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1.4 Factors to consider when choosing a new residence

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The decision to move to another country must not be taken lightly as there are many factors that will affect an individual and his family. It is recommended to undergo a thorough analysis of the country that you may consider as your new main place of residence and possibly your new domicile of choice.

There are significant aspects such as business environment and tax that must be considered but there are also seemingly minor aspects that one initially does not pay any attention to which may later become a source of discontent. It is important to distinguish between temporary stays such as vacationing in a country, visiting on business - and actually living there. Temporary visits can give a skewed perspective on a place. Each individual will have their own particular reason for changing residence; however, it is important to be mindful of the potential pitfalls when making the decision to change your residence and establish a new main base in your life.

Obtaining an alternative residence is a significant, very personal and multifaceted decision for any individual. Whilst this decision may have a direct impact on the applicant’s business interests, a range of social, political, economic and personal issues should also be considered to determine the best jurisdiction in which to reside or hold a residence permit for reasons of security or personal flexibility. Therefore it is important to understand the advantages of different options and how they best serve your needs. Some important criteria to consider when looking at an alternative country of residence include its geographical location and access via air, road, rail and sea; its political and economic stability; its banking facilities and business environment; its legal system; its tax system and any double taxation treaties with your country of origin; if you are married or live with a partner, the implications for any (pre-) nuptial agreements or other arrangements and the impact on your matrimonial property regime; if you have school-age children, the education system and availability of private schools; visa-free travel possibilities as a residence permit holder; residence and other requirements for obtaining citizenship; and of course the overall cost of obtaining and maintaining a residence permit.

There are many different aspects which are relevant to consider. The following gives an overview of the most important of these aspects.

Global Residence & Citizenship Handbook

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