The desirability of pre migration Trust 25 Oct 2006
Ross Holmes Trusts Limited
- Making migration work: lessons from New Zealand Migration
- Melissa Taylor Registered nurse from San Diego enjoys her job by the beach Migration
- BYE BYE CULTURAL CRINGE: EXPAT KIWIS CONFIDENT AND CONNECTED WITH HOME Migration
- Finding a job in New Zealand Migration
- The Skilled Migrant Category selection Migration
- The Skilled Migrant Category Migration
- Annual permanent and long-term arrivals up 24 per cent on year ago Living
- Now what have I forgotten? Migration
- Homeward bound: The final countdown Migration
- Wellington – live, work and play Migration
PRE MIGRATION TRUST: For many reasons UK citizens and returning Kiwis are considering a change of life style and heading down to New Zealand for that change. UK citizens have a once only opportunity to gift assets at once to a Trust before you become resident and domiciled in New Zealand.
This opportunity will be lost when you become domiciled in New Zealand.
There is no gift duty in the United Kingdom. Over the last few months use of trusts in the UK has been seriously curtailed in that any personal assets gifted to a trust valued over the nil rate bank of £285,000 per person (£570,000 per couple) will be subject to a lifetime inheritance tax charge of 20% with ongoing periodic charges and exit charges levied on distributions made or imposed at the 10 year anniversary of the trust.
New Zealand does not have these problems it has no inheritance tax or estate duty, stamp duty or land development tax.
The rich accept that trusts are normal. They use trusts as their cornerstone investment ownership vehicle. It is far safer to adopt the methods which the wealthy have successfully used for centuries. By using a trust in New Zealand you can maximise your chances of financial success and security.
New Zealand tax incentives for new migrants
In April 2006 the New Zealand Government amended the 2004 Income Tax Act to provide a new four year exemption on foreign sourced income for new migrants to New Zealand and returning New Zealanders who have been non-resident for tax purposes for 10 years or longer. These persons are now known as "transitional residents". The exemption has been extended to Trusts where a New Zealand Settlor is a transitional resident.
These new rules will provide an exemption from Income Tax to transitional residents for income derived from any country other than New Zealand in the form of dividends, interest, rents and an exemption from the application of the Foreign Investment Fund regime.
The exemption will last for a period of 48 months commencing from the first day of the month in which the individual acquires a "Permanent Place of Abode" in New Zealand". Judicial decisions have held that a "Permanent Place of Abode" is a test considering the strength of the relationship an individual has with New Zealand.
Assets placed into a New Zealand Trust below the nil band for UK Inheritance Tax Purposes will not attract New Zealand Income Tax providing the income is not generated in New Zealand and will not attract the UK 20% Lifetime Inheritance Tax.
More information on New Zealand trusts can be obtained from www.rossholmes.co.nz.
Before considering the move or return to New Zealand we highly recommend that you seek professional advice pertaining to your personal circumstances.
23 Sep 2016 Canterbury Earthquake
New Zealand Government Hon Gerry BrownleeMinister supporting Greater Christchurch Regeneration 23 September... more
23 Sep 2016 Business News
Article - BusinessDesk Friday 23 September 2016 12:47 PM RBNZ pushes for new quarterly disclosure regime By Paul McBeth Sept. 23 ... more
18 Jul 2016 Lifestyle
The Outlook for Someday Young New Zealanders Making Films For Good What does sustainability mean to you? Since 2007 The Outlook for... more
3 Aug 2016 Property
Wednesday 03 August 2016 10:30 AM Auckland house prices are stabilising, may have plateaued, Barfoot says Aug. 3 (BusinessDesk) -... more
2 Aug 2016 Property
Article - BusinessDesk NZ home values rise at fastest quarterly pace in 12 years By Tina Morrison Aug. 2 (BusinessDesk) - New... more
30 Mar 2016 Migration
British High Commissioner Jonathan Sinclair is defending changes to skilled migrant rules for Britain but suggests they won't affect... more
25 Aug 2016 Travel & Tourism
New Zealand Government Hon Wagner using the new eGates at Wellington Airport.... more
10 Aug 2016 Travel & Tourism
Article - BusinessDesk Wednesday 10 August 2016 12:19 PM Aug. 10 (BusinessDesk) - New Zealand accommodation providers had their... more
23 Sep 2016 Netball
Netball NZ Stars to hit the court for FAST5 Ferns Friday 23 September, 2016The FAST5 Ferns will be eyeing off a fourth straight title... more
25 Aug 2016 Motor Sport
25 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the end game in Spain First published on Werewolf more
11 Aug 2016 Opinion
Column - Gordon Campbell Gordon Campbell on the Impotence of the Reserve Bank First published on Werewolf more
29 Aug 2016 Appointments
New Zealand Government Hon Jo Goodhew Minister for Food Safety 29 August 2016 Jane Lancaster has been appointed to the Food ... more
12 Aug 2016 Appointments
New Zealand Government Hon Hekia ParataMinister of Education 12 August 2016 Appointments to New Zealand National Commission for... more
3 Aug 2016 Recruitment
New Zealand Government Hon Steven Joyce Minister for Tertiary Education, Skills and Employment 3 August 2016 Jobs growth continues... more
3 Aug 2016 State of the Market Report
Wednesday 03 August 2016 11:57 AM NZ private sector wage inflation misses expectations in June quarter Aug. 3 (BusinessDesk) - New... more