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‘Petrified’ non-doms poised to flee UK over Labour’s tax plans

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That was before the commies‍ got power.

As a Brit i can tell you if you move⁤ abroad and transfer your wealth, its tax free.

As for Education, I wouldn't put my⁣ kids into a UK school, Singapore for fundamentals, Switzerland for creativity.

In addition my partners⁢ (Middle-East -> East Africa Gas/Oil) - you can imagine from that the wealth value, British,︀ UAE and a EA nation + Indian nationality -> his kids yes studied in private︁ UK (like myself) but that was 20+ yrs ago, his Kids pass through the UK︂ but not one of them live there, they are all UAE resident(s) tax purpose and︃ float around between Asia, Middle East, East Africa and Europe.

I do miss Hogwarts mind,︄ simpler times.


My kids (started school at 6 months) have a 'old' English style education (proper - education︇ - only issue is - they speak English American - worse American accents grate on︈ me) in Asia, i dread to imagine what it would be like in the UK︉ these days, i speak often with a former employee who refuses to move from Surrey︊ because his son is in a good school, even though its given him a heart︋ attack trying to keep up with the ever increasing cost of living in that part︌ of the UK.
 
Where is creativity in Swiss schools?
Probably there are still some good schools in the UK. I would mention Gordonstoun, where King‍ Charles was “properly” treated smi(&% and that left a lasting impact - so much that he⁠ didn’t dare to send his kids there, with the results that everyone can see.
 
Bloody typos

https://www.rosey.ch/
I learned a few days ago, there’s tents setting up in my area of England now,⁤ along the beach…

I come from what was the most prosperous part of the UK⁣ - poverty in the sense of homelessness was non-existent to a minute % of the⁢ population.

Predominantly white (there was an African British family, two Indian British families) for example︀ in my town of 13,000 people on the neighboring and town area.

Crime was petty︁ if anything and usually driven by outsiders coming in and leaving same day.

I heard︂ crime (drugs) was rising, and thievery, the odd violent crime, now I’ve seen pictures of︃ 7 tents and heard it started with 3 homeless people now 12 sleeping in tents︄ along the ocean front.

It has me concerned because even though our stature has declined︅ in line with demographics (wealth isn’t growing as people retire on the area) if it’s︆ that bad then it must be pretty serious elsewhere across the county, England, the UK︇ in general, aside from the problems with the state - usually the county and towns︈ miss the worst of it (in my area) that is.

When I was︊ a child I wasn’t aware we were “ok”, family (father / grandmother) instilled a work︋ ethic and monetary education from a young age in us.

It wasn’t until a few︌ years ago that it clicked as a child we’d work in the family business -︍ I am talking from about 5 up, save up funds and go to the family︎ estate in southern Spain our average spending money was 3-5,000 pounds - what shocked me️ was that a home back then - was about 30,000-60,000 pounds

Naturally we’d meet people‌ and through the years one of the things I recognized rather late was how unsure‍ / incapable of judging people’s intentions people my own age were back then - never⁠ forget a French chap - forget his name now - but Parisian - well to⁤ do - good family - but was melded and molded to various peoples needs (routinely⁣ taken advantage of).

It’s important to have a grounded broad up-bringing - I believe which⁢ refers back to the paragraph above - the need to bring the kids up oblivious︀ whilst also integrating them into a work ethic.
 
hi%# I apologize!

I have the WORST American accent! Straight-up Boston / New York accent,‍ although lately, I have been trying to dim it down a bit.

I went there⁠ for college as a teenager...I lost (kind of) my British accent. It does resurface if⁤ I am relaxed and in a non-threatening environment.
 
So far it‌ were Tories who dealt most damage to UK tax attractiveness. Labour didn't change much, let's‍ see what they will introduce in October.

I don't know about Singaporean schools and I heard very mixed reviews about Swiss boardings.⁣ In two words they are too relaxed, drugs are a problem and too much vanity⁢ competition. But every school is different, maybe I didn't hear about the good ones.

