A record 128,000 individuals with a net worth exceeding €1 million are projected to relocate this year, surpassing last year’s high of 120,000, as reported by UK-based consultancy Henley & Partners.
This surge is largely driven by upcoming changes from the new Labour government in the UK, which plans to either eliminate or significantly alter the tax benefits currently enjoyed by the wealthy. Additionally, concerns about a potential left-leaning government in France reintroducing a special tax on high-net-worth individuals, along with Italy’s decision to raise its annual tax for wealthy migrants to €200,000, are prompting many to seek more favorable tax environments.
Popular relocation choices include Dubai, Switzerland, and Singapore, as well as certain EU countries like Greece, Spain, and Ireland.
However, these latter nations are under increasing pressure to adjust their tax policies for wealthy migrants. While these individuals contribute significantly to the economy through wealth and consumption, they also create challenges for local communities, such as rising property prices and strains on public infrastructure.
The Hong Kong Monetary Authority (HKMA), Hong Kong’s central banking institution, announced the release of a draft update of the Hong Kong Taxonomy for Sustainable Finance – its classification system
A Nigerian court on Wednesday ordered the release of Binance executive Tigran Gambaryan after the government dropped money laundering charges against him to allow him to get medical treatment abroad.
Following compromises and modifications to the original proposal, the Economic and Financial Affairs Council has adopted the ViDA initiative.The measures are expected to be adopted gradually from 2027
Nigeria will go after wealthy citizens evading tax yet again in a new amnesty scheme that will correct the failings of the Voluntary Assets and Income Declaration Scheme (VAIDS). “There’s a plan