Category: Residency

Switzerland is a very attractive location to live and work for many non-Swiss nationals. It offers amazing scenery as well as a number of world-famous cities such as; Berne, Geneva, Lausanne, and Zurich. It also offers an attractive tax regime for individuals as well as for companies, in the right circumstances.

We interview Thierry Groppi in our Dixcart office in Switzerland, on what it is like moving to Switzerland and living there. Thierry is the Business Development Manager in our Dixcart Office in Switzerland.

How long can individuals stay in Switzerland as a tourist?

I am often asked this question.

Non-Swiss nationals are allowed to stay in Switzerland as tourists, without registration, for up to three months. After three months, if they are planning to stay in Switzerland, they must obtain a work and/or residence permit, and formally register with the Swiss authorities.

What is the situation regarding working in Switzerland?

There are three ways to be entitled to work in Switzerland:

• Being hired by an existing Swiss company.
• Forming a Swiss company and become a director or an employee of the company.
• Investing in a Swiss company and become a director or an employee of the company.

When applying for Swiss work and/or residence permits, it is important to note that different regulations apply to EU and EFTA nationals compared to other nationals, so it is worth checking.

The most popular route is definitely individuals forming a company in Switzerland. This is because EU/EFTA and non-EU/EFTA nationals can form a company, be employed by it, reside in Switzerland, and benefit from the attractive tax regime.

Read more here: How to Become Swiss Resident by Working in Switzerland – Dixcart

What is the minimum investment required for Swiss residency, when forming a company by a Non-EU/EFTA citizen?

The company must present a business plan detailing how the amount to be invested in it will generate a turnover of CHF 1 million or more per annum, in the ‘near future’, and the business plan has to show that the company will achieve this turnover in a specified number of months, not necessarily in the first year (particularly if the company is a start-up).

Can individuals gain Swiss residency through investment in real estate?

No, Switzerland does not offer a real estate investment programme.

Non-Swiss nationals can only gain Swiss residency through the ‘Swiss Business Investment Programme’, detailed above or through the Swiss Lump Sum System of Taxation.

Swiss based real estate can be purchased after gaining a residence permit. Quotas may be applicable to non-Swiss nationals in relation to owning a second residence in Switzerland.

What is Swiss Lump Sum Taxation?

The Swiss Lump Sum System of Taxation is extremely popular. This annual tax is based on the applicant’s ‘expenses’ (not income), which is generally calculated as being 7 times the applicant’s annual rent.

A tax rate is then applied to the individual’s expenses and depends on the canton. The tax rate is generally between 21% and 46%, as agreed with the relevant cantonal tax authority.

Minimum deemed expenses, are detailed by many cantons, some of which are listed below:

• Aargau – CHF 400,000
• Bern – CHF 400,000
• Geneva – CHF 600,000
• Fribourg – CHF 250,000
• Lucerne – CHF 600,000
• Ticino – CHF 400,000
• Schwyz – CHF 600,000
• St Gallen – CHF 600,000
• Uri – CHF 400,000

What are some of the advantages of living in Switzerland?

There are so many advantages of living in Switzerland.

It has, and continues to be, one of the most sought-after countries to live in, in the world. It is a safe and neutral country, it has high standards of living and education, there are a variety of multicultural cities, and it is an all-round beautiful country with pristine lakes and the backdrop of the Alps.

It is also excellent for businesses. Business is investment friendly in Switzerland, and there is a great banking system.

Read more here: The Ultimate Guide to Relocating to Switzerland

How can an individual become a Swiss Citizen?

An EU or non-EU/EFTA national must have lived at least 10 years in Switzerland to be able to apply for a Swiss passport.

However, if an EU or non-EU/EFTA national is the spouse of a Swiss national, they need only to have lived in Switzerland for 5 years.

A child of a Swiss national (under the age of 18) will automatically be granted Swiss nationality. 

What reputation does a Swiss passport have?

A Swiss passport is very well respected across the world. It is well ranked in the world passport rankings in terms of visa free travel, with Swiss citizens able to travel, visa free, to 172 countries.

Which cities are well-known and popular to live in?

