Domicile, Tax Status, Advice (US & UK)

When moving from a country that enforces taxation upon its citizens to the Cayman Islands—a country without direct tax—there are certain rules and regulations that need to be adhered to in relation to your 'home' country. Here we discuss the differences between the UK and US Domicile/Tax Status and what you need to do to follow the rules to ensure those taxes get paid on time.

Hotchkiss Associates Limited

A professional team of tax advisors. They provide clear and concise UK and international tax advice for clients.

Tel: +44 1624 872140 Email: info@hotchkiss.im www.hotchkiss.im

Jama Johnston

Miss Johnston is a senior tax manager with KPMG in the Cayman Islands.

Tel: +1 345 815 2658 Email: jamajohnston@kpmg.ky

US Domicile

Leaving the US to move to the Cayman Islands can be a big step for many people. However, there is one bit of your former life in the US that will remain virtually unchanged. US citizens or green card holders are subject to US taxation on their worldwide income even when they are not living in the US.

UK Domicile

If you were once resident in the UK and are now resident in the Cayman Islands, then knowing your tax status and your UK tax obligations is very important. Equally, if you are thinking of emigrating the same is true.

Tax Advice for UK Citizens Moving to Cayman

In this section we describe everything you will need to know, from a tax perspective, on what it takes to leave the UK and take up residence in the Cayman Islands. We offer advice if you want to keep a UK property in England, whether to rent it or not, and we cover what you will and won’t get taxed on if you still have to work commitments in England. We also discuss what to do with your UK pension, income you receive from rent, your bank account or other things remaining in England, and then what happens if you decide to return to the UK, as a full-time resident, before five years has passed.