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Tax Havens
A number of jurisdictions offer much lower tax rates than the UK. In some locations, income tax is zero.Tax havens can be divided into two categories:
1. British Citizens Have Effective Right Of Residence
- British citizens have a right to residence with no need to meet any immigration requirements in a number of jurisdictions.
- Bear in mind, though, that even though you may have the right to live somewhere, it does not necessarily entitle you to the full rights of people born there. The Isle of Man and Guernsey, for example, fall into this category.
- In the Isle of Man, you are not allowed to compete with locals for jobs.
- In Guernsey you are not allowed to compete with locals in the property market. The housing market in Guernsey is split into the local market (off limits to outsiders) and the open market, which is much more expensive.
2. British Citizens Have No Effective Right Of Residence
- Jurisdictions where British citizen need to go through some form of formal procedure to gain the right to residence, such as Jersey and the Bahamas.
- In Jersey, residence is possible by leasing or buying a house or, eventually, by working as an Essential Employee in Jersey. All house leases and purchases must be approved by the Jersey Government. Permission is usually only granted to wealthy people who can demonstrate their presence will benefit the island in some way.
- In The Bahamas, residence is obtained by buying a house for more than $500,000.
Tax Havens
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