Geneva, Zurich, Bern, Lausanne, Basel, Lucerne, and Lugano are some of the most well-known cities in Switzerland, and are definitely the most popular in terms of where people live after relocating to Switzerland.

What languages are widely spoken in Switzerland?

English is spoken everywhere, as well as the three national languages of: French, German and Italian.

Is Switzerland in Schengen?

Yes, Switzerland is a Schengen signatory, enabling free movement for Swiss nationals within the EU. A Swiss residence card also allows for free movements in Schengen countries.

Does Switzerland have tax treaties?

Yes, Switzerland has a large number of tax treaties, just over 100 in total.

Additional Information

For additional questions about how to relocate to Switzerland, or what it is like to live and work in Switzerland, please get in touch: advice.switzerland@dixcart.com.

Why Cyprus?

Cyprus is an attractive option for individuals who are considering a change of their tax residency.

This island offers; a warm climate, good infrastructure, convenient geographic location, membership of the EU, tax advantages for companies and incentives for individuals through the Cyprus non-domicile regime.

Main Benefits of Legislation Passed in 2015

A change in the tax legislation took effect on the on 16 July 2015

Among the approved changes in Tax Legislation, individuals qualifying under the Non-Domicile tax regime are exempt from the ‘Special Defence Tax’ (SDC).

SDC taxation is a taxation levied on individuals when receiving certain sources of income. Through the SDC exemptions granted, Individuals qualifying under the Non-domicile Tax regime are now exempt from taxation on the following sources of Income:

• Interest; and
• Dividends; and
• Capital gains (other than on the sale of immoveable property in Cyprus); and
• Capital sums received from pensions, provident and insurance funds; and
• Capital sums remitted to Cyprus

All of the tax benefits detailed above are enjoyed even if the income has a Cyprus source and/or if it is remitted to Cyprus.

In addition there are: NO wealth and NO inheritance taxes in Cyprus.

Other Beneficial Features of the Cyprus Tax System for Individuals

• Income Tax Reduction for New Residents in Cyprus

Individuals who were not previously resident in Cyprus, take up residence in Cyprus for work purposes, and earn over €55,000 per annum, are entitled to the following tax benefit:

• 50% of employment income earned in Cyprus is exempt from income tax for a period of 17 years.

For reference, Cyprus’ standard income tax rates are:

• €0 to €19,500: 0%
• €19,501to €28,000: 20%
• €28,001to €36,300: 25%
• €36,301to €60,000: 30%
• Greater than €60,000: 35%

• Low Tax Rate: Foreign Pensions

The first €3,420 of a pension, from employment outside Cyprus, is tax free and individuals can elect to pay only 5% income tax on pension income in excess of this amount.

The Definition of Tax Residence and Non-Domicile Status

An Individual is considered tax resident, if they spend more than 183 days in Cyprus in any one calendar year. Under certain criteria individuals can become tax resident in Cyprus in 60 days.

Definition of Non-Domiciled Individuals

In accordance with the provisions of the Wills and Succession Law, there are two kinds of domicile:

• domicile of origin; i.e. the domicile received at birth (generally dependent on the father’s side), or
• domicile of choice; i.e. domicile acquired by establishing physical presence in a particular place and by demonstrating sufficient intention to make it the place of permanent residence

Regardless of the domicile of origin or choice, individuals who have been tax residents in Cyprus for at least 17 out of the last 20 years prior to the tax year in question, will be deemed to be domiciled in Cyprus for the purposes of the SDC Tax.

In any event, an individual who has spent 17 of the past 20 years, prior to the relevant tax year, as a Cyprus tax resident will be considered domiciled in Cyprus.

Summary

Non-domicile status in Cyprus offers a number of tax related benefits to individuals who are tax resident in Cyprus. The regime introduced in July 2015 offers an enhanced range of financial incentives for individuals to consider Cyprus as an attractive destination for their tax residence.

Additional Information

For further information about the attractive tax regime for individuals in Cyprus, please contact Charalambos Pittas at the Dixcart office in Cyprus: advice.cyprus@dixcart.com.

Why Move to Cyprus?

Cyprus is an appealing European jurisdiction, located in the eastern Mediterranean Sea and offering a warm climate and attractive beaches. Situated off the southern coast of Turkey, Cyprus is accessible from Europe, Asia, and Africa. Nicosia is the centrally located capital of the Republic of Cyprus. The official language is Greek, with English also being widely spoken.

