Where THE RICH ARE MOVING? | international tax lawyer | RICH EXPATS / WEALTHY EXPATS TRENDS
Since the spread of covid, most westerners have suffered a worsening of their standard of living, first limitations of their freedom
of enterprise, then limitations of their personal freedoms related to the spread of the pandemic, then economic crisis and degradation in some cities, then exorbitant increase in prices, and today tangible risks connected to the war and to the personal and property security of the westerners.
It is therefore easy to understand the reason behind the rampant migration phenomenon, which seems to increase exponentially from month to month, and which sees a growing number of wealthy westerners move to other countries, in search of better prospects and a better standard of living, to them and their families.
The countries chosen by the rich include, first of all, Singapore and the Cayman Islands, but only for the richest people, especially
those with assets exceeding 10 million euros, who aim both to obtain significant tax savings and to maintain a standard of luxurious living.
While the Principality of Monaco, the Principality of Liechtenstein and Switzerland, today, given the risks associated with the ongoing war, due to their territorial location, are less and less chosen by the super rich.
However, the country that has certainly excelled in the last year, as a popular destination for citizens from all over the world, is the United Arab Emirates.
In fact, the last year has seen a growing influx of foreign investors into the United Arab Emirates.
In 2022, the UAE is expected to see an even higher influx of migrants.
In fact, it is expected that around 4,000 millionaires will choose the United Arab Emirates as their new home for the next few years.
From a migration perspective, this is representative of a 208% increase, compared to the net inflow of 1,300 people in 2019.
Unlike destinations like Singapore and the Cayman Islands, however, the United Arab Emirates are chosen not only by the super rich, but not only by them.
In fact, the most recent regulations make a transfer attractive and convenient, in cities like Dubai, starting from annual earnings
of just 65,000 dollars.
This is due to a number of factors.
First of all, it is due to a significant improvement in the country's positioning in most of the world rankings, also following the recent
reforms that have made the Emirates, starting from the end of 2020, a decidedly more Western country, also from a regulatory point of view.
Many limitations, previously criticized by Westerners, have been completely removed, even formally, from the legislation.
At the same time, it is a country that offers reliable banking structures, offers promising prospects for the future, offers the possibility
of return on its absolutely competitive investments, such as in the case of real estate investments.
Many westerners are choosing to move with their families with the expectation of a better standard of living, for them and their children, and to be safe from the risks associated with the current events that are affecting especially the European continent.
Finally, in addition to the UAE, some super rich who don't care about the tax profile and don't mind paying more taxes are choosing
Australia.
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