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Summary of this video:
💰 UK Millionaire Migration Trends
- UK is losing nearly 10,000 millionaires in 2024, double the previous year's exodus.
- Main reasons include tax changes and increasing crime rates.
- Destination countries include UAE, USA, Singapore, Canada, Australia, Italy, Switzerland, Greece, and Portugal.
🌍 Appeal of UAE for Millionaires
- UAE is attracting a significant number of millionaires due to zero taxes on capital gains, investments, and property.
- Ease of obtaining tax residency and business setup appeals to wealthy individuals.
- Growing preference among millionaires globally for jurisdictions with minimal taxation.
🇺🇸 Attraction of the United States
- Despite challenges, the US remains a magnet for millionaires seeking brand value and business opportunities.
- States like New York and California still attract despite local issues.
- Significant influx driven by the allure of the American brand and lifestyle.
🏝️ European Destinations for UK Millionaires
- Greece, Italy, Switzerland, and Portugal offer favorable tax regimes for wealthy individuals.
- Attractions include lump sum tax options and residency benefits.
- Increasing interest from UK citizens due to impending tax changes.
🔍 Considerations for UK Millionaires
- Rising concerns over UK's future policies like mandatory military service and crime rates.
- Options for international relocation and obtaining second citizenships.
- Advice on navigating tax-efficient strategies globally for high-net-worth individuals.
DISCLAIMER: This video is not tax and/or financial and/or investment advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
10,000 Millionaires Are LEAVING the UK
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