The global millionaire index and their migration movement is rather telling and at the same time worrying for the countries they are abandoning. Certain countries in Europe have been hit hard with a mass exodus especially the UK with over 16.5K millionaires saying good bye and this looks like the trend will continue for the foreseeable future.
Someone immigrating to another country whether they are on their own or have a family is a major life changing decision and there has to be changes in your life that have forced this. I say forced as no one ups sticks and moves unless they feel they have to. When you consider someone who is very wealthy and must be living a comfortable life feels they have to protect what they have earned and moves taking their wealth with them. When you over tax and expect people to go along with your new tax laws what did the fools in charge expect would be the out come?
The destination countries is where the answers lie and with the United Arab Emirates topping the list this would lead you to think this has to be financial. The UAE does not really offer dual citizenship besides to a very selective group who are nominated by a government official and rather offers residency.
The UAE has a Golden Visa ( all family members) lasting 5 or 10 years which is renewable which entails an investor investing in some public project or purchasing property. You would still be expected to add to the economy with a minimum of roughly $80K taxes per year. Professionals like doctors or scientists would automatically qualify for a 10 year visa.
In second place we have the USA and this again has to be for what the country offers with regard to stability. These are people moving with money so it is not the tax haven they are seeking and more about getting away from other issues back home. With the UK topping the list of people leaving I would say taxes and the illegal migrant issues are the biggest reasons. The same reasons for the Germans, Spanish and French packing and leaving.
Italy in third place is kind of bucking the trend and this is all to do with the tax breaks they are offering. A 7% tax rate for retirees for 10 years and professionals a flat rate of 10-12%. Those earning $300K or more exempt for the first $300K for 7 years and these tax breaks clearly show it has worked.
These are not millionaires, but the same worrying trend with the younger age groups which is the future generations. This has to be for reasons such as future career prospects and the illegal migration which is concerning everyone. If this does not change quickly these numbers will continue to rise and those not seeing any kind of problem will never see the problem until it is too late. I am British born and could never live in the UK again and it is all due to the illegal migrants and not wanting to put my family at risk.
I guess looking at the crypto friendly countries will also play their roles
because if you have tons of money the chances are you will have some crypto. Many of the countries marked with 0% tax will have certain conditions like holding your crypto for 12 months which is the current rule in Portugal. There are many green countries now with no crypto taxes and these are definitely appealing, but again one has to research what are the conditions of being able to cash out crypto at 0%. Many of these countries will be on the radar for crypto investors planning their off ramps and the beauty is you do not have to necessarily live in those countries.
Still seeing where everyone is moving to is interesting and having visited Dubai late last year it is clear to see the growth with 2000 people arriving daily to live. Every person arriving has a job and more importantly the economy is sustainable and why this will be the popular hot spot for the coming years.