Cyprus offers a palette of personal tax incentives for expatriates and high net worth individuals relocating to Cyprus.

Personal Taxation

• Tax Residence in 183 days

If an individual becomes tax resident in Cyprus by spending more than 183 days in Cyprus in any one calendar year, they will be taxed on income arising in Cyprus and also on foreign source income. Any foreign taxes paid can be credited against the personal income tax liability in Cyprus.

• Tax Residence under the 60 Day Tax Rule

An additional scheme has been implemented whereby individuals can become tax resident in Cyprus by spending a minimum of 60 days in Cyprus, provided that certain criteria are met.

• Non-Domicile Tax Regime

Individuals who were not previously tax resident can also apply for non-domicile status. Individuals who qualify under the Non-Domicile Regime are exempt from tax on; interest*, dividends*, capital gains* (apart from capital gains derived from the sale of immovable property in Cyprus), and capital sums received from pension, provident and insurance funds. In addition, there is no wealth and no inheritance tax in Cyprus.

*subject to contributions to the national health system at the rate of 2.65%

Income Tax Exemption: Moving to Cyprus to Take up Employment

On the 26^th of July 2022 the long-anticipated tax incentives for individuals have been implemented. As per the new provisions of the income tax legislation, a 50% exemption for income in relation to first employment in Cyprus is now available for individuals with annual remuneration in excess of EUR 55.000 (previous threshold EUR 100.000). This exemption will be available for a period of 17 years.

Nil/Reduced Withholding Tax on Income Received from Abroad

Cyprus has more than 65 tax treaties that provide for nil or reduced withholding tax rates on; dividends, interest, royalties, and pensions received from abroad.

Lump sums received as a retirement gratuity are exempt from tax.

In addition, a Cypriot tax resident, receiving pension income from abroad may choose to be taxed at a flat rate of 5%, on amounts exceeding €3,420 per year.

Additional Information

For additional information about the attractive tax regime for individuals in Cyprus, please contact Charalambos Pittas at the Dixcart office in Cyprus: advice.cyprus@dixcart.com.

Why Cyprus?

Cyprus has become an attractive option for companies and individuals. Advantageous tax incentives exist and Cyprus is popular as both a corporate and residential location, offering a sound infrastructure, and also enviable weather. 

Benefits Enjoyed by Tax Residents of Cyprus who are not Domiciled in Cyprus

As a result of pre-existing tax legislation and the exemption from Cyprus’ Special Contribution to Defence Tax (SDC), introduced in 2015 legislation, non-domicilaries benefit from a ZERO rate of tax on the following sources of income:

• Interest
• Dividends
• Rental income
• Capital gains (other than on the sale of immoveable property in Cyprus – subject to a partial exemption on newly acquired property)
• Capital sums received from a pension, provident or insurance fund

These zero tax benefits are enjoyed, even if the income has a Cyprus source and is remitted to Cyprus.

• In addition there are NO wealth or inheritance taxes in Cyprus.

Other Beneficial Features of the Cyprus Tax System for Individuals

• Income Tax Reduction for New Personal Income Tax Payers

Individuals who were not previously resident in Cyprus and take up residency in Cyprus for work purposes are entitled to the following reduction, as long as their annual salary is greater than €55,000:

• 50% of the salary earned in Cyprus is exempt from income tax for a period of seventeen years.

• Low Tax Rate: Foreign Pensions

Individuals receiving a pension arising from services provided abroad can elect to pay an income tax rate of 5% on pension income in excess of €3,420.

July 2015 Legislation

On 9 July 2015 the Cyprus House of Representatives approved new tax laws which provide significant benefits to high-net-worth individuals relocating to Cyprus. It is since this time that Cyprus has operated a non-dom regime.

