What is residential status?

Residential status refers to an individual's legal status in a particular country or region, based on their length of stay, purpose of stay, and other factors. It determines the individual's rights and responsibilities, including their eligibility for certain benefits, services, and protections. Residential status can vary depending on factors such as citizenship, visa status, and immigration status.

Residential Status refers to the tax residency status of an individual or entity for tax purposes. It determines the location where they are required to pay taxes on their worldwide income.

Categories of Residential Status:

1. Resident:
- An individual who has a permanent home or abode in a country.
- Generally, spends more than 183 days (half a year) in the country.
- Is taxed on their global income in the country of residence.

2. Non-Resident:
- An individual who does not have a permanent home or abode in a country.
- Generally, spends less than 183 days in the country.
- Is typically taxed only on their income earned within the country of non-residency.

3. Domicile:
- The country where an individual has a permanent legal home.
- May be different from the country of residence.
- Can impact inheritance, estate, and tax planning.

Factors Determining Residential Status:

- Days spent in a country
- Ownership or rental of a home or apartment
- Family and social ties
- Economic activities and employment
- Intention to settle permanently

Importance of Residential Status:

- Determines tax liability and exemptions
- Affects access to social benefits and healthcare
- Influences eligibility for certain legal rights and privileges
- May impact investment and inheritance strategies

Establishing Residential Status:

- Meeting the criteria for the desired status (days spent, permanent abode, etc.)
- Providing evidence (e.g., utility bills, property rental agreements, tax returns)
- Submitting an official application or notification to the relevant tax authority

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