• BDO launches the Global Opportunities Report

BDO launches the Global Opportunities Report

30 September 2016

BDO has announced the launch of its bi-annual Global Opportunities report at the BDO Global Private Client Conference, a 2 day event for private client tax specialists and advisers worldwide, in London.

For those emigrating from their home countries, Singapore and UK remain top destinations for ‘entrepreneurs’ and ‘global executives’ from an economic and financial perspective; Spain also ranks highly with other locations for the retired.

A concise summary of tax regimes around the world – the latest September 2016 edition provides a particular focus on the 23 most popular locations where people choose to live.

In practice an individual’s objectives and personal situation will determine a location of choice.  Individuals are looking for balance and ensuring that their financial affairs and global assets are structured in an efficient manner.  BDO highlights some of the most popular locations from a purely economic and financial perspective for broad classes of individuals, using the terms ‘entrepreneur’, ‘global executive’ and ‘pensioner’.  In broad terms the analysis highlights:
 

Entrepreneur

Global Executive

Pensioner

Canada, Monaco, Singapore, Switzerland, UK

Hong Kong, Ireland, Singapore, Spain, UK

Cyprus, Malta, New Zealand, Portugal, Spain


Compiled through the contributions of BDO’s private client tax specialists from BDO member firms worldwide, both lifestyle and financial factors remain key considerations for individuals looking to move country. Climate, cost of living, education, security and other lifestyle factors – as well as economic and financial factors are all important considerations.

Richard Montague, BDO’s Head of International Private Wealth in UK and Chair of BDO’s Global Private Client Strategy Group, said:

“Individual objectives mainly focus on ensuring long-term asset preservation whilst complying with their global tax obligations. An understanding of the tax regime in the country of choice continues to be key. 

Most countries have some form of indirect taxation, such as Value Added Tax (VAT) or property transfer taxes, and will also apply direct tax on income and profits on the disposal of assets. Other countries will seek to tax capital gifted or inherited, or apply an annual tax on net wealth. Some countries even seek to apply an exit tax when individuals break tax residence.”

He continues: “Tax efficiency does not necessarily mean reducing the annual tax bill but rather ensuring that it is not increased unexpectedly. There are many pitfalls for the unwary.”

The Global Lifestyle Review produced by the team at Knight Frank, is referenced by BDO as a resource for a review of the quality of life and cost of living across a selection of jurisdictions from around the world.

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For press inquiries, please contact Keum Roling
For the full Global Opportunities report, please visit here

- See more at: https://www.bdo.global/en-gb/news/2016/bdo-launches-the-global-opportunities-report#sthash.cn9mcAeR.dpuf