CITIZENSHIP: Increasing Numbers of Wealthy Individuals Migrating to Take Advantage of Tax Incentives

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.

8 February 2024

UK: Soaring UK Migration Gives Hunt Up to £18 Billion for Tax Cuts

Soaring migration to the UK could hand Chancellor Jeremy Hunt an £18 billion ($22.7 billion) windfall for tax cuts in next month’s budget by lifting economic growth, according to new analysis. Using

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12 March 2024

UK: Bitcoin hits another new high as UK regulator paves way for more crypto trading

The value of Bitcoin has reached a new high, just days after the previous record was broken. On Monday morning one Bitcoin, the best-known cryptocurrency, could buy $72,219 (£56,303). The price of

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6 March 2024

IRELAND: Ireland told to shore up corporate tax laws to prevent wealthy from committing tax fraud and evasion

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30 April 2024

AML: Binance founder Changpeng Zhao facing 3-year prison sentence for allowing money laundering

Prosecutors in the United States on Tuesday are asking a judge to hand Changpeng Zhao, the founder of Binance, the world’s largest cryptocurrency exchange, a three-year prison sentence for allowing

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