The main benefits of the new legislation were:

• Special Defence Tax (SDC) exemption for Cypriot non-domiciled tax residents
• Extension of the personal income tax reduction on the salaries of new residents
• Capital gains tax exemption: on newly acquired Cyprus immoveable property
• Reduction in land registry fees
• Corporation tax: notional interest reduction

The Definition of Residence and Non-Domicile in Cyprus for SDC Purposes

• In July 2017, the Cyprus Government voted for an amendment, establishing a new “60 day rule”. This new rule applies to individuals who, in the relevant tax year:
  • reside in Cyprus for at least 60 days.
  • operate/run a business in Cyprus or are employed in Cyprus or are directors of companies which are taxed in Cyprus. Individuals must also have a residential property which they own or rent.
  • are not tax resident in another country.
  • do not reside in any other single country for a period exceeding 183 days in aggregate.

If individuals physically reside in Cyprus for more than 183 days in one calendar year, they are considered Cyprus tax resident. This is known as the “183 day rule”.

If the applicant satisfies either the “183 day rule” or the “60 day rule” and becomes tax resident in Cyprus (but not domiciled there), the tax benefits detailed above can be enjoyed.

Summary

The non-domicile status in Cyprus offers a number of additional benefits to high net worth individuals, who are not domiciled in Cyprus. The regime offers additional financial incentives for individuals to consider Cyprus as an attractive destination for residence.

Additional Information

For further information about the attractive personal tax regime in Cyprus, please contact the Dixcart office in Cyprus: advice.cyprus@dixcart.com.

Cyprus is an attractive option for the relocation of both companies and individuals.

This island offers a warm climate, good infrastructure, convenient geographic location, membership of the EU, tax advantages for companies and incentives for individuals through the Cyprus non-dom regime.

Background

The Cyprus House of Representatives approved new tax laws on 9 July 2015, which took effect on 16 July 2015. These changes provide significant benefits to high-net-worth individuals and to companies, relocating to Cyprus.

The Main Benefits

The mail benefits of the legislation include:

• Special Defence Tax exemption for Cypriot non domiciled tax residents
• Extension of the personal income tax reduction relating to the salaries of new residents
• Corporation tax: notional interest reduction

Zero Tax Benefits Enjoyed by Tax Residents of Cyprus Who Are Not Domiciled in Cyprus

As a result of previous tax legislation AND the exemption from the Cyprus Special Contribution for Defence Tax (“SDC”) introduced in July 2015, non-domiciliaries benefit from a zero rate of tax on the following sources of income:

• Interest
• Dividends
• Capital gains (other than on the sale of immoveable property in Cyprus)
• Capital sums received from pension, provident and insurance funds

Zero Tax Benefits Even if Income is Remitted to Cyprus

The zero tax benefits detailed above are enjoyed even if the income has a Cyprus source and it is remitted to Cyprus.

In addition there are NO wealth and NO inheritance taxes in Cyprus.

Other Beneficial Features of the Cyprus Tax System for Individuals

Income Tax Reduction for New Residents in Cyprus

Individuals who were not previously resident in Cyprus, take up residence in Cyprus for work purposes, and earn over €55,000 per annum, are entitled to the following tax benefit:

• 50% of employment income earned in Cyprus is exempt from income tax for a period of 17 years.

Cyprus’ standard income tax rates are:

• €0 to €19,500: 0%
• €19,501 to €28,000: 20%
• €28,001 to €36,300: 25%
• €36,301 to €60,000: 30%
• Greater than €60,000: 35%

Low Tax Rate: Foreign Pensions

The first €3,420 of a pension from employment outside Cyprus is tax free, and individuals can elect to pay only 5% income tax on pension income in excess of this amount.

The Definition of Residence and Non-Domicile in Cyprus for “SDC” Purposes

An individual is tax resident in Cyprus if he/she spends more than 183 days in any one calendar year in Cyprus. Before July 2015, income received by Cyprus tax residents from dividends, rent and interest, was subject to the Special Contribution for Defence Tax (SDC). This was a significant disadvantage for high-net-worth individuals as their worldwide passive income, especially dividends, suffered a high level of taxation in Cyprus.

This is why the introduction of the “non-domicile” tax status has been so important:

• The law of July 2015 specifies that tax resident individuals who are non-Cyprus domiciled are completely exempt from SDC irrespective of where their income is generated or remitted to.

The main source of income for many HNWIs is dividends. Cyprus is now particularly attractive as dividend income is exempt from income tax and non-domiciled individuals are also exempt from SDC.

