Planning to move from Poland? Or, perhaps, working or living in several countries or running a business abroad? There are many aspects to take into consideration, such as the tax obligation and avoidance of excessive cost risk, including the risk of double taxation.
As changes caused by the COVID pandemic keep taking place, many people consider reorganising their lives and finding a new, friendly “place on Earth”. We help you find the answer to the question of how to do it and is it really worth doing.
Many aspects should be investigated and planned in advance, i.e. before starting the relocation. This will help you get through the entire process swiftly. Should this stage be omitted, fixing things and eliminating certain risks may prove to be a lengthy and costly process.
Where to start with relocation
Choose the target location taking into account its tax laws and friendliness for family life. Every relocation may involve exit tax. We prepare a comprehensive action plan, including a calculation of all tax liabilities, before you decide whether to get on with the process.
We review the selected destination (e.g. Malta, Italy, Portugal) also in terms of possible return to Poland, since your plans may change some day. Some people choose to retain double tax residence, e.g. in Poland and Dubai. It is worth making an appropriate business plans and calculate all the costs, including taxes, in advance.
If some part of the business would still be run in Poland, the functions of the Polish and foreign teams (such as: business services centre in Poland / sales and services in the US) must be planned very thoroughly.
- We conduct tax analysis for non-Polish residents, checking whether tax residence has actually been lost. If necessary, we help complete any formal requirements overdue.
- For persons moving for business reasons or planning to move out from Poland, we help them choose the best new residence and support them, if necessary, in relocation of their companies and businesses.
- We provide assistance in taxes and accounting in the new location.
- We assist in contacts with financial institutions and streamline the costs of such relocation.
- We remember about inheritance issues which are also very importance when changing the place of residence.
Relocation of assets:
If, in addition to changing your place of residence, you plan to move your business abroad or your move is due to business reasons, we will help you in relocation of your company or its international expansion. For more information about this, read HERE [CLICK]
Relocation of assets must also be considered in terms of the governing law of succession, for adequate succession planning. Our team has been providing support in succession planning for over ten years.
We have planned relocation of a family and a business (training companies) to New York. Due to the change of market environment in the time of COVID pandemic, we had to promptly respond by modifying our solutions. We had to act efficiently and keep matching the client’s needs to the ever-changing market which has been affected by the epidemic to various extent depending on the location.
RELOCATION OF 15 FAMILIES
In the years 2019-2020, we have moved around a dozen families, and changed tax residence of all family members. Destinations chosen by the clients included: the UK, Cyprus, Portugal, Malta, USA.
We have handled inheritance matters when relocating both assets and families. Taxes and new place of residence are not the only issue. The clients frequently forget that change of residence may involve a change in the governing law of succession. We remember about it for them!