Quoting the International Organization of Migration, one in every 30 (about 258 million people) were living outside their country of origin in 2017.
That is both a record high and a number that has beaten all expectations. A 2003 projection anticipated that by 2050, there would be around 230 million based outside their birth nation. But the latest projection has been dramatically revised upwards, there will be more than 405 million living away from their country of birth by 2050.
The demand for international tax advice is set to grow further still as the world becomes increasingly globalized and as the cross-border regulatory landscapes continue to evolve at a faster pace.
That is both a record high and a number that has beaten all expectations. A 2003 projection anticipated that by 2050, there would be around 230 million based outside their birth nation. But the latest projection has been dramatically revised upwards, there will be more than 405 million living away from their country of birth by 2050.
The demand for international tax advice is set to grow further still as the world becomes increasingly globalized and as the cross-border regulatory landscapes continue to evolve at a faster pace.
This can be attributed, we believe, to three key factors:
- First, is the increasing movement of people. Whether driven by geopolitical, work or lifestyle reasons, more and more individuals are on the move around the world. In addition - and despite the rhetoric of some populist politicians - globalization in the world of trade and commerce is here to stay and is, if anything, gaining momentum as it encourages economic growth, creates jobs, makes firms more competitive, and lowers prices for consumers," he added.
- Second, since the global financial crisis both individuals and companies have become more financially literate and aware of the importance of specialist financial advice, especially when it comes to cross-border affairs. and
- Third, the reporting and tax filing requirements are increasing in most jurisdictions. For instance - and this is just one example - in the US where the Foreign Account Tax Compliance Act, or FATCA, is almost universally recognized as being burdensome, onerous and complex."
"The enquiries are coming from both internationally-mobile individuals and firms who are seeking advice on compliant and up-to-date tax filing, residency issues, inheritance tax, self-assessment, property tax structuring and disclosures, national insurance contributions, trusts and wills," director of deVere Tax Consultancy, Mitch Young, said.
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