The Shakira tax fraud case demonstrates how difficult it can be for globetrotting UHNW individuals to navigate residency rules, according to Private Client Partner Robert Brodrick. Robert tells Spear’s that although the UK’s statutory residency test is supposed to be easier to determine whether someone is a UK resident, the reality is different. He says that the rules for fiscal nomads “are complicated and many people still have to judge whether they are resident based on a combination of the number of days they spend in the UK and the number of ties they have, which makes it difficult for those with a peripatetic lifestyle to know with any degree of certainty whether or not they are resident.”
Read Robert‘s comments and the full Spear’s article: https://spearswms.com/wealth/tax/shakira-tax-uhnw-residency-nomads/
