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.
31 Jul 2015 News
New Zealand Government Hon Steven Joyce Minister for Economic Development 31 July 2015 Joyce to visit the Philippines and Viet... more
31 Jul 2015 Business News
Article - BusinessDesk MARKET CLOSE: NZ stocks rise; Meridian, MRP up ahead of Tiwai Pt decision By Fiona Rotherham July 31 ... more
31 Jul 2015 Entertainment
New Zealand Government Hon Maggie BarryMinister for Arts, Culture and Heritage 31 July 2015 Appointments to the New Zealand Film... more
31 Jul 2015 Property
New Zealand Government Hon Nikki Kaye Associate Minister of Education 31 July 2015 Site purchased for Pt... more
21 Jul 2015 Migration
NZ net migration reaches new annual record in June, swelled by Indian, Chinese students July 21 (BusinessDesk) - New Zealand... more
23 Jul 2015 Travel & Tourism
Over $6 million from the Future Investment Fund will go towards expanding and modernising SmartGate at our borders to help manage ... more
15 Jul 2015 NZ Tourism
Minister welcomes Tourism Industry Association partnership A new partnership between the Department of Conservation and New ... more
31 Jul 2015 Motor Sport
KartSport World Champs Next for Euro Kart Round Winner Armstrong New Zealand has another World Karting Championship... more
31 Jul 2015 Column
Column - Gordon Campbell Gordon Campbell on Tim Groser missing in action on the TPP While rapid change is always possible in... more
23 Jul 2015 Opinion
The refusal by Minister Sam Lotu-Liga to hold Serco accountable for the company’s failings in prison management is bad... more
31 Jul 2015 People
New Zealand Government Hon Jo Goodhew Minister for the Community and Voluntary Sector 31 July 2015 Winston Churchill Fellows ... more
31 Jul 2015 Recruitment
By Suze Metherell July 31 (BusinessDesk) - New Zealand needs to significantly boost its efforts to protect vulnerable migrant... more
16 Jul 2015 Press Releases
Declan Clancy says economic turmoil unlikely to see Greek workers fleeing to NZ One World Resourcing’s Declan Clancy is not... more