Tax resident equals worldwide tax?
Not necessary!
Some countries (regions) will levy tax on your worldwide income
but not the the following countries (regions).
For example: Hong Kong SAR, Singapore, United Arab Emirates …
Please note that…
If 2 countries (region) have signed a “double tax agreement”,
Then the same income will not be taxed twice by the 2 countries (region).
(Hong Kong SAR has signed Double Tax Agreement with 45 countries (region)
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If we know some countries levy worldwide tax,
we must understand the detailed tax regulations in that country (region)
For example: United Kingdom levies worldwide tax, however
Only United Kingdom “domicile” will be required to pay inheritance tax on worldwide assets
If only a United Kingdom “tax resident” and not a UK domicile,
inheritance tax is only paid on UK assets.
