Expat financial advisors in Grand Cayman
A move from the UK to the Cayman Islands is, by very definition, a bold one. However, for the majority of expats who undertake such a life change, it is not one that they will regret. This is because, if you get your financial advice and wealth management in order, chances are that you will be able to enjoy all the benefits that go with living in one of the world's true natural paradises.
Dealing with HMRC
Before any would-be Cayman Island resident leaves the UK, he or she should fill out HMRC's form P85. This ensures that you have the opportunity to get your tax and residency status right and is particularly important if you will continue to have UK tax to pay – for example, if you have a UK-based business, a rental income, or are the director of a company.
Considerations include being listed as a non-resident landlord so that rent can be paid without UK income tax, splitting the tax year into resident and non-resident periods, and addressing the issues around capital gains tax.