The Definition of Domicile in Cyprus

The term “domiciled in Cyprus” is defined in law as an individual who has a Cypriot domicile of origin in accordance with the Wills and Succession Law or has obtained a domicile of choice outside of Cyprus, provided that the individual has not been tax resident in Cyprus for at least 20 years prior to the relevant tax year.

In any event, an individual who has spent 17 of the past 20 years, prior to the relevant tax year, as a Cyprus tax resident will be considered domiciled in Cyprus.

Summary

Non-domicile status in Cyprus offers a number of benefits to high-net-worth individuals who are not domiciled in Cyprus. The regime introduced in July 2015 offers additional financial incentives for individuals to consider Cyprus as an attractive destination for residence.

Additional Information

For further information about the attractive tax regime for individuals in Cyprus please contact the Dixcart office in Cyprus: advice.cyprus@dixcart.com.

Cyprus offers a warm climate, good infrastructure, convenient geographic location, membership of the EU, tax advantages for companies and incentives for individuals through the Cyprus non-dom regime.

Background

A tax law, approved by the Cyprus House of Representatives in 2015, provides significant benefits to individuals and to companies relocating to Cyprus.

The Main Benefits

The main benefits of the legislation, in relation to individuals, include:

• Special Defence Tax exemption for Cypriot non-domiciled tax residents;
• Extension of the personal income tax reduction relating to the salaries of new residents.

Tax Exemptions Enjoyed by Tax Residents of Cyprus Who Qualify under the Non- domicile Tax Regime in Cyprus

As a result of previous tax legislation and the exemption from the Cyprus Special Contribution for Defence Tax (“SDC”) introduced in July 2015, non-domiciliaries are exempt from taxation in Cyprus on the following sources of income:

• Interest;
• Dividends;
• Capital gains (other than on the sale of immoveable property in Cyprus);
• Capital sums received from pensions, provident and insurance funds.

Capital Sums Remitted to Cyprus are Not Subject to Taxation

The tax benefits detailed above, are enjoyed even if the income has a Cyprus source or if it is remitted to Cyprus.

In addition there are NO wealth and NO inheritance taxes in Cyprus.

Other Beneficial Features of the Cyprus Tax System for Individuals

Income Tax Reduction for New Residents in Cyprus

On the 26^th of July 2022 the long-anticipated tax incentives for individuals have been implemented. As per the new provisions of the income tax legislation, a 50% exemption for income in relation to first employment in Cyprus is now available for individuals with annual remuneration in excess of EUR 55.000 (previous threshold EUR 100.000). This exemption will be available for a period of 17 years.

Low Tax Rate: Foreign Pensions

The first €3,420 of a pension from employment outside Cyprus is tax free, and individuals can elect to pay only 5% income tax on pension income in excess of this amount.

Cyprus’ Standard Income Tax Rates are:

• €0 to €19,500: 0%;
• €19,501to €28,000: 20%;
• €28,001to €36,300: 25%;
• €36,301to €60,000: 30%;
• Greater than €60,000: 35%;

The Definition of Residence and Non-Domicile in Cyprus for “SDC” Purposes

An individual is considered as tax resident in Cyprus if they spend more than 183 days in any one calendar year there. Prior to the introduction of the Non-domicile tax regime, income received by Cyprus tax residents from dividends, rent and interest, was subject to the Special Contribution for Defence Tax (SDC).

This is why the introduction of the “non-domicile” tax status was so important. The law of July 2015 specifies that tax resident individuals, who are non-Cyprus domiciled, are completely exempt from SDC irrespective of where their income is generated or remitted from.

• The Cyprus non-domicile tax regime is therefore particularly interesting for individuals whose main source of income is either dividend or interest income. In addition, individuals can take advantage of the exemption from taxation on capital gains.

The Definition of Domiciled in Cyprus

 The term “domiciled in Cyprus” is defined by law as an individual who has a Cypriot domicile of origin, in accordance with the Wills and Succession Law, which is the domicile of his/her father at the time of his/her birth. Or alternatively, an individual who is considered a Cyprus tax resident, as per the Income Tax Law, for a period of at least 17 years out of the last 20 years before the relevant tax year, irrespective of his/her domicile of origin.

