish to receive specific financial advice please contact us. PRISM XPAT is a trading style of Xpat Limited which is authorised and regulated by the Financial Services Authority. Xpat Ltd is entered on the FSA register under reference 459255.