Top 3 Countries for Ultra High Net Worth Individuals (+ Bonus)
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- Опубликовано: 28 авг 2024
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Where are all the rich people moving to? Switzerland, the US, Canada? Wrong!
Over the course of my career, I've met numerous wealthy people, some of them very ultra-high-net-worth individuals.
Interestingly enough, they all seem to cluster in very few places in the world! Imagine, these people can literally choose to live anywhere on this planet, and they choose these 3 countries.
These places are a good combination of exciting lifestyle and low taxes. Those are countries that are optimized for business, and also good for wealth preservation.
Can you guess which places am I talking about?
High net-worth individuals tend to move to the following 3 places: Dubai, Singapore, and Monte Carlo. Additionally, some of them relocate to London.
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2:36 - United Arab Emirates (particularly Dubai, occasionally Abu Dhabi) 🇦🇪
4:12 - Singapore 🇸🇬
6:10 - Monaco 🇲🇨
8:42 - Bonus: United Kingdom 🇬🇧
9:28 Bonus: Ireland 🇮🇪
Michael, what is your view on this take: once your wealth is already done, and if you basically live off of dividends and investments, living in "high tax countries" is not necessarily a problem. In the end, as long as your country of residence doesn't have a wealth tax, you're mostly safe. I'd love to have your insight on this topic. Again, I'm not talking about the "wealth accumulation" phase, but once you're "retired".
Please comment on this one, it's very interesting this approach
Sir Michael please make a video on this topic
Great videos as always!!👍👍👍
I agree with this too
1) High tax countries often tax dividends at a high rate though 2) That strategy might work in a 0-2% or deflationary environment but high tax countries with higher than 2% inflation are taxing phantom inflationary gains, resulting in faster wealth drawdown
From a economic perspective id say you're right, problem is that basically every western european country have become so unsafe and crime ridden that you cant enjoy your wealth without worrying about being a target, and its only getting worse every year.
@@genegene8686 correct. This is the boat I am in living in Canada...taxes basically flow through as regular taxable income. As well, the taxable amount is "grossed up", so you actually pay taxes on more money than you receive in dividends. having kids is the issue I am struggling with, as most "tax friendly" countries become very costly when you start adding education and medical expenses (assuming you wish to retire on your wealth, not work for a company)...
Switzerland should be on the list. A lot of very wealthy people live there; low tax, great health care, everything works, high quality of life.
Yes, Switzerland is a country where lots of rich people live, but I was specifically speaking of places where these people tend to be moving. I don't see lots of wealthy people moving to Switzerland, taxes are not that low and you have wealth tax on top of everything. Not so exciting
Have you forget though that there's wealth tax. Or, you have to make a deal and pay a forfait. I think the lowest cost is around $150,000 Swiss francs a year!
@@OffshoreCitizen Hard to compete with 0% in Dubai, but Switzerland has a few compensations. Like Nature, a robust banking sector and no islamic rules. Negatives are high cost of living and real estate.
My guess is Dubai , Switzerland, Singapore
Great list. Those are all great places. With some reasonable tax planning you could add Switzerland, Great Britain, Ireland and New Zealand. If I lived in one of the four I listed, I would still leave my assets in the three you listed.
Definitely agreed
@@OffshoreCitizen if taxes weren’t a factor, would you live in the UAE? That’s a video I would like to see. What 3 countries would you live in if taxes weren’t a factor?
Exactly, Switzerland offers flat taxes for UHNWIs. But of course you have to know how to get these deals.
My guesses before seeing the video: Dubai (UAE), Singapore, Switzerland. Let's see if that's correct 😁
Edit: Got only 2 of 3 right... Darn 🙈
Could you make a video on best options to live 6 months + 6 months. Ex Dubai in Winter + best other country to live in summer. And how to combine the both without owning in both countries and also how to have it cheapest and mast hassle free.
Would love to see a video on best places to setup brokerage account. (for active traders, possibly LLC?) Is it possible to do this while living in a higher tax country?
Love your videos
I had one right....the old one and I love it ....
Switzerland,uae,monaco
Thank you, Michael ! Very interesting information
Glad you liked it :)
High net worth clients are every where . Depends on your service and products . In some countries ,they stay very casually .
i got the first two right i was between switzerland / monaco for the third haha
The problem that most people are finding is that low/no taxes, great investment opportunities, less bureaucracy are not the most important criteria for "good living". It's where you feel good, where you love the atmosphere, architecture, culture, where you feel connected and from my own experience, it's hard to beat places like Tuscany, Provence, Bavaria and parts of rural Scandinavia.
