The Taxed Generation: Why Geography Now Defines Wealth
For decades, the global elite built fortunes in low-tax, stable jurisdictions, confident in consistent rules and discreet financial systems. That era is over. In today’s world of fiscal transparency, political volatility, and shifting regimes, wealth is no longer merely earned – it must be defended, warned a recent panel.
At a recent virtual roundtable hosted by Multipolitan, co-founder Nirbhay Handa set the tone in a single line: «The old question was, what do you make? The new question is, what can you keep?» His message was clear – the location of assets, and even of individuals, has become as critical as the source of their income.
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Michael Velten, an Australian solicitor and CPA, warned against thinking of «high tax» purely in terms of rates. Cross-border information sharing, midstream policy changes, and administrative reinterpretations now pose equal threats. What looks like a safe jurisdiction today can quickly turn into a restructuring headache.
American Surprise
For Americans abroad, US tax policy remains a rude awakening. Sasha Young, advising clients between Miami and Lisbon, stressed that US citizens are taxed on worldwide income regardless of residence – a reality often discovered too late, resulting in avoidable reporting obligations and double taxation.
«It’s really important for Americans moving overseas to bring on US tax advice early… even at the visa stage,» she said.
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Derren Joseph, a Singapore-based US tax specialist, argued that transparency is now the default operating environment. With regimes like FATCA and CRS entrenched, he urged wealthy clients to build optionality into their lives – through multiple residencies and citizenships – to «vote with their feet» if needed.
Dubai’s Challenge to Singapore
Indian lawyer Shreya Rao described a shift among her country’s wealthy families: Dubai, once secondary to Singapore, is now an equal contender. Its Golden Visa, business-friendly policies, and cultural proximity have boosted its appeal, even as Singapore has tightened immigration rules.
«Both jurisdictions have significant benefits… and today they’re much more equal in terms of preferences than they would have been 15 years back,» she said.
Malta’s Low-Profile Play
In Europe, Malta is quietly attracting global families with its rare remittance-based tax system, legal certainty, and Mediterranean lifestyle. Dr. Giannella Barbieri called it a «trifecta» that remains underappreciated in global wealth planning.
Anna Warren, a UK tax expert in Hong Kong, put it bluntly: «Tax is the new Brexit.» With political unpredictability and a heavy tax burden on the wealthy, the UK’s once-attractive non-dom regime is losing its shine.
Cyprus Courts the Mobile Wealthy
Cyprus offers stability and tax efficiency, said Andria Andreou, pointing to its 17-year non-dom regime and pro-wealth government. «We have a very pro-wealth government,» she noted, underscoring the appeal to those weary of anti-wealth sentiment.
Nikhil Chouguley's Resident Tax App is bringing technology into tax strategy, modelling liabilities across 40 countries with claimed 95 percent accuracy.
«We have quantified, not just demystified, tax compliance,» he said. For advisers, it offers an early-stage tool to assess jurisdictions before committing to expensive structuring.
Singapore’s Enduring Strength
EY partner Nandini Navale maintained that Singapore remains a heavyweight. «Singapore’s real draw is the tax environment… capital gains and dividend income are typically tax-free,» she noted.
Tax-free gains, philanthropic incentives, and a robust financial ecosystem ensure its continued status as a global hub – particularly for Indian-origin families.
From Strategy to Survival
Closing the discussion, Handa returned to his thesis: in today’s high-tax, high-transparency world, jurisdictional strategy is no longer a luxury – it’s survival.
