tax residency

Tax residency determines which country’s tax laws apply to an individual’s income and financial activities. Generally, a person is considered a tax resident if they live there for a certain period, have a permanent home, or have strong personal or economic ties to that country. Residency status affects your obligation to pay local taxes, file tax returns, and declare worldwide income. Different countries have specific rules and criteria for establishing residency, often involving time spent, employment, or family connections. Understanding your tax residency is essential for compliance and to avoid double taxation.