Yes, that works so far.
 
Guys the UK has some of the most aggressive anti tax avoidance legislation in the‌ world especially around use of offshore Trust structures - please look it up. Now that‍ the 200yr old non-dom scheme is gone and who knows if the new replacement scheme⁠ launched by last government will be honored by Labour only danger lays ahead.

If your⁤ a millionaire of billionaire moving to UK right now understand that you will be fully⁣ exposed to tax on world wide income and IHT. Anticipate being treated like an ordinary⁢ UK person and fully exposed to the UK tax code. Do not rely on the︀ last Tory government legislation allowing existing non-doms to setup trusts to protect assets from IHT.︁ Labour has indicated they may close that loophole and who knows what they will announce︂ net month .

If your the next tech entrepreneur your probably better of in US︃ I am sad to say. At least when it comes to an IPO you have︄ access to a much deeper equity market than in UK. Not even ARM a UK︅ company wanted to IPO in UK and now not even Revolut wants to IPO either︆ but new UK gov is now begging them to reconsider...lol.

Me personally there is nothing︇ that can convince me to move to the UK. High crime, decreasing standard of living,︈ bad weather, decay, increasing absolute poverty rate, local government bankruptcies and high taxes with more︉ increases on way etc is not tempting at all 😕.
 
There is a lot of talk of the UK implementing exit tax. One reason which‌ makes me to believe they will be imposed is that the replacement for the non-dom‍ scheme is 4 years: "It will be replaced by a new special status which can⁠ be claimed during the first four years of tax residency in the UK".

Many people⁤ will be tempted to naturalise in the UK, which is 5 years, just 1 year⁣ of being a fully fledged tax resident after the non-dom replacement ends. Now, being fully⁢ fledged UK tax resident (and citizen), I'm guessing they would then be liable to any︀ incoming exit tax. Nice way for the government to trap people.
 
Yes this would have been reason in the past. But along⁠ came a thing called Brexit that weakened the UK passport and its access to EU.⁤ Assuming one has a bad passport anyway then acquiring the UK passport maybe useful for⁣ travel but then CBI passport will probably be cheaper for travel.

Very true. The question is living in UK or acquiring a British passport worth 40%︂ IHT or paying any potential exit tax?

This should be ultimate goal as global wealth is slowly moving east.

https://www.visualcapitalist.com/mapped-global-wealth-by-region-2023-2028f/
 
I 100% agree︁ with you both!
I'm still living in the "West" (if one can call Monaco and︂ a company in Zug "the West") and working part-time in Latin America because I visit︃ my clients (and some sup-pliers) there.

I'm making my transition (NOT gender-related smi(&% ) to the︄ East. Still, it's a slow process as I have to be very selective, and the︅ country I am going to is quite circumspect about my motives, notwithstanding going there for︆ (a bit) more than four decades. Of course, I am asking for a special tax︇ ruling, but the fact that I am a "Gweilo/Guizi" (in their eyes) isn't helping me︈ much. stupi#21
 
I don't know if any of this is driven by fear, it's just business. When a‍ supplier (in this case, a supplier of a place to live and conduct your affairs⁠ otherwise known as a country) begins to make unreasonable demands, you simply end your contractual⁤ relationship with them and look for new suppliers. It has been so long since most⁣ governments in the west put the freedom and interests of their citizens front and center,⁢ that the lack of loyalty has now become mutual.

Also, don't think︃ that the rather large moat to our east will protect Americans from this sort of︄ thing should November go badly. Unrealized capital gains and a 40% capital gains tax has︅ already been floated here by one of the candidates, as has eliminating the filibuster in︆ the Senate to more easily push through policy.
 
Haven’t checked the visual out but monsoon region from Kenya through to⁢ south East Asia is in its peak productivity or early productivity period in the case︀ of India

So yeah wealth will like like water
 
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