Summary

Non-domicile status in Cyprus offers a number of tax related benefits.

The regime, introduced in July 2015, offers additional financial incentives for individuals to consider Cyprus as an attractive destination for tax residence, and these incentives continue to be in place.

Additional Information

For further information about the attractive tax regime for individuals in Cyprus, please contact Charalambos Pittas at the Dixcart office in Cyprus: advice.cyprus@dixcart.com.

In this short article we cover some of the most attractive reasons for individuals and companies to setup or move to the Isle of Man. We’ll be looking at:

• A Short Modern-Day History of the Isle of Man
• Why do Business on the Isle of Man
• Why you should move to the Isle of Man?
• How to Move to the Isle of Man – Immigration Routes
• Happily Ever After – How Dixcart can help

But before getting into the benefits, it might be helpful to tell you a bit more about the island and its background.

A Short Modern-Day History of the Isle of Man

During the Victorian era, the Isle of Man represented an opportunity for British families to escape to their very own Treasure Island – only, with somewhat less pirates than Robert Louis Stevenson imagined. The development of key transport links such as regular steamship crossings, on-island steam engines and streetcars etc. made navigating to the jewel of the Irish Sea all the more attractive.

By the turn of the 20^th century the Isle of Man had become a thriving tourist destination, sold in the posters of days gone by as ‘Pleasure Island’ and a place to go ‘For Happy Holidays’. It is not hard to imagine why the idyllic island, with its rolling hills, sandy beaches and world class entertainment, represented a first choice for those looking to escape the hustle and bustle of a modernising Britain. The Isle of Man provided a convenient, exciting, safe and rewarding place for those who ‘do like to be beside the seaside’.

However, during the second half of the 20^th century, the Isle of Man simply couldn’t compete with the draw of low cost excursions to the continent and beyond. Thus, the island’s tourism sector declined. That is, save for the Isle of Man TT Races – one of the world’s oldest and most prestigious motorcycle road racing events, which takes place over multiple laps of an approx. 37 mile course.

In the latter part of the 20^th century to this day, the Island has developed a flourishing financial services sector – delivering professional services to clients and advisers across the world. This has been made possible by the island’s self-governing status as a crown dependency – setting its own legal and tax regime.

In more recent years, the Island has pivoted again to develop beyond financial and professional services, with strong engineering, telecoms and software development, e-gaming and digital currency sectors, and more besides.

Why do Business on the Isle of Man?

A truly business-friendly government, ultra-modern telecoms services, transport links to all major UK and Irish business centres and very attractive rates of taxation, make the Isle of Man an ideal destination for all businesses and professionals alike.

Businesses can benefit from Corporate rates such as:

• Most types of business are taxed @ 0%
• Banking business taxed @ 10%
• Retail businesses with profits of £500,000+ are taxed @ 10%
• Income derived from Isle of Man land/property is taxed @ 20%
• No withholding tax on most dividend and interest payments

In addition to the obvious pecuniary benefits, the island also has a deep pool of well-educated expert workers, fantastic grants from the government to both encourage new businesses and provide vocational training and many working groups and associations in direct contact with local government.

Where relocating to the island is not physically possible, there are various options available to businesses wishing to be established on the Isle of Man and avail of the local tax and legal environment. Such activity requires qualified tax advice and the assistance of a Trust and Corporate Service Provider, such as Dixcart. Please feel free to get in touch to find out more in this regard.

Why you should move to the Isle of Man?

For individuals seeking to immigrate to the Island, there are of course attractive rates of personal taxation, including:

• Higher Rate of Income Tax @ 21%
• Income Tax Capped @ £220,000 of Contribution
• 0% Capital Gains Tax
• 0% Dividend Tax
• 0% Inheritance Tax

Further, if you are coming from the UK, the NI records are maintained in both jurisdictions and there is a reciprocal agreement in place so that both records are taken into consideration for certain benefits. State pension is however separate i.e. contributions in the IOM/UK only relate to IOM/UK state pension.

Key employees can also gain further benefits; for the first 3 years of employment, eligible employees will only pay income tax, tax on rental income and tax on benefits in kind – all other sources of income are free of Isle of Man taxes during this period.

