GENEROUS TAX RESIDENCY LAWS
Take the case of John Fredriksen. Born in Norway, Fredriksen is without doubt one of the important figures within the world transport trade, with pursuits spanning every little thing from tankers and dry-bulk vessels to offshore oil companies and fish farming.
He left Norway in 1978 for the UK, and later renounced his Norwegian citizenship for a Cypriot one. However earlier this yr, because the UK’s Labour authorities abolished the so-called non-dom standing and explored the opportunity of a wealth tax, Fredriksen was off once more, this time for the United Arab Emirates.
“It’s starting to remind me increasingly of Norway. Nice Britain has gone to hell, like Norway … The entire Western world is on its manner down,” Fredriksen instructed monetary web site E24. He even had the temerity to say, whereas in Norway: “I attempt to keep away from Norway as a lot as I can.”
One concern is that many nations have beneficiant allowances for the way lengthy individuals can spend there with out turning into a tax resident.
Willy Michel, a Swiss prescribed drugs billionaire, instructed the native newspaper Neue Zurcher Zeitung earlier than the referendum that he and his spouse would depart if the initiative had been adopted. “We will nonetheless spend 180 days a yr in Switzerland. We even have a residence in Mallorca, one thing in Piedmont, so even now we’re solely right here half the time,” he added.
Then there’s Lars Seier Christensen, the co-founder of Denmark’s Saxo Financial institution, a significant shareholder within the soccer group FC Copenhagen and an investor in lots of the Danish capital’s finest eating places, together with Alchemist. He lives in Switzerland however can spend as much as half of the yr in his homeland – “that’s greater than sufficient”, he as soon as instructed me jovially.
