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.
16 Sep 2014 News
Women’s Affairs Minister Jo Goodhew has celebrated the 121st anniversary of women’s suffrage with an event recognising... more
15 Sep 2014 Business News
Article - BusinessDesk Greenwald posts article on spying allegations ahead of 'Moment of Truth' event By Fiona Rotherham Sept.... more
15 Sep 2014 Environment
Sept. 15 (BusinessDesk) - New Zealand visual marketing software company Shuttlerock has added Lady Gaga to its client list. While... more
3 Sep 2014 Property
Sept. 3 (BusinessDesk) - Auckland house sales fell for a third month in August and the number of listings remained muted in the... more
11 Sep 2014 Migration
Sept. 11 (BusinessDesk) - The Reserve Bank is keenly watching the impact New Zealand's decade-high net migration inflow is having on... more
11 Sep 2014 Travel & Tourism
Sept. 11 (BusinessDesk) - Plans for a $350 million runway extension for Wellington International Airport would provide the capital... more
15 Sep 2014 Sport
Emirates Team New Zealand Today’s pictures are here Emirates Team New Zealand has won Act 6 of the Extreme Sailing series today... more
16 Sep 2014 Opinion
Gordon Campbell on the aftermath of the Greenwald/Snowden revelations [See correction below. link] The credibility issues... more
15 Sep 2014 Opinion
Column - Gordon Campbell Gordon Campbell on the Glenn Greenwald revelations All that hanging out with the All Blacks clearly... more
10 Sep 2014 People
The New Zealand Psychological Society (NZPsS) -the largest membership association for psychologists in New Zealand, offers awards... more
11 Sep 2014 Recruitment
Paramedics in New Zealand jump at opportunity of a clinical career in London Paramedics hoping for a chance to work for the... more
22 Aug 2014 Recruitment
The loss of up to 100 jobs at Croxley stationery in Auckland is devastating news for their families and the local Avondale... more