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UK Head of JTC Private Office
Company: JTC Group
Location: London, England
Private islands, superyachts, art and the tax man
In order not to fall foul of tax laws and regulations, taking tax advice is something to think about.
While buying a private island might sound glamorous, it is actually just the same as buying a slice of land. Nic Arnold, Tax Director within PwC's Private Office team, explained; “Jurisdiction is key. You need to know the local rules and regulations that apply. For example, are there any restrictions on the land use, what is the tax profile of the land and are there any tax obligations to be aware of? Can you build on it? Can you use it for commercial purposes?”.
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