UK resident services in Switzerland

As a resident non-domiciled (RND) individual, the UK’s tax regime may sound simple: You pay no UK income tax or capital gains tax on your non-UK offshore income and gains unless you remit them to the UK. But the law is both complex and evolving. Benefiting from it is extremely time-consuming.

As the wealth manager of choice for UK RND individuals, we work with your tax and legal advisors to find the most efficient and legally compliant setup of your offshore banking and investments.

The UK tax system looks at both residence and domicile to determine an individual's liability to taxation. Although now only accessible if you’ve been a resident for no more than 15 out of 20 years in the UK, an RND individual can benefit from various tax advantages.

You can, for example, claim the remittance basis of taxation for income and capital gains tax. This means that you don’t pay UK income and capital gains tax on your non-UK assets unless you remit the income or gains to the UK. Tax on UK assets will need to be reported annually.

There’s a cost attached to opting for the remittance basis. It amounts to:

• GBP 30,000 for individuals resident in the UK for at least 7 of the past 9 tax years
• GBP 60,000 for those resident for at least 12 of the past 14 tax years

As an RND individual, you aren’t subject to inheritance tax on non-UK situated assets until you’ve been a resident for 15 of the previous 20 years in the UK.

Our diverse backgrounds in banks, legal and accountancy firms and trust companies means we’re experts in understanding you and your wealth. With our years of experience assisting RND clients, we’ll help you choose the right solution and clearly explain your various options.

RND investment planning: Benefit from our expertise and ease in navigating the world of RND compliant investment strategies.

Trusts: An offshore trust is a well-known and widely accepted succession and tax planning tool. As a UK RND individual, you may benefit from inheritance tax advantages by settling your non-UK situs assets into an "excluded property trust." There may also be income and capital gains tax benefits, depending on the terms and beneficiaries of your trust.

Offshore bond: An offshore bond is a life assurance-based wealth planning solution that combines well-established tax treatment with an investment portfolio tailored to your needs. You can switch investment funds and strategies in the bond whenever you like – free of charge and without incurring a tax liability.

Multi-account setup: As a UK RND individual on the remittance basis, you can optimise the tax you pay on the money remitted to the UK by keeping separate accounts – combined with booking instructions to precisely identify the origin of the invested assets.

Income segregation: To optimise the benefits of the remittance basis, you may wish to only invest in assets that allow income to be fully segregated. For example, any income element should be separately identified and can be additionally, under UK tax laws, segregated.