Prime Minister Boris Johnson’s Conservative Party victory in the December election marks the latest turn of events in one of the United Kingdom’s most tumultuous political periods in recent history. One of Johnson’s primary political platforms is the push for Brexit, and his election indicates Britain will more than likely leave the European Union in early 2020. While Brexit will undoubtedly impact the majority of Brits in one way or another, it may affect some more than others. David Lesperance, an attorney, says the future is uncertain for many, including high net worth Brits.
Accounting firm Moore Stephens in November 2018 conducted a survey that revealed a quarter of non-doms living in the UK were considering leaving the country in the coming year. In part, this was due to the changing tax regime and stricter rules regarding non-dom income. But also, respondents expressed concern over the uncertain future of Britain in the midst of the Brexit debate.
Non-doms, David Lesperance, attorney, explained, are those who are usually resident in the UK but domiciled overseas. Under the previous tax rules, non-doms did not pay tax on overseas income until they brought it into the UK.
With the new tax rules, there is a £60,000 annual charge for non-doms who pay tax on a remittance basis and have been UK residents for more than 12 of the past 14 years. Those non-doms who have been residents of the UK for 15 or fewer of the past 20 years now also have to pay UK income tax on all income, regardless of where it was earned.
How does Brexit factor into this? If Brexit occurs, among other effects, it may be more challenging for Brits to move freely throughout Europe. As a part of the European Union, citizens can move to and from various countries with relative ease. However, people who wish to immigrate to an EU nation from outside have to meet various criteria.
“There’s a lot of uncertainty for Brits,” David Lesperance attorney said.
An immigration lawyer with decades of experience helping high net worth individuals secure a back-up plan and stable future for themselves and their families, David Lesperance said it is difficult to “game out” what will become of Brits who have already established businesses and/or residences in other countries. Likewise, the future of the British economy post-Brexit is not certain either.
David Lesperance encourages high net-worth Brits who are concerned about their future to consult with an immigration attorney or financial advisor to establish a backup plan sooner than later.
More on David Lesperance Immigration Lawyer
Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskewatchen before working as a Canadian border official. In this position, he gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as the motivation for wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenship, with a particular focus on assisting high net worth clients
In addition to his law and tax practice, David Lesperance immigration lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. He is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.