TW Private Wealth

Greece remains in the top ten countries worldwide attracting wealthy foreigners. This is not surprising given the relaxed pace of life, almost year-round good weather, good health care options and one of the lowest crime rates in Europe, not to mention the favourable tax regime available to new residents. A HNW individual who has not been a resident in Greece for the past seven out of the last eight tax years and makes a minimum investment of €500,000 in Greece (in real estate, businesses or legal entities based in Greece) can make a lump sum payment of €100,000 per tax year as a substitute for tax on foreign income and gains; the individual will only be subject to tax on Greek-source income. In addition, they will be exempt from inheritance tax and gift tax on non-Greek assets. The regime can also be extended to close relatives for an additional annual charge of €20,000 (per tax year per relative). Greece also offers an alternative beneficial tax regime for individuals with foreign pension income who have not been a resident in Greece for the past five out of the last six tax years; if eligible the individual will pay a 7% flat rate of tax on their foreign-source income. However, like other popular destinations for wealthy migrants, Greece has experienced pressure on its housing market and as a result has recently increased the minimum investment for those looking to obtain a "Golden visa" by purchasing real estate; the minimum investment is now €400,000, or €800,000 in certain of the more popular islands. As a leading international Private Wealth law firm, we are commonly asked by our clients about the jurisdictions they should consider on a re-location. If you'd like support with relocation, please get in touch: https://bit.ly/3VysZNc #PrivateWealth #Immigration #Tax #Relocation

The Home Office has announced that its eVisa portal has now opened to all Biometric Residence Permit holders and applicants no longer need to wait for an invitation to apply: https://bit.ly/4g8uwTG Applications must be actively made in good time before 31 December 2024. Vikki Wiberg explains the update, who needs to apply and what happens if applications are not made. If you'd like advice on your eVisa application please get in touch with your usual contact or a member of our Private Wealth team. #PrivateWealth #Immigration #EVisa

If you're a US citizen domiciled in the UK, you might face both US estate tax and UK inheritance tax (IHT) on your worldwide assets. However, non-UK nationals can benefit from the US/UK Estate and Gift Tax Treaty, which offers significant tax reliefs and planning opportunities. The Treaty’s 'tie-breaker' provisions can determine primary taxing rights, potentially limiting UK IHT exposure to UK real estate and business properties for non-UK nationals. Additionally, setting up a 'treaty protected trust' may further shield assets from UK IHT. With upcoming changes to the UK's non-dom tax regime from April 2025, it’s crucial to understand how these Treaty provisions will interact with new residence-based IHT rules. Find out more here: https://bit.ly/3XohsCn #Tax #TaxTreaty #PrivateWealth

The World Economic Forum reported in July that the so-called 'Great Wealth Transfer' is underway, with an estimated $84.4 trillion in assets due to be passed down from the Silent Generation (born between 1928-1946) and the baby boomers (1946-1964) to the next generation over the next two decades.   In light of this, Ocorian's 2024 global Family Office report includes some interesting statistics. Over 90% of respondents (who included respondents from single and multi-family offices) said they are seeing a natural succession of wealth and leadership within families, with nearly 50% saying the next generation are becoming more involved in developing and reviewing investment strategy.   Over 85% of respondents also felt that one of the biggest challenges facing family offices is ensuring that they have the right governance in place to meet the needs and expectations of family members.   This concern reflects our experience of how important it is to clients that they put in place robust governance structures which reflect their family's needs, and help preserve family wealth, but are flexible enough to adapt with changing circumstances and evolve over time rather than being 'set in stone' by the founding generation.   View The World Economic Forum's report: https://lnkd.in/enE8ZvpM.   View Ocorian’s report: Ocorian - https://lnkd.in/eJskmHD6   #PrivateWealth #InheritanceTax #SuccessionPlanning