But there is so much more: the blend of country and town living, huge number of activities on your doorstep, warm and welcoming community, high rates of employment, low rates of crime, great schools and healthcare, an average commute of 20 minutes and much, much more – in many respects the island is very much what you make it.

Furthermore, unlike some crown dependencies, the Isle of Man has an open property market, which means that those seeking to live and work on the island are free to purchase property at the same rate as local buyers. Property is far more affordable than in other comparable jurisdictions, like Jersey or Guernsey. In addition, there is no Stamp Duty or Land Tax.

Whether starting your career or moving with your family to take that dream job, the Isle of Man is a very rewarding place to be. You can register on the Locate IM’s talent pool, which has been developed to help people looking to relocate to the Isle of Man find employment opportunities as easily as possible. This is a free Government service that can be found here.

How to Move to the Isle of Man – Immigration Routes

The Isle of Man Government offer various visa routes for individuals seeking to relocate, using a blend of UK and Isle of Man processes, which include:

• Ancestral Visa – This route is dependent on the applicant having British ancestry no further back than grandparent. It is open to British Commonwealth, British Overseas and British Overseas Territories Citizens, along with British Nationals (Overseas) and Citizens of Zimbabwe. You can find out more here.
• Isle of Man Worker Migrant Routes – there are four routes currently available:
  • Worker Migrant Visa (You can find out more here).
  • Intra-Company Transfer Migrant Visa (You can find out more here).
  • Worker Migrant – Health and Care Visa (You can find out more here).
  • Tier 5 – Temporary Workers (You can find out more here).
• Business Migrant Routes – There are two routes:
  • Innovator Visa (You can find out more here).
  • Start Up Visa (You can find out more here).

Locate IM have produced a series of case studies that give great insight into people’s experiences with relocating to the Isle of Man. Here are two very different but equally inspiring stories – Pippa’s Story and Michael’s Story and this great video made in conjunction with a couple who moved to the island to work in the accountancy sector (anon).

Happily Ever After – How Dixcart can help

In many ways, the island can still be advertised as a convenient, exciting, safe and rewarding destination for business, professionals and their families to relocate. Whether it is assistance with creating a start-up or redomiciling your existing company, Dixcart Management (IOM) Ltd are well placed to assist. Further, where you are seeking to immigrate to the Island on your own or with your family, with our extensive network of contacts, we will be able to make appropriate introductions.

Locate IM have produced the following video, which we hope peaks your interests:

Get in touch

If you require further information regarding moving to the Isle of Man and how we can assist, please feel free to get in touch with Team at Dixcart via advice.iom@dixcart.com

Dixcart Management (IOM) Limited is licensed by the Isle of Man Financial Services Authority.

Portugal, a country with the oldest borders in Europe, is easily accessible in terms of travel to and from the rest of the world, which makes it a very popular destination. The archipelagos of the Azores and Madeira are autonomous regions of Portugal and, like the mainland, offer amazing weather, a relaxed lifestyle, superb cuisine, excellent wines, and stunning scenery.

The Portugal D7 Visa, which is often called the Digital Nomad Visa or Passive Income Visa, is a good residence option for non-EU citizens who want to relocate to Portugal.

The D7 Visa is also an excellent option for pensioners who have sufficient passive foreign income to support themselves. This income can be, for example, from: property rentals, financial investments, profits and dividends from a company, salaries, pensions, etc.

What do you need to do to apply for the D7 Visa?

STEP 1

The first step is to obtain a Portuguese tax number and open a bank account at a Portuguese bank. Once the bank account has been opened, you need to deposit a minimum amount of funds, as set out below:

• If you are applying on your own, you need to deposit EUR 8,460 per year, or more; OR
• If you are applying as a couple, you need to deposit EUR 12,690 per year, or more.

This is a low minimum income requirement, and if you can prove that your income is above this amount, your D7 Visa application has a better chance of being successful.

STEP 2

The second step is to secure long-term accommodation in Portugal. This includes either buying a property (no minimum amount required on the price), or renting a property for at least 12 months.

STEP 3

The third step is to submit an online application for an interview with the Portuguese Consulate, in your country of residence. 

