When it comes to moving overseas, for business or family reasons, one of the first things people consider is tax-efficiency. But what about the everyday lifestyle of an area? What about the the quality of education or nightlife?
Enter Knight Frank and accountancy firm BFO, who have teamed up to produce a a new report to pit the world’s top tax-friendly locations around the world against each other.
Many private individuals approach Knight Frank for advice on relocating their business and family overseas. Their wealth managers or taxation advisers can inform them of the most tax-efficient locations, but they rarely take into account the lifestyle factors that will make the move a successful one for more than simply fiscal reasons.
The Global Lifestyle Review analyses lifestyle factors, such as personal safety, political risk, education, cost of healthcare and available leisure pursuits, to compare favourable tax destinations. The report compares 26 locations in total, with Hong Kong, Luxembourg and Sydney named the best for overall quality of life.
“Whatever stage you are at – whether an entrepreneur who wants airport access and entertainment on tap, a family whose priorities are good schools and outdoor activities, or a retiree for whom security, healthcare and a likeminded community top the list – it’s crucial to understand the day-to-day life of a destination,” comments Knight Frank.
What an expat is looking for, though, can vary significantly as they grow older, so the report assesses the factors and weights them to identify the top places to live for three different stages in one’s life: the entrepreneur, the family and the retired couple.
Out of 26 tax-efficient locations around the world, Hong Kong is named the best location for an entrepreneur followed by London. Luxembourg is the most favourable place to live for a family with Vienna ranked in second position. Sydney, is the number one location for a retired couple followed by Malta, Luxembourg, Limassol and Vienna.