Question on Asset Transfers across multiple citizenships

[wellington]

I never really considered this before but imagine a scenario where.

1) Citizenship of say Bahamas transfers to self as Citizenship of UK.

Whats the taxation criteria there as its essentially self-transfer, and even in the scenario where you 'gift' to another dependent on facts/circumstances it can be gifted freely, i.e curious how states see this for asset(s).

 

[daniels27]

Asset transfers to yourself aren't transfers in the proper sense. Hence, nobody will tax it. How can they? If you are British, for the eyes of UK you are only British. (I.e. back in the EU days, if you were British and Danish, you could apply for an EEA family permit in the UK for free, you had to go through the more expensive UK family visa. Unless you never told the British that you were also British and they had no record of it.)

If you are gifting/inheriting to other people, it most often depends on the place of residence, previous residence and in some case place of assets (like real estate or the recently discussed US stocks).

 

[wellington]

Asset transfers to yourself aren't transfers in the proper sense.

They would surely be treated as such if from a citizenship (dual purpose transfer) i.e from Bahaman ID to British ID.

 

[daniels27]

They would surely be treated as such if from a citizenship (dual purpose transfer) i.e from Bahaman ID to British ID.

You mean if you have a Bahamas bank account on your Bahamas ID and a UK bank account on your British ID?

 

[wellington]

Sure, property, etc also.

 

[daniels27]

Ok, then I am not sure if I understand correctly.

But I think there generally are no tax implications. If there were, those implications would also imperatively apply for any renunification of citizenship. However, as far as I know such taxation does not exist, apart from limited cases involving US where you are simultaneously exiting taxation if living abroad.