Tax Residency Status: Issues To Consider When Moving Abroad

Recent social and economic developments have had a powerful impact on many Ukrainian citizens and businesses and have led them to look for a better life beyond the borders of Ukraine. Obviously, Ukrainians moving abroad is not something new. Periods of economic crisis in almost every state are usu­ally accompanied with outflow of hu­man and financial capital.

Moving to the new place of resi­dence or transfer of business activi­ties to another state is a serious chal­lenge. Apart from organizational is­sues, especially when individuals are moving, the issue of tax residency status usually takes one of the last places on the agenda. In this regard, it only becomes relevant when reg­istering at a new place, receipt of in­come by such person in Ukraine or abroad, as well as the acquisition or disposal of property or other assets.