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Wealthy clients consider relocating
The International Family Offices Journal
Vol. 5 - Iss. 4 pp. 24–31
Jun 2021
During this extended period of Covid and its impact on various countries, we asked Nicola Saccardo to give a current update on the increase in families seeking to relocate. In his book Advising the Wealthy Client, published by Globe Law and Business, he summarised the pros and cons of residing in different countries, and he agreed that the pandemic has increased that movement and relevant factors have been changing. In his article "Wealthy clients consider relocating", he compares the most sought-after countries (Australia, Switzerland, the United States and Canada) and explains the reasons for their success in attracting wealthy families. Countries which the wealthy have been leaving include China, Russia and the special administrative region of Hong Kong. Within Europe, several countries offer special tax regimes to attract wealthy residents (eg, Italy, Portugal and Switzerland). He gives a detailed checklist of factors to consider upon relocation. In the end, he concludes "we are witnessing an increasing mobility among the very wealthy".