Expat Health Insurance News: Expats urged to get taxes in order
15/02/10 12:40
Expats planning a move overseas should be careful to ensure they understand their tax responsibilities, finance expert Paul Farrow has advised.
Writing for the Telegraph, Mr Farrow explained that for those who are moving overseas but also plan to return to their home country regularly, the key consideration in terms of tax liabilities will be the amount of time that is spent back in their home country.
In the UK, you are deemed a resident if you spend more than 183 days in the country or if your visits to the country average 91 days or more each year over four years.
Providing that fewer days are spent on home soil, expats will be exempted from UK capital gains tax after five years.
However, the finance expert also advised: "If you have income from a source in one country and are resident in another, you may be liable to pay tax in both countries under their tax laws."
Researching expat medical insurance policies may also be an effective way to avoid being stung by unforeseen healthcare costs while abroad.
Expatriate Healthcare specialise in providing international health insurance. Make sure you're protected.
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