After the Portuguese Consulate has concluded theanalysis of your applicationand the documents submitted, they will issue a Visa which is valid for 4 months, and will allow you to travel to Portugal (two entries into the country), to submit your residence permit application to the Portuguese Immigration authorities(SEF).

SEF will analyse the application and then issue the D7 Visa, which will be valid for 2 years. During those 2 years, you need to stay in Portugal for at least 6 consecutive months or 8 intermittent months, per year.

If you continue to meet all the requirements, your D7 Visa will be renewable for another 3 years.

Other advantages of a D7 Visa

• Ability to obtain Non-Habitual Resident Status (NHR) for 10 years – this includes exemption from tax on certain foreign income if specific requirements are met
• Permanent Visa Free entry and circulation in the Schengen Area, for up to 90 days out of any 180 days
• Family reunification
• Access to Educational institutions (including those teaching in English, French and German)
• Ability to work as an independent professional or as an employee
• Access to the Portuguese Health care system (SNS)
• After a period of 5 years, being able to apply for permanent residence or Portuguese citizenship.

What is the Difference between a Golden Visa and a D7 Visa?

There are two major differences between the Golden Visa and D7 Visa.

The first difference is that the Golden Visa requires a significant investment when compared to the D7 Visa.

In addition, the minimum stay requirements are very different: with a D7 Visa, the applicant cannot be outside of Portugal for more than 6 consecutive months or 8 intermittent months, in any one calendar year, whereas with a Golden Visa only 7 days a year, on average, is required to be spent in Portugal.

Why Should You Reach out To Dixcart?

There is extensive information available on the internet that may assist you in obtaining the D7 Visa yourself, however, the truth is that this may come with many hurdles that our team are familiar with and that may be easily avoided with the help of a professional.

In addition, more than just a Visa is required when relocating to Portugal. Dixcart can provide tax planning, among other services, that can assist when relocating. Tax planning is considered necessary before your actual move to Portugal, as arriving unprepared may result in unfavourable tax consequences that could have easily been avoided.

Additional Information

Please contact Lionel de Freitas at the Dixcart office in Portugal at: advice.portugal@dixcart.com, for additional information. 

The High Potential Individual (HPI) visa is designed to attract top global graduates from prestigious universities around the work, who want to work, or look for work in the UK, following the successful completion of an eligible course of study equivalent to a UK bachelor’s degree level or above. The study must have been with an institution listed on the Global Universities List, the table of global universities that will be accepted for this visa route as awarding institutions, which is updated regularly.

The new High Potential Individual route, launched on 30 May 2022, is an unsponsored route, granted for 2 years (Bachelors and Masters holders), or 3 years (holders of a PhD).

Eligibility Requirements

• The HPI is based on a points-based system. The applicant needs to obtain 70 points:
  • 50 points: The applicant must, in the 5 years immediately before the date of the application, have been awarded an overseas degree level academic qualification which ECCTIS confirms meets, or exceeds, the recognised standard of a UK bachelor’s or UK postgraduate degree. From an institution listed on the Global Universities List.
  • 10 points: English Language requirement, in all 4 components (reading, writing, speaking and listening), of at least level B1.
  • 10 points: Financial requirement, applicants must be able to demonstrate that they can support themselves within the UK, with a minimum cash fund of £1,270. Applicants who have lived in the UK for at least 12 months under another immigration category, do not have to meet the financial requirement.
• If the applicant has, in the last 12 months before the date of application, received an award from a Government or international scholarship agency covering both fees and living costs for study in the UK, they must provide written consent to the application from that Government or agency.
• The applicant must not have been previously granted permission under the Student Doctorate Extension Scheme, as a Graduate or as a High Potential Individual.

Dependants

A High Potential Individual can bring their dependant partner and children (under the age of 18) to the UK.

Staying Longer in the UK

The High Potential Individual route is not a route to settlement. A High Potential Individual is not able to extend their visa. However, they may be able to switch to a different visa instead, for example a Skilled Worker visa, Start-up visa, Innovator visa, or Exceptional Talent visa.

Additional Information

If you have any questions and/or would like tailored advice on any UK immigration matter, please speak to us at: advice.uk@dixcart.com, or to your usual Dixcart contact.