Millionaires Are Leaving The UK In Record Numbers. Here's Where They Are Going.

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V I D E O S    T O    W A T C H    N E X T :

Online Business Tips to Working and Traveling In Mexico: https://www.youtube.com/watch?v=9zGH0voCyOc&list=PLh3xKhkMgH_IA6s3KvB_g9Cc9Ze1eji8j&index=2

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Transcript

Billionaire Leaves UK: 0:36

If you thought as an American that you would move to the UK to escape Trump. Think again. The UK is in a downward spiral, and in this video we're gonna explain what's going on with that. In fact, the UK just lost another one of its top. Not just millionaires but billionaires, and we're gonna tell you who that is and what this means for you. Hi, I'm Justin Keltner and on this channel Entrepreneur Expat. We talk about living in the country of your dreams, building the life of your dreams abroad, and building a remote income. Investing money, having a way to support yourself in another country that is not tied to where you were born. If that's something you're interested in, make sure to hit that subscribe button, hit that notification bell and help us out by giving this video a big thumbs up and sharing it with a friend that is also looking to escape the US or Canada, or possibly even the UK to greener pastures because yes. The grass is greener on the other side. It really is. And I'm not just saying that because we live in a beautiful little mountain cottage with green grass and trees and a lake all around us. Although that's one of the perks of living somewhere like Mexico and not in the UK or in the US or anywhere else. We've got greenery, we've got space. So I guess literally the grass is a little bit greener here too. And there's no snow. Yeah. At least not where we are. So those are, those are cool little perks. So if you're interested in that, make sure you subscribe. And if you've got a million dollars or more in liquid net. Assets, and you're looking for a personalized plan to escape the west and to build a second passport portfolio, or third passport, fourth passport, whatever it is, build your portfolio of passports or residencies in other countries. We have a team in Mexico. We're building a team in Eastern Europe. We're building a team in South America and Central America. We have people all over that we can connect you with as part of our white glove relocation. Packages. So book that call below. It's completely free. You just need to qualify. You can go to entrepreneur xpa.com/consult and get started from there. So we were recently chatting with a potential client who asked if we could get them help to go to the uk. We had to do a little reality check though, uh, because there are a lot of things that are going on in the UK that would not really make sense for a high net worth individual from the US or other countries. To go to. In fact, the UK is an absolute chaos. We recently did a video about where millionaires are migrating and one of the places we mentioned as the biggest loser, the country that's bleeding out the most wealthy people. Due to their tax policies, due to their immigration and social policies, and so much more is the UK Now, another one bites the dust very recently, and that one really hurts the UK in particular. This is Nikolai Ky, founder of Revolut which is a company that you may have heard of as an expat or an aspiring expat because you may have used it before to transfer money between countries. That's Revolut. That's the service that you can use to send money from one country to the other. So he's the founder he's, he's recently. Left and he's gone and moved to the UAE. And the reason that he did that was because of all of those tax policies that we're gonna get to in a minute, but it's causing a PR nightmare for the current government Who needs to keep explaining why wealthy people are leaving the UK in droves. Absolutely. Record numbers of people leaving the UK now. So the truth is the UK is collapsing, and here we're gonna talk about exactly why. That is happening. So over 16,000 millionaires are set to leave the UK in 2025. Why? Well, number one is the current government is removing their non dom tax program. Now, that is not anywhere near as fun as it may seem. Uh, what non dom means is non domicile, which is essentially. If you are not residing in the uk, you don't have to pay taxes. Well, that's ending. And it's not great for millionaires and billionaires, uh, whether they're living in the uk, even if they just have a citizenship in the uk, they are going to be. Taxed wherever they are based on that income. And they're also significantly increasing the tax bill of wealthy people to the point where they're saying, Cheerio, I'm out of here. Don't forget to pack my English Tea Winston, and things of that nature. So where are all these wealthy people going? Well, the UAE and Italy certainly keep coming up as options for. Brits. Italy is actually not considered a very low tax country, but Italy as well as Greece and other countries in Europe do at least have these lump sum tax programs where instead of being taxed on income and potentially even having a wealth tax applied against them on all of their global assets, these high net worth individuals are able to pay a lump sum. Versus in a place like UK being taxed on all of the assets that they have and in addition to that, the UK is now going to be starting to apply an exit tax, just like the one that they have in the United States, where if you've got over a couple million dollars in assets, which is. Really not that hard to have. If you're in the US you have a house in California that's already probably creeping up to the million and a half,$2 million at least. So if you've got those assets now you essentially have to liquidate all of your assets just to leave the country. The US is already doing it. The UK looks like it is coming next, and so people are scrambling. People are scrambling to get out. Wealthy individuals, especially the people that have the means especially, and I just don't really understand why the UK decides to be so stupid with their policies. It's just so obvious. Of course, people with money are going to leave when you overtax them in 2025 because now they have options that they did not have