GENEROUS TAX RESIDENCY LAWS
Take the case of John Fredriksen. Born in Norway, Fredriksen is among the foremost figures within the international transport trade, with pursuits spanning the whole lot from tankers and dry-bulk vessels to offshore oil providers 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 potential of a wealth tax, Fredriksen was off once more, this time for the United Arab Emirates.
“It’s starting to remind me increasingly more of Norway. Nice Britain has gone to hell, like Norway … The entire Western world is on its method down,” Fredriksen advised 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 subject is that many international locations have beneficiant allowances for a way lengthy individuals can spend there with out changing into a tax resident.
Willy Michel, a Swiss prescribed drugs billionaire, advised the native newspaper Neue Zurcher Zeitung earlier than the referendum that he and his spouse would go away if the initiative have been adopted. “We are able to 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 most of the Danish capital’s greatest 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 advised me jovially.
