Saturday, 21st November 2009

 

6 August 2009 - Tara Loader Wilkinson

Switzerland tops favoured location for UK non-doms

Switzerland is the number one destination for UK-based non-dimiciled individuals and families planning to leave the country, according to research from the Sovereign Group, a London-based tax adviser.

Second on the list was Monaco, followed by Dubai. Gibraltar, Malta, the Isle of Man, Cyprus, Singapore, Hong Kong and the Bahamas made up the rest of the top ten locations non-doms are moving to, according to the tax adviser.

Research from The Sovereign Group, a London-based tax adviser and consultancy, shows between 10% and 20% of their new London clients are planning to move either themselves or their corporations to a more tax-friendly destination.

The company said well over 1,000 non-domiciled residents and high earners have already moved or are in the process of moving, due to tax hikes which came into force in April this year.

The UK government introduced a £30,000 levy on resident, non-doms living in the UK earlier this year. It also has moved to increase the highest income tax band to 50%.

Tags: The Sovereign Group

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