The International Migration 2019 report issued by The Department of Economic and Social Affairs of the United Nations Secretariat presents information on levels and trends in international migration, for regions and countries of the world, the state of international migration policies of the Member States, and the ratification and adoption status of migration-related legal instruments and normative frameworks. Based on the 2019 revision of the International Migrant Stock, the number of international migrants worldwide reached approximately 272 million in 2019, as compared to 221 million in 2010, 174 million in 2000 and 153 million in 1990.

With migration, individuals and their companies may become tax residents of another country or more than one country, which may potentially give rise to significant tax implications. To improve the accuracy of their financial plans, individuals looking to migrate should become aware of the types and quantum of taxes that they may face given their specific background, such as migration plans, asset portfolios and income streams. Proper planning and execution of careful steps may also help mitigate their tax exposures.

Some steps take time to be implemented properly. There are also steps that need to be taken within a prescribed time frame to avoid irrevocable negative outcomes. Ideally, we recommend the individuals to seek professional tax advices three to six months prior to the proposed relocation date.

Our emigration and immigration services can help you identify tax implications that may arise from your proposed migration plans, make the most of incentives offered by governments on a timely basis and mitigate the potentially substantial tax liabilities.

If you plan on migrating to another country, please feel free to connect with us.