Top 3 Countries for Ultra High Net Worth Individuals (+ Bonus)

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Жыл бұрын

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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.
Who are we and what do we do?
We are Offshore Citizen team. We help people become global: get a second passport, set up a second residency, pay less taxes, do banking abroad, etc.
We have lots of interesting articles on different topics, we have relevant information up to date.
Author: Michael Rosmer
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Пікірлер: 102

@OffshoreCitizen Жыл бұрын

To get personalized advice book a call with Michael: calendly.com/michael-rosmer?month=2021-03

@alfred3041 Жыл бұрын

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 🇮🇪

@elizabethpaier1411 Жыл бұрын

Thank you, Michael ! Very interesting information

@OffshoreCitizen Жыл бұрын

Glad you liked it :)

@KevinBanks512 Жыл бұрын

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".

@alsolano8117 Жыл бұрын

Please comment on this one, it's very interesting this approach Sir Michael please make a video on this topic Great videos as always!!👍👍👍

@retiredbroker Жыл бұрын

I agree with this too

@genegene8686 Жыл бұрын

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

@Kain81023 Жыл бұрын

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.

@danacorbin8047 Жыл бұрын

@@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)...

@FighterFred Жыл бұрын

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.

@OffshoreCitizen Жыл бұрын

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

@torontovoice1 Жыл бұрын

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!

@FighterFred Жыл бұрын

@@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.

@ZR_ZingoRingo Жыл бұрын

I had one right....the old one and I love it ....

@adamsediki4794 Жыл бұрын

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

@anonymous6594 Жыл бұрын

My guess would be Switzerland, Monaco, and UAE. I personally prefer temperate climates so would pick countries in Europe.

@thedcrypted Жыл бұрын

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.

@OffshoreCitizen Жыл бұрын

Definitely agreed

@anonymous6594 Жыл бұрын

@@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?

@CryptocurrencyInsider Жыл бұрын

Exactly, Switzerland offers flat taxes for UHNWIs. But of course you have to know how to get these deals.

@TheFootballboy97 Жыл бұрын

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.

@face2much Жыл бұрын

My guess is Dubai , Switzerland, Singapore

@pures1n Жыл бұрын

i got the first two right i was between switzerland / monaco for the third haha

@KristnaSaikiaBillFortuneEagle Жыл бұрын

High net worth clients are every where . Depends on your service and products . In some countries ,they stay very casually .

@samlunan1553 3 ай бұрын

Switzerland Dubai Singapore Hungkong

@thumbodyelse21 Жыл бұрын

yes run through the family structure in Singapore please

@genegene8686 Жыл бұрын

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.

@OffshoreCitizen Жыл бұрын

Can do

@deSechelles Жыл бұрын

What kinda question is that dud????? Ur dumb

@cineffect Жыл бұрын

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.

@OffshoreCitizen Жыл бұрын

To each their own I personally wouldn't ever want to live in Bavaria or rural Scandinavia though Tuscany is nice

@sreejithg8787 Жыл бұрын

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.

@OffshoreCitizen Жыл бұрын

Interesting. How do you think it compares to the UAE, life-style wise?

@mado.madeleine Жыл бұрын

I guessed all 3 correctly 💪🏽😄

@gbcxroz3258 3 ай бұрын

Switzerland,uae,monaco

@stumpysolo Жыл бұрын

My guess was Dubai, Singapore and London. Monte Carlo didn’t come up, but at least got 2 right.

@OffshoreCitizen Жыл бұрын

Nice! Anything else you'd add to the list?

@ruthnacht Жыл бұрын

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.

@rundns Жыл бұрын

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.

@peaceonearth8693 Жыл бұрын

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..)

@jamesgalloway5807 Жыл бұрын

Dubai Singapore Monaco

@ruthnacht Жыл бұрын

Guessing: Dubai, swiss, singapore.

@FrozenSkyy Жыл бұрын

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 🙈

@sgill4833 Жыл бұрын

My guess is, Switzerland, Monaco, Miami, Dubai as an addon

@OffshoreCitizen Жыл бұрын

And what do you think of our list?

@sgill4833 Жыл бұрын

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.

@suncoastchic Жыл бұрын

You guys can have the top 3 … it’s Ireland all the way for me! 🍀🇮🇪

@OffshoreCitizen Жыл бұрын

Haha nice! What puts Ireland at the top?

