“The only things in life that are certain is death and taxes”; but not if you’re rich!  Only 15% of the rich pay paying tax on their earnings.

Tax Cheats will make false declarations, on their tax returns or maybe don’t declare anything at all.

A Tax Chump can’t be bothered to review the amount of tax he/she pays or to research more efficient models of how to order his/her affairs.

A Tax Champ actively seeks out the most effective legal model of paying only the tax which id due and nothing more.

Of more than 500 super-rich only 50 completed a tax return last year.  The remainder used the following top tips, so they didn’t have to…

Top tips for would be champs:

1. Non-domicile status:  “Seemed like a good idea at the time”. This was originally thought up to attract colonial types to move to the UK. If you’re a Russian oligarch this is the route for you.
2. Non-resident status: If you are a British citizen, live outside the UK and spend less than 90 days a year (for 4 years) you could qualify.  If you’re a two days a week CEO this might suit you?
3. Off-shore Trusts and Companies: for the rich and famous; the income from an offshore trust that is not in the name of the individual and is not brought back to the UK remains untaxed.  An offshore company is a poor mans trust but can be effective.

For more information on cost effective and legal tax plan visit www.yourbooks.com.cy