As the UK plans to reform the taxation of non UK domiciled individuals, the regimes in both Switzerland and Italy are no more static.   Switzerland currently does not impose inheritance tax at the federal level, although a number of cantons charge it (albeit generally spouses and children are exempt in most cases, with rates for descendants being no more than 3.5% - after a five or six figure exemption allowance). However, the Juso (the youth wing of the Social Democrats) has gathered sufficient signatures to hold a national vote on a proposal to subject 'passed on' wealth above 50 million francs to tax at a rate of 50%. There are an estimated 2,500 taxpayers in Switzerland whose wealth is in excess of 50 million francs. Whilst they account for less than 0.1% of taxpayers, they contribute about 5 to 7 billion francs a year (about 6% of revenue from income, profit and capital gains levies): https://lnkd.in/egx-uUF4   The Swiss parliament will debate the proposal and decide on its recommendation, as well as a possible counter-proposal, with the Swiss government opposing the measure. Under Switzerland's system of direct democracy, the proposal will go to a national vote, which is expected in about two years' time. Some of those potentially caught are potentially planning ahead of any increase. In a survey by PwC, two thirds of potentially affected business owners indicated that they were considering a pre-emptive transfer of assets to family members and more than half were considering moving abroad.   Meanwhile Italy, has yesterday doubled its annual levy for new residents from Euros 100,000 to Euros 200,000. The annual levy currently exempts new residents from paying Italian tax on foreign income, gifts and inheritance for 15 years in exchange for a lump sum payment of Euros 100,000. The Italian Finance minister, Giancarlo Giorgetti, has clarified that the increased levy would only apply to individuals taking up tax residency in Italy from now on – rather than those who have already moved there. Since Italy introduced the annual levy, it is understood that about 4,000 individuals have moved there and used the regime: https://lnkd.in/gAmeQeBs #PrivateWealth

Congratulations to our Tax Group in Germany which was once again awarded 4 out of 5 stars in the category "High Net Worth Individuals and Foundations" in JUVE Handbook Tax. In the ranking, JUVE particularly emphasises Taylor Wessing's cross-practice advice and comprehensive expertise in inheritance, corporate and family law as well as foundation and tax law.  Prof. Dr. Jens Escher, who heads our German tax law practice and advises clients in the areas of corporate and private wealth succession as well as shareholders of family businesses and foundation law, is particularly recommended. All 2024 rankings can currently be found in the JUVE Tax Handbook and online from 5 August: https://lnkd.in/g2u8DZEF #PrivateWealth

David Poulton, Andi Terziu, and Tom Stanton tackle the complexities international footballers face when transferring to the UK: https://bit.ly/3WN2wNU   #PrivateWealth #PrivateClient #RealEstate #SportsLaw #FootballTransfers

Our experts are ready to guide you through the imminent non-dom tax changes. Rachel Reeves' announcement confirms a new course with the abolition of the current non-dom tax regime and a change in the basis of liability to inheritance tax. Stay tuned for detailed insights following the October Budget and read our latest summary of changes here: https://lnkd.in/egdjff3p #TaxLawUpdate #NonDomChanges #UKTax #InheritanceTax

In an era where global politics can shift economic landscapes overnight, it is crucial for business leaders looking abroad to stay informed and agile. Leona Ahmed, Real Estate Partner, interviewed Rory Stewart, academic, broadcaster, writer and former diplomat and politician, who delved into the intricate tapestry of how political developments directly impact investment opportunities: https://bit.ly/3WoIzLQ Discover why staying ahead in business today means keeping a finger firmly on the pulse of global politics. Read the key takeaways from the interview: https://lnkd.in/dXUXU2eB #PrivateWealth #Investors #RoryStewart

As the new Labour government embarks on a raft of changes, individuals with a large rental portfolio, especially those with a larger number of tenancies, will need to be attentive to key changes to the Renter's Reform Bill. #PrivateWealth #RealEstate #RealEstateInvestment #RentersRightsBill