WHERE THE RICH ARE MOVING
GN Focus looks at the migration flows of the world’s super-rich in 2016
Whether it is for tax benefits or political stability, residential planning tops the agenda for many high-net-worth-individuals (HNWIs) and their families this year.
While the UAE remains a strong draw, programmes in Spain, Portugal, Cyprus and Malta that provide special residency and/or tax status granted to non-EU nationals, coupled with potential mid-term citizenship access are particularly popular with citizens from emerging economies, according to UAE-based M/Advocates of Law, which advises HNWIs and publishes an annual residency comparison chart.
“For a couple of years now, traditional jurisdictions such as the UK, Singapore and Switzerland have been losing ground from a strict volume standpoint,” says Managing Partner Yann Mrazek. Among the new countries finding favour are Italy, as well as more exotic jurisdictions such as Panama, the Bahamas and Malaysia. These have seen significant interest from both European and emerging market applicants.
“One interesting trend to follow is the increasingly stringent requirements applicable to the issuance of tax residence certificates,” Mrazek says. “From next year onwards, this item will specifically be tracked across all jurisdictions covered.”
The chart on the right, a complete version of which is available on request, is a selection of jurisdictions the firm believes offer the best allround propositions for HNWIs.