Changing tax residency is a complex process that involves:
- Relocating the Place of Management: Moving key executives and decision-making processes to a new jurisdiction. - Reincorporation: Legally dissolving the business in one country and incorporating it in another. - Compliance: Ensuring that all tax obligations in the old jurisdiction are met before moving.
It is advisable to consult with a tax advisor to navigate the legal and regulatory challenges involved in changing tax residency.