This vibrant twin-island nation in the southern Caribbean offers a dynamic lifestyle for expats seeking cultural richness, warm weather, and business opportunities.
In this guide, we’ll walk you through everything you need to know about relocating to T&T from a personal tax perspective, including tax residency, income tax, special tax regimes and tax return obligations.
TaxPilot recommend that you organize your affairs in good time to get ahead and make the most of favorable tax treatment while making sure you’re meeting your tax return obligations.
T&T follows a residence taxation model. If you are resident, you will pay tax worldwide incomes. If you are non-resident, you will pay tax on local incomes only.
if you are present in T&T on more than 183 days during the tax year.
Providing that you are not ordinarily resident, foreign incomes will be exempt from TT taxation providing that the incomes are not remitted to TT. TT can be a very tax efficient place to live in and as such, Global Tax Consulting recommends seeking personalized tax planning advice to take advantage of the special tax regime.
Exempt from T&T taxation.
Must hold not ordinarily resident status.
Tax on property and share sales
Tax on value of owned assets
Tax on assets passed to heirs
Tax to contribute to state welfare
If you receive incomes overseas while you are living in T&T, you may find the source country, as a starting point, continues to tax the income which may cause double taxation unless you are using special tax regime.
Double taxation agreements can be used to mitigate double taxation and receive tax free income. As such, the more double taxation agreements a country has, the better, as agreements will ensure you’re not taxed twice and even better, ensure your income is tax free.
At present, T&T has 25 double taxation agreements signed.