To each their own I personally wouldn't ever want to live in Bavaria or rural Scandinavia though Tuscany is nice
Guessing: Dubai, swiss, singapore.
Switzerland
Dubai
Singapore
Hungkong
Do a video on Bulgaria vs Dubai! You were in Bulgaria until last year if I recall and then moved to Dubai so you must have some unique insights.
Can do
What kinda question is that dud?????
Ur dumb
You guys can have the top 3 … it’s Ireland all the way for me! 🍀🇮🇪
Haha nice! What puts Ireland at the top?
My guess was Dubai, Singapore and London.
Monte Carlo didn’t come up, but at least got 2 right.
Nice!
Anything else you'd add to the list?
My guess would be Switzerland, Monaco, and UAE. I personally prefer temperate climates so would pick countries in Europe.
For the 50+ folks with net worth above $20m it’s still Switzerland all the way, especially the old cantons without any inheritance tax. Monaco is on the way down, I agree. Dubai is younger, newer money, Singapore peaked imo.
Let me guess before I watch... Caribbean, Singapore, UAE
Good guesses people just generally don't like to live full time on these small islands
This video I view as a home base concept, for taxes and legalities. But then there are the places where a person would want to spend their time. Something like being a "jet-setter". For example, for people whom like mountain scenery or maybe an alpine culture. As long as you don't have to pay the taxes to home-base there.
Big area or niche', I've noticed that in affluent areas, the local businesses just have much better service. Which I think is because people with high standards won't tolerate shoddy service. Therefore, a real question is, where is it best to spend your time in the world? Let's start by counting N. Korea out.
Maybe we should compile a map with the best spots for affluent people to exist above the fray, and to live in a nice environment? (Sounds like a book idea..)
Thanks for the video.
How about Muscat? Same tax benefits as in UAE. Better than Abu Dhabi, I guess ?
A lot of European are moving there in recent years.
Interesting. How do you think it compares to the UAE, life-style wise?
Also yeah i was thinking about the UK as i can get a ancestory visa and be able to use non dom, but im sceptical as the opposition party is probably gonna win in a couple of years (i plan to move in around 1.5 years) and they've said theyre gonna remove it.
Monaco is 20 minutes from Nice (1 million population) so it should not be that claustrophobic
My guess is, Switzerland, Monaco, Miami, Dubai as an addon
And what do you think of our list?
Offshore Citizen I think every billionaire will have a place in Miami. I think Singapore/Monaco are over rated personally. And UK is falling off. Ireland definitely rising.
I guessed all 3 correctly 💪🏽😄
When you say "ultra high net worth individual" do you do so based on the common standard of $30 million or more in liquid assets?
Exactly! 30 mill or more in net worth, doesn’t necessarily have to be liquid
I heard that Singapore's government keeps ownership of the land/properties, and inheritance is very limited. Seems like a deal breaker to me. It would be nice to see a video about it.
You get freehold in Singapore also. (999 year lease)
@@strikers1985 still ridiculous to put a number on it..what will happen in 10th generations?
There is some freehold land, but it’s a small percentage of total property in Singapore
@@Bambotb
The idea of putting a number on it is like a property tax. In western countries you pay a property tax every year, while in Singapore you lease from the government
Dubai Singapore Monaco
My unpopular opinion: brand names like Singapore are overpriced. And in general people overpay for places that have brand names.
For example, one can get all the same things in KL as they can in Singapore for a fraction of the price; the taxes in Malaysia are better, and it’s easier to get a visa. Yet, people still go to Singapore since it’s a “legacy brand”
The same could possibly be said of Dubai when comparing it to others like Doha which can offer all the same things, easier visa policy(since Qatar gives PR to investors which UAE doesn’t) and is far cheaper
Dubai is more open than doha. So it's far easier to wear western dresses in dubai than Doha.
yes run through the family structure in Singapore please
I’m thinking that none of these three would be good for people that are United States citizens since United States is a citizen base tax so you get taxed no matter where you live if you happen to be a United States citizen.
It’s not for people who are women or people who are married and have a spouse then the united Arab emirates such as Dubai be a bad choice since are women still required to wear certain clothes there such as a veil or has it been done away with?
Women can dress however they please in the UAE, unless they're going to a religious or governmental institution. In that case both men and women are required to cover knees and shoulders, but that's pretty much it.
