Currently UK resident with a UK limited. What options are there for me?

[polonieth]

Hi,

I did publish this (albeit with less detail) on the main forum but upgraded to the mentor group to see what it's all about.I will split this into two parts.

First question - should I consider becoming a tax resident elsewhere?

UK tax resident and UK citizen.
The business is a UK limited company. I am a 50% owner and director. Currently, on PAYE, take a small salary and the rest as a dividend.
Turnover is low seven figures. Profit mid-six figures. Most profits are retained in the business for reinvestment.
The company earns all money online, no UK staff. All above board operation so not difficult to deal with banks etc.
I have no huge ties to the UK other than being a tax resident. Not property owner, no kids, etc so I would only need to return a few times a year for family stuff.
I currently spend the year with a few months in the UK, a few in Europe, and a few in Scandinavia where current girlfriend is from.
My business partner has more ties to the UK and would stay here, so it's not a case of incorporating it elsewhere, but more if I move, how do I optimise the setup for myself personally, and the business itself.

And if the answer to that question is yes.

The second question is: What options should I explore and which service providers are out there?

I have read a fair bit but I get the sense a lot of advice, while well-meaning is coming from those who have not done what they are suggesting. So I am ideally looking for some ideas and some recommendations for consultants or providers where I can speak with an advisor.
I've put in an enquiry with a couple of providers but haven't as of yet pursued them as I'd like to weigh up a few more options before wasting my time (or theirs)

Thanks.

 

[Martin Everson]

Ok so your solution is to simply move to a tax free country or a country where you can obtain resident non-domicile status. Being that you can remain director and simply receive passive income in the form of dividends you can opt to live in Ireland or Malta as a self sufficient resident non-domicile perhaps. You can then receive your dividends from your company offshore tax free. Ideally to make things more clear tax wise and to prevent problems with effective place of control and management I would resign as director but retain 50% shareholding.

I suggested those two countries due to proximity to UK you can off course look at Dubai etc.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[polonieth]

Martin Everson said:
Ok so your solution is to simply move to a tax free country or a country where you can obtain resident non-domicile status. Being that you can remain director and simply receive passive income in the form of dividends you can opt to live in Ireland or Malta as a self sufficient resident non-domicile perhaps. You can then receive your dividends from your company offshore tax free. Ideally to make things more clear tax wise and to prevent problems with effective place of control and management I would resign as director but retain 50% shareholding.

I suggested those two countries due to proximity to UK you can off course look at Dubai etc.
Click to expand...

Thanks, I prefer proximity to Europe, do you have any additional info I can read elsewhere or recommendation/type of provider or consultant I could look into helping me?

 

[CaptK]

Ireland would work best on a sulf sustaining basis.
Malta is nice but if your going to be 3 hours from home then I would suggest add another 4 and go to UAE.

The European options mean you can not be a director nor "actively" involved in any day to day business, not even an email nor telephone call.

UAE you can do what you like and still remain a director and work from there with no issue of CFC, PEB, or any other stupid rules like in the rest of the possible options.

Do not even consider Portugal NHR that's a mine field you don't want to go down.

 

[Martin Everson]

polonieth said:
Thanks, I prefer proximity to Europe, do you have any additional info I can read elsewhere or recommendation/type of provider or consultant I could look into helping me?
Click to expand...

For moving to Ireland or Malta for example everyone does this themselves. If you go to there government websites or third-party it is fairly straight forward.

https://www.citizensinformation.ie/en/moving_country/moving_to_ireland/#
https://www.gov.mt/en/Life Events/P...y/Moving-to-Malta-A-Guide-for-Foreigners.aspx

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[polonieth]

Martin Everson said:
For moving to Ireland or Malta for example everyone does this themselves. If you go to there government websites or third-party it is fairly straight forward.

https://www.citizensinformation.ie/en/moving_country/moving_to_ireland/#
https://www.gov.mt/en/Life Events/P...y/Moving-to-Malta-A-Guide-for-Foreigners.aspx
Click to expand...

Thanks, I suppose the question I have would be, is it worth exploring incorporating something overseas? Whether that's alongside the UK limited or I relinquish that.

 

[CaptK]

Only if it's in a zero tax haven but it's not worth the added expense.
The UAE is currently doing a remote working visa. That would be a good place to start to see if it will work for you.
Thats only valid for a year and renewable.

I suggest getting an investor visa with a mainland company and not a Freezone. You only need to spend 1 day within every 180 days to renew residency.

 

[polonieth]

CaptK said:
Only if it's in a zero tax haven but it's not worth the added expense.
The UAE is currently doing a remote working visa. That would be a good place to start to see if it will work for you.
Thats only valid for a year and renewable.

I suggest getting an investor visa with a mainland company and not a Freezone. You only need to spend 1 day within every 180 days to renew residency.
Click to expand...

Thanks for the tips @Martin Everson also said Dubai in my public forum thread. Will look into it.

 

[CaptK]

For now it's your best option.
There are other vehicles you can use like getting a loan against your assets and bringing those funds back tax free.