#tax-residency

#tax-residency

Many UK nationals working in the UAE, Kuwait, and Saudi Arabia are looking to return home. However, being in the UK increases the likelihood of being classified as a UK tax resident under the Statutory Residence Test (SRT).

An estimated 35% of high-net-worth individuals are actively considering relocating to lower-tax jurisdictions, according to new data from deVere Group . The firm, which advises around 80,000 predominantly wealthy clients across the UK, Europe, Australia, Asia and Africa, reports a sharp increase in enquiries about changing tax residency, reviewing domicile status and restructuring cross-border business operations. Nigel Green, chief executive of deVere Group, described the trend as an acceleration of what he calls the "Great Wealth Migration".

California has proposed the Billionaire Tax Act, which would impose a one-time 5% tax on residents worth over $1 billion. Page, whose net worth is $269 billion as of January according to Forbes, isn't giving California the option to tax him and is deserting the Golden State for a state on the opposite extreme of taxing the wealthy: Florida. The proposed bill, which doesn't appear on the ballot until November, would retroactively tax billionaires living in California as of January 1.