Tax Advice

Inheritance Tax Planning

As an expatriate, you may also remain liable for some taxes in your country of origin, particularly inheritance tax. Inheritance Tax is the tax which is paid on an estate when the owner passes away, paid in the jurisdiction in which one is domiciled. This is almost always the country one was born and raised. Due to the increase in house prices, more families are being subjected to increasing inheritance tax liabilities. Inheritance tax is a highly punitive tax and can cost our clients' families significant amounts. However, through effective planning at Summit Wealth Management, we can optimise your arrangements to legally mitigate a large portion of Inheritance tax. Meet our Tax specialist for a review of your current Tax Liabilities and receive advice on the opportunities for tax planning.

Case Study: Inheritance Tax Planning

Income Tax Advice

Expat and local tax can be a complicated affair but this need not be the case with our comprehensive tax solutions and planning. Many expats are not aware that they are liable to Capital Gains Tax and Income tax in their home countries. Summit Wealth Management will comprehensively view all your potential tax liabilities and working closely with our tax experts, we will utilise tax optimisation structures which will save you thousands on unnecessary tax expense.

Domicile Planning

With globalisation, many people are moving away from their home country for prosperous offshore job opportunities. Establishing your domicility can be far more complicated than you realise.

As a general rule, your place of domicile is the country in which you were born and raised. Even if you are tax resident in another jurisdiction for several years, this still doesn’t change your domicility unless very precise actions have been taken. Don’t be caught out, speak to a Chartered Tax Advisor to understand your domicile status and the consequences.

Case Study: What is your country of Domicile?

Swiss Tax Returns

In the early years as an expatriate in Switzerland, for example as a B Permit holder, one will be taxed at source. However, you must still complete a tax return if any of the following conditions apply:

  • You earn over 120k CHF annually.

  • You own property in Switzerland.

  • Your spouse is Swiss or holds a C permit.

  • You have significant income not taxed at source in Switzerland.

C Permit holders (not taxed at source) must also complete a tax return.

Understanding how to fill in the documentation and what you are and are not eligible to claim for can be difficult, frustrating and time consuming, even more so when the documents are not in your first language. Our specialist knows the intricacies of the Swiss tax and legal system and will provide excellent help and advice with completing your Swiss tax return.