Is it Time to Expatriate? How About Australia?

Why are some Americans Individuals expatriating?

• Trump Did Not Win the Election?
• Obama-Care with its associated additional 3.8% Obama Care Tax make you feel like leaving the country?
• You're so sick of liberal Democrats trying to socialize the United States by taxing wealthy people?
• Or maybe you're a naturalized U.S. citizen or permanent resident who has prospered here, but would now like to move back the old country for retirement or to start a new  venture?

According to CNBC the top reason why Americans abroad want to dump their U.S. citizenship include:

• Nearly 1 in 4 American expatriates say they are “seriously considering” or “planning” to ditch their U.S. citizenship, a survey from Greenback Expat Tax Services finds.  
• About 9 million U.S. citizens are living abroad, the U.S. Department of State estimates.
• More than 4 in 10 who would renounce citizenship say it’s due to the burden of filing U.S. taxes, the Greenback poll shows.

So Where Do Wealthy People Move To
When They Expatriate From The US?

According to Henley & Partners, Private wealth migration trends look set to revert to pre-Covid patterns in 2023, with Australia reclaiming the top spot for net millionaire arrivals as it did between 2015 and 2019, and China suffering the biggest net outflows of high-net-worth individuals as it has since 2013. 

Notable exceptions are former top wealth magnets, the UK and the USA, according to the Henley Private Wealth Migration Report 2023, which tracks wealth and investment migration trends worldwide. 

Millionaire migration figures can be a telling real-time barometer for the health of an economy as wealthy people are extremely mobile and they therefore tend to be the first to move when the need arises. The countries that consistently attract affluent families through migration tend to be economically robust and usually have low crime rates and offer attractive business opportunities.

The top five destinations for net inflows of high-net-worth individuals in 2023 are projected to be

1. Australia, 
2. the UAE, 
3. Singapore, 
4. the USA, and 
5. Switzerland. 

On the flip side, the largest net outflows of millionaires are expected to come from 

1. China, 
2. India, 
3. the UK, 
4. Russia, and 
5. Brazil.

Australia is expected to attract the highest net inflow of high-net-worth individuals in 2023. This large influx of the world’s wealthiest is nothing new. Australia consistently attracts sizeable numbers of millionaires every year, mainly from Asia and Africa, but more recently also from high-income countries such as the UK.

Approximately 82,000 High-Net-Worth Individuals Have
Moved To Australia Over The Past 20 Years (2002 To 2022),
And Another 5,200 Are Expected To Arrive In 2023.

These consistently large inflows are possibly linked to Australia’s points-based immigration system which favors wealthy individuals and those with professional qualifications (accountants, doctors, engineers, hi-tech professionals, and lawyers).

                               Should I Stay or Should I Go?

Need Advise on Expatriation?

 

Contact the Tax Lawyers at 

Marini & Associates, P.A.   

for a FREE Tax Consultation contact us at:

www.TaxAid.com or www.OVDPLaw.com 
or Toll Free at 888-8TaxAid (888) 882-9243