the options. Of before in prior years. Even if you look at like 40 years ago, there was nowhere to go where they could actually live the same quality of life. They might be able to live like they do in the UK or in the us. Dubai was pretty much non-existent. The UAE was just desert, right? There were no valid options where they still had the safety and the quality of life and the shopping and the security where they would in a more Western nation, so they just have to suck it up. 40 years ago, people would really just have nowhere to go, so they would just have to suck it up. Now you have a lot of other competitive countries all over the world, so you don't have to be stuck in one of those countries, like the uk, like the United States, like Australia or other countries. We consider the West. You have so many different choices for where you can go and still have the same, if not significantly better quality of life, and the law itself is stupid. It's, it's, it's just very silly. The way that they're going about things are just very silly. And it's not just taxes. The UK is struggling in other areas as well. Violence is increasing. There's a ton of illegal immigration that's getting completely out of hand where they're letting all of these illegal immigrants into the country and giving them money and everything else, where at the same time they got rid of programs like the investor Visa program, which would've brought capital into the country. They're now policing thought. So they're policing speech in a way that. We haven't even seen in the United States. People go to protest, they're being arrested for holding up a sign with a political ideology that the government doesn't agree with, which is in essence policing thought. There are now laws on the books in the UK where if you make somebody feel anxious on social media, that is now a crime. I don't know about you, but to me there is very little difference between that and thought police. It's getting worse and worse. It's getting more and more restrictive. It's getting more and more totalitarian and on top of it all their stock market performed at its lowest in the last 30 years, just recently. So the UK is another western country on a downward spiral due to incompetent leadership and wealthy people who have the means to get out, do so they're exercising their right to do so. Now you really do need to think outside of the box in terms of where you're going. Whether you're coming from the UK or somewhere like the US or Canada. Stop thinking about the typical places like Western Europe or the UK or moving to Canada from the United States, or vice versa. There are a lot of Canadians right here where we live in the Lake Chapala area in Mexico, where they do not wanna be in Canada right now. And most, if not all of the countries in Western Europe are experiencing their own types of struggles. Think about places perhaps in central or Eastern Europe. We're, we're putting our eye on Albania because of their low taxes, the easy path to citizenship for foreigners. The fact that we can own property there and so many other things. We're obviously in Latin America now. We're gonna have our Mexican passports now in the next couple years, Latin America is expanding, not just Mexico, but places like Uruguay where you can get a citizenship fairly quickly as little as three years if you are a married. Couple, and they don't tax any active income, and you can get a tax break from all of your dividends for up to 11 years. So those are some of the countries we recommend. If you are looking for your own personalized plan to save on taxes, live a better quality of life, make your business perform even better, and all of that, then book a call below with myself or my team. You can just go to entrepreneur expat.com/consult and we can help you out. If you have a million dollars or more in net worth, we can help you figure out exactly what to do to keep more of that money in your pocket and protect your money for yourself and your family as well as to give them the best opportunity they possibly can have moving forward. Why be stuck to a place that is going down when you can get on board a country that maybe isn't exactly. At the level of somewhere like the US or Canada or the uk, at least at the level that perhaps they were, that they have achieved in prior years, but maybe it's not there yet. Maybe there's economic issues still and things that they're sorting out, but at least it's on an upward trajectory. And on top of it, they actually actively want you there. Mexico wants wealthy individuals to migrate there. They love people coming in. They love expats coming. Wai wants wealthy people coming there. That's why they're setting up free trade zones where you don't pay any taxes at all for even income generated from Uruguay. That's why Albania wants wealthy individuals to go there. That's why all these countries, even Portugal, even though Portugal is still in Western Europe especially, they're, they're still, okay, come here, invest in our real estate. But Western Europe, like I said, there's, there's a lot of, there's a lot of cons there, but at least Portugal is better than let's say the UK or a lot of other countries in terms of that quality of life. And they're not quite as totalitarian. It's more of a. Se La Vie kind of thing. But I would still prefer Latin America or Central or Eastern Europe any day over Portugal, over the uk, over France, over Germany. You don't want to be in this falling empire, whether that's the US or the UK, or anywhere else. So book that consult below@entrepreneurexpat.com slash consult. We can help you. We can help your family. If you're not ready to move yet, no problem at all, but at least you've got that plan B in your back pocket so that when things really do hit the fan, when life gets even more intolerable, when the UK implements an exit tax. Ideally before you can get outta there with your dignity and your pocketbook intact. That's what we're here to help you do. Make sure you check out the resources below this video as well, and we really appreciate you being the best part of Entrepreneur Expat like, and subscribe and make sure you follow us for more and share this video with somebody that you think it would help. Thanks again and see you again soon.