For mining and resources personnel, the lure of living in another country, career advancement and the considerable financial incentive of very high income, very low tax (and sometimes no tax at all) are compelling reasons for taking up international secondments.
As international borders reopen and the opportunity to move overseas to take up promotions and international work assignments becomes easier, there are a number of personal administrative matters that need to be attended to BEFORE you take off. Among them is considering an International Will that’s recognised under the UNIDRIOT Convention.
Movement in and out of Australia by mining and resources executives, professionals and business owners leave financial, tax and legal footprints in each of the countries they live and work in that can affect their wealth.
Establishing your tax residency status should be a top priority if you are planning to live and work in the United States. Tax processes in the USA (and other overseas) jurisdictions are highly complex and there will be major financial consequences if you get your tax residency wrong, so you will need specialised advice. Over…
