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A record number of individuals with a net worth exceeding €1 million are projected to change their country of residence this year, surpassing the previous year’s record, according to consultants Henley & Partners.
Factors contributing to this trend include changes in tax regimes in countries like the UK, France, and Italy, prompting wealthy migrants to seek friendlier tax climates in destinations like Dubai, Switzerland, and Singapore.
Despite attracting wealth, countries such as Greece, Spain, and Ireland are also facing pressure to raise taxes on wealthy migrants due to challenges like property price hikes and strain on public infrastructure.
In a global landscape of shifting tax policies, the influx of wealthy migrants seeking favorable tax regimes is on the rise. With over 128,000 millionaires expected to relocate this year, countries like Dubai, Switzerland, and Singapore are emerging as preferred destinations. However, even as these nations welcome affluent individuals, concerns about the impact on local economies and communities are prompting discussions on potential tax adjustments. The allure of tax benefits is driving a significant migration of wealth, highlighting the delicate balance between attracting investment and addressing societal challenges.
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