You're right about American citizens. Unless they renounce they will be paying American tax for the rest of their lives, no matter where in the world they live
@@OffshoreCitizen thanks for the information I think covering knees and shoulders it’s not a problem for anyone if they’re going to the places you mentioned.
I find only two Country without any Nonsense....Dubai and Monaco.....
Why is that?
@@OffshoreCitizen No income tax filing .....no paper work.....just get residential visa....that's it .......safety at it s best
Monaco is dead when you contrast it to dubai. You will have the old school who will live out their days there but the next 20 years they will have to come up with some other offerings.
I absolutely agree
Switzerland, Dubai, Carribean?
Michael, great video as always. Can you also discuss individuals who can live anywhere with a high income from RUclips, Tik Tok and want to reduce taxes. In Dubai they withhold 30% taxes from US viewership since there is no double tax treaty with the US, is Monaco an option for a holding company if you still want to live in Dubai? Thank you
Monaco isn't a good place for a holding company. Best option is to send us a message through www.offshorecitizen.net on this
How does Dubai withhold 30% taxes from US viewership ?
In regards to RUclips royalty payments your best bet is to begin by looking at Price Waterhouse Cooper's information on corporate withholding rates for the US, then further investigate from there the tax treatment of income in those countries with tax treaties with the US. Certain former Commonwealth of Independent States nations have some benefits under the zero rate withholding for royalties, Hungary likewise looks good, Ireland is not bad, but substance requirements and individual tax treatment and tax residency rules will all have an impact, as will potentially CFC rules. Its a complicated question in regards to reducing not only withholding on royalties, but also overall taxes.
@@hendrixansel9750 Google, must withhold 30% for the US IRS as US sourced income, unless a double tax treaty provides for different treatment in your country of residency.
monaco dubai singapore
What makes you opt for those three?
crypto bros would have chosen (1) Bahamas, (2) El Salvador, (3) British Virgin Islands, and (4) Cayman Islands
Nah I haven't seen any of our crypto clients move to El Salvador or BVI. Cayman and Bahamas a bit but very little compared to UAE and Portugal
What, no Switzerland?
Dubai properties ARE CHEAPER than Abu Dhabi on average.
By what measure?
Edmonton, AB would be on the top of the list.
Really? I can't think of a single UHNWI who relocated there. A few have made it there though a lot less than other places
@@OffshoreCitizen it has the highest Tim Hortons store per capita and bunch of obnoxious miserable people and nothing else to do, in returns you get to keep your money in your pocket and focus on your investment.
I lived in Edmonchuk for a few years. It's cold and miserable. Healthcare is hard to find, and taxes well, they're pretty high. No thank you! This Canuk is not going back!
Cayman?
Very few people are actually interested in living there
City of London
So which one is your favorite, I’m guessing Dubai, but more importantly are there other countries that you really love that are not necessarily for the super wealthy people?
Dubai is great, I love Malaysia, Singapore is great but tough to move to. Thailand is cool but overly dirty for me.
Those are thinking of tax though I love lots of other places for lifestyle, nature and beauty for example France, UK, Italy, Switzerland, Spain, Japan, US etc
@@OffshoreCitizen
Paying massive taxes, as you do in all those European countries, take all the beauty away from them imo.
The world is changing, people are waking up to reality, life is short, you work like a maniac and money hungry governments come and take a lot of it either directly or indirectly, you spend half of your life literally working to pay taxes, it ain’t worth it, especially when you barely get anything in return, other than threats of jail time if you make a mistake.
Thank God some countries are dying to welcome people so they can escape their torture and enjoy whatever savings they have been able to accumulate, I fear Dubai will get too crowded too soon and they will start making things more difficult. I wouldn’t mind Thailand (great people), never been to Malaysia, and there are selective cities like Monterrey in Mexico, that could make a great place to live.
Great Channel Lord Michael 👍
Hong Kong (if it wasn’t such a politicised place) would be right up there
Used to be now not so much
The Covid restrictions are scary as well.
is the uk a good country to have a holding company In
It's decent, depends a lot where the assets you're holding are and what those assets are. Wouldn't usually be the first choice
Good that you did not put Switzerland in the list. by far the most overrated country.
Why do you say that Switzerland is overrated?
I see lots of rich coming from Switzerland, but not moving there
@@OffshoreCitizen right that. Not neutral anymore, no banking secrecy anymore, higher fees and mentality of bankers / service providers that did not adapt to new reality. Wealthy people are leaving CH for Singapore.