With over 135,000 millionaires forecast to migrate from their country of residence in 2025, what geographies are HNWs likely to be looking at as destinations to re-locate? Which countries offer the most attractive tax regimes among other fundamental selling points such as weather, safety and lifestyle?
Utmost Wealth Solutions, a leading provider of insurance-based wealth solutions, examines the countries that could be the biggest beneficiaries and see significant inflows of wealth over the coming years from places like China and the United Kingdom that are estimated to see the largest outflows.
The below list (full details of attractions and other considerations in the attached press release) name so of the hot-spots international HNWs are likely to consider as they look for destinations to re-locate.
- The UAE rates highly on personal safety, ease of entry and no personal taxes.
- Portugal and Australia have attractions in climate, lifestyle and no Inheritance Tax.
- Italy has four special “expatriate” tax regimes, including an attractive regime for HNW individuals allowing them to pay a flat, annual €200,000 in tax for 15 years.
- Monaco is known for its personal safety and no personal taxes.
Brendan Harper, Head of Asia and HNW Technical Services, at Utmost Wealth Solutions, said: “The changing legislative and macro-economic landscape is driving significant shifts in migration trends for HNW clients. While some countries are seeing a tightening fiscal attitude towards wealth, others are taking advantage of the opportunity to offer a more attractive environment for HNWs.
“However, it is not just the taxation regime that HNWs must weigh up. Factors such as the education system, climate, lifestyle and security will be important considerations, especially for those with families. Careful planning and expert advice are vital to ensure HNWs are taking all of these factors into account to make the best decisions for their own personal circumstances when considering re-locating.”