@morganjacob4717 Жыл бұрын

Michael, great video as always. Can you also discuss individuals who can live anywhere with a high income from KZfaq, 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

@OffshoreCitizen Жыл бұрын

Monaco isn't a good place for a holding company. Best option is to send us a message through www.offshorecitizen.net on this

@hendrixansel9750 Жыл бұрын

How does Dubai withhold 30% taxes from US viewership ?

@jeremyleonbarlow Жыл бұрын

In regards to KZfaq 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.

@jeremyleonbarlow Жыл бұрын

@@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.

@retiredbroker Жыл бұрын

Let me guess before I watch... Caribbean, Singapore, UAE

@OffshoreCitizen Жыл бұрын

Good guesses people just generally don't like to live full time on these small islands

@dawidblachowski Жыл бұрын

Switzerland, Dubai, Carribean?

@i1pro Жыл бұрын

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.

@strikers1985 Жыл бұрын

You get freehold in Singapore also. (999 year lease)

@Bambotb Жыл бұрын

@@strikers1985 still ridiculous to put a number on it..what will happen in 10th generations?

@RomilCPatel Жыл бұрын

There is some freehold land, but it’s a small percentage of total property in Singapore

@RomilCPatel Жыл бұрын

@@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

@b4bmm Жыл бұрын

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.

@OffshoreCitizen Жыл бұрын

I absolutely agree

@GleeSmee Жыл бұрын

What, no Switzerland?

@Topknot60 Жыл бұрын

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?

@OffshoreCitizen Жыл бұрын

Exactly! 30 mill or more in net worth, doesn’t necessarily have to be liquid

@larsschouw5 Жыл бұрын

City of London

@wkwsmith8412 Жыл бұрын

monaco dubai singapore

@OffshoreCitizen Жыл бұрын

What makes you opt for those three?

@michaelmatisse2808 9 ай бұрын

Monaco is 20 minutes from Nice (1 million population) so it should not be that claustrophobic

@harryburroughs7898 Жыл бұрын

is the uk a good country to have a holding company In

@OffshoreCitizen Жыл бұрын

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

@adamd.9516 Жыл бұрын

Edmonton, AB would be on the top of the list.

@OffshoreCitizen Жыл бұрын

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

@adamd.9516 Жыл бұрын

@@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.

@torontovoice1 Жыл бұрын

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!

@p.c.h.6721 Жыл бұрын

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?

@OffshoreCitizen Жыл бұрын

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

@p.c.h.6721 Жыл бұрын

@@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 👍

@RomilCPatel Жыл бұрын

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

@namalanoi4030 Жыл бұрын

Dubai is more open than doha. So it's far easier to wear western dresses in dubai than Doha.

@enjoyslearningandtravel7957 Жыл бұрын

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?

@OffshoreCitizen Жыл бұрын

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

@enjoyslearningandtravel7957 Жыл бұрын

@@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.

@mbican Жыл бұрын

Cayman?

@OffshoreCitizen Жыл бұрын

Very few people are actually interested in living there

@hirenshukla1662 Жыл бұрын

I find only two Country without any Nonsense....Dubai and Monaco.....

@OffshoreCitizen Жыл бұрын

Why is that?

@hirenshukla1662 Жыл бұрын

@@OffshoreCitizen No income tax filing .....no paper work.....just get residential visa....that's it .......safety at it s best

@dancheng3014 Жыл бұрын

crypto bros would have chosen (1) Bahamas, (2) El Salvador, (3) British Virgin Islands, and (4) Cayman Islands

@OffshoreCitizen Жыл бұрын

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

@droid806 Жыл бұрын

Dubai properties ARE CHEAPER than Abu Dhabi on average.

@OffshoreCitizen Жыл бұрын

By what measure?

@b4bmm Жыл бұрын

Hong Kong (if it wasn’t such a politicised place) would be right up there

@OffshoreCitizen Жыл бұрын

Used to be now not so much

@CryptocurrencyInsider Жыл бұрын

The Covid restrictions are scary as well.

@merrykrichtsamt Жыл бұрын

Good that you did not put Switzerland in the list. by far the most overrated country.

@OffshoreCitizen Жыл бұрын

Why do you say that Switzerland is overrated? I see lots of rich coming from Switzerland, but not moving there

@merrykrichtsamt Жыл бұрын

@@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.