Spears quotes Piers Master on UHNW trends ahead of a potential Labour government
In anticipation of a Labour victory at the general election, many non-doms are weighing up their tax-planning options, or even considering heading for the ‘exit door’ of the UK altogether.
Some tax advisers are helping their HNW clients to draw up what are being called ‘fire escape plans’: emergency exit preparations that provide internationally mobile HNWs with new options concerning citizenship and residency, which come with access to other, more attractive tax regimes.
Piers Master, Partner, provides comment for Spears:
"Our Firm has seen ‘a lot’ of enquiries from international UHNWs about where they could move. Some are looking at Italy and Switzerland. Italy has the ‘Special Tax Regime’, which allows foreigners to pay a flat annual rate of €100,000 on their foreign income.
"There are particular different features of the regimes which will make some countries more or less attractive to would-be immigrants. Switzerland also allows foreign residents to pay a flat fee on international earnings, but if they do, they can’t then work in the country, whereas in Italy you can work under the [flat fee] regime."
Read the full article in Spears here.
