Families and wealthy people have been moving to places like Switzerland, the UK, Monaco, Dubai, Malta, Singapore, Hong Kong, Gibraltar, and others for many years.
Relocation abroad has become more and more popular as a way to plan, especially in the last ten years. There are many reasons for this, such as better ways to communicate, like a good internet connection, which makes it easier to stay in touch with family and business contacts; and also much better, more frequent, and cheaper international flight connections, which make it easier to travel from one’s home country to their chosen country.
Relocating in search of a higher quality of life
One of the best things about constant emigration for wealthy people is that it usually makes them more money. In many cases, it is also important to protect the family’s assets and the people who live in it. Moving as a family may not always be the best idea. On the other hand, moving just one or a few family members to another country may open up interesting wealth-planning opportunities.
With the help of their family office, the family can also choose a new country to live in based on things like temperature, infrastructure, and a safe political environment.
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Parents from wealthy families also move their kids to schools and colleges in other countries, like the United States, the United Kingdom, and Switzerland. This last problem is often something that a family office can help you with very well.
Many countries also let families set up their assets before they move in a way that lowers their total tax burden. For example, they can use trusts and private placement life insurance to do this.
When you move abroad, you need to make sure you plan ahead.
Lots of wealthy families move to places like the UK (London), the UAE, Monaco, or Switzerland. Other options are also good, but they are not as well known. People who are citizens of the European Union (EU) can move within the EU or to Switzerland without any problems. However, if you are not a citizen of the EU or Switzerland, it might be harder for you to move to Switzerland, the UK, or another European country.
When moving across foreign borders, it’s important to plan ahead. So, anyone planning to move should get good tax advice from a reputable law company that specializes in money issues before they actually move.
You don’t have to plan your taxes before going to some places. However, the family office will need to plan their departure from the place of origin in order to avoid tax problems. This is especially important for business owners.
Trusts and private placement life insurance are two structures that family offices often suggest when people move to another country. Also, you often need to make plans ahead of time to get the residence permits you need. It is always important to work with a professional in order to get a foreign citizenship.
Living in the Bahamas
The Commonwealth of the Bahamas is conveniently located just off the coast of Florida. Its residents can enjoy a tax-free atmosphere. The Bahamas are usually thought of as a vacation spot, but for a long time, they have been a safe place for wealthy families from all over the world to live.
Living in Dubai
Wealthy families are becoming more and more interested in going to places like Dubai in the United Arab Emirates. The place is conveniently situated between Africa, Asia, and Europe, making it easy to get to. In addition to having a nice environment for at least six months of the year, it has good real estate deals, a worldly way of life, and no income tax at all.
Living in Hong Kong
Wealthy families from all over the world are moving to Hong Kong more and more often. Hong Kong not only has a territorial system of personal income taxes, but it is also a great place to start a business and an easy way to get to China. Along with the fact that it has one of the freest economies in the world and doesn’t have any wealth or estate taxes, it is clearly one of the best places in Asia to move to.
Living in Italy
Since 2017, when it started its own investor visa program and the so-called Italian non-domiciled tax regime, Italy has become a very interesting place for EU and non-EU people to think about moving to. It is located in the southern part of Europe, which is a good spot, and it has a great temperature, an interesting culture, and a good tax system.
Living in Jersey
Jersey has been advertising itself for a long time as a good place to live. In order to get wealthy families to move to the island, special laws have been made for people who are called “High-Value Residents.” People who are considered “High-Value Residents” have their personal income tax rates lowered. Jersey can be a good place for families with business ideas to move to because the company income tax rate is low.
Living in Luxembourg
Since it started offering investment visas, Luxembourg has become an interesting place for people from both inside and outside the EU to think about moving to. It is in the middle of Belgium, France, and Germany, and has a good tax system, an interesting culture, and great business prospects.
Living in Monaco
A lot of wealthy families from all over the world choose to move to the Principality of Monaco, even though it is not very big. People are interested in moving to Monaco because it is in a good position and it’s not too hard to become a resident, even for families coming from outside the EU. Monaco doesn’t have any personal income tax, wealth tax, or inheritance tax.
Living in Singapore
Singapore is best known as a business hub, but it’s also a great place to live. Through its Global Investor Program, Singapore wants to bring in strong business owners in particular. In order to get permanent residency, applicants must spend money in the jurisdiction, either directly or indirectly. You can make such an investment by setting up your own home business.
Living in Switzerland
Wealthy families who want to move to Switzerland can negotiate a fixed annual level of income and wealth tax with the tax officials in a number of Swiss cantons before they even arrive in Switzerland. This is the case no matter how much money or wealth the family actually has. The person’s annual spending is the main thing that the tax officials use to negotiate. This type of taxation is known as “lump-sum taxation.”
Living in the United Kingdom
One of the most popular places for wealthy families to go in London. If you move to England (UK), you may be able to gain from UK non-domiciled taxation. Under the rules for non-domiciled taxation, foreigners who live in the UK will only be taxed on income and gains that happen or accumulate in the UK on assets they hold in the UK, such as UK bank accounts, and on income, they make outside of the UK and then send back to the UK.
