Can LTC shareholder live overseas?

Question from Keiko updated on 20th August 2013:

I am planning to move overseas in six months. Currently my investment property is under a LTC. Can a shareholder reside overseas? Or do I have to be a NZ tax resident same as the old LAQC? I might require some tax advice and structuring my investment properties to suit my future circumstances. I look forward to hearing from you soon.

Our expert Mark Withers responded:

Dear Steven, as with the old LAQC rules, one of the eligibility criteria for a LTC is that the company must be tax resident in New Zealand. This will only remain the case if its management base is located in NZ. You should probably speak to your tax practitioner about the options you have should you decide to move overseas. Mark

Mark Withers and his team at Withers Tsang & Co specialise in advising on property related transactions, valuation and restructure services and tax planning.

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