Global opportunities for relocation
Clients are increasingly international and it is fair to say that the world is becoming ever smaller for wealthy individuals. Their business interests, real estate, investments and family members are increasingly spread globally and not always in obvious jurisdictions.
Globally legislative and regulatory changes are increasing the cross border flow of foreigners and investment – in part through tax. Tax competition has increased, with competing tax regimes playing a part in seeking to attract internationally mobile wealthy individuals, their families, and investment. This is in some contrast to the world of corporate taxation where international cooperation and convergence has increased over time.
The new BDO Global Opportunities for Relocation 2018 has a focus on some 40 jurisdictions, including the most popular locations where people choose to live. The study distinguishes different tax regimes across the globe, most of which offer some attractions and are favourable in different circumstances, whether it be low tax/no tax, remittance basis, lump sum or favourable for new residents.
People relocate for many different reasons – climate, education, and business opportunities, to name a few. Different locations appeal to different people and an understanding of the lifestyle, immigration and financial factors are often key when choosing where to move. However, there is always one common theme irrespective of where individuals choose to relocate – tax. Tax is a global concept, and an understanding of tax regimes across jurisdictions remains fundamental in facilitating international mobility.
Listen to some of our experts within BDO Private Clients Services about important aspects to consider when moving abroad.
Report: Global Opportunities for Relocation 2023
Compiled through the contributions of BDO’s private client tax specialists across the globe, this report provides a high-level overview of 52 tax regimes around the world. BDO’s highly integrated network of private client specialists are well placed to reassure individuals that their wealth is compliant with the demands of global regulators and structured effectively for long term preservation, wherever they are.