As we confront the impact of COVID-19, one of the many important issues for family offices (FOs) to consider is an individual’s tax residency status.
Individuals and families who have spent time living in different locations will be familiar with the need to maintain clear and ordered evidence of their taxable presence in a country. This could include the total amount of time spent in that country, how much of that time was at their home, the number of days they spent working, and the number of days in other categories as defined in tax laws.
In this newsletter, we examine courses of action that could reduce the impact of quarantines and other social safety initiatives on FO executives’ residency plans. We also offer recommendations for affected individuals to consider in order to retain their tax residency status in their original country of residence during this period of unprecedented change and unpredictability.
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