Relocating Abroad As A High-Net-Worth Individual: Core Considerations For The Mega-Rich

As a high or ultra-high-net-worth individual, you’ll doubtless spend plenty of time travelling the world and seeing the sights.

Still, home is home, and it’s where even the wealthiest among us spend our time, keep our pets, have our favourite items and make great memories with the people we know and love.

Everyone has a domicile address for tax purposes and a primary physical residence, and while for most people, it’s the same place, some ultra-high-net-worth individuals have separate ones.

Whatever your set-up, if you’re looking to physically relocate to a new country and make it your primary residence, whether you move domicile or not, there are a lot of factors to consider.

It can seem fun to pick out somewhere you’ve always wanted to live, like the city you love taking holidays to or somewhere sunny. Living in these countries is very different from just visiting, especially when you’re dealing with large land deals and have to shift your entire life to a new place.

These are the core issues the mega-rich face when relocating, so you can make the perfect choice and find your dream international home.

The Tax Situation

As a wealthy individual, even one with a different domicile for tax purposes, you’ll know that the tax position and how much you’ll have to pay will affect your overall wealth, particularly during times of fluctuation. These include when you’re buying or selling a property, getting married, or even when you or a relative dies. In some cases, being physically in a country can determine what you pay, even if you’re not domiciled there. So, you need to understand every aspect of the tax situation in the country you’re considering moving to. To help, there are many consultancy firms that specialise in tax and financial advice in certain countries. If you’re thinking of moving to France, for example, then a company like Kentingtons can provide expert advice about inheritance tax in France. You’ll then feel secure that you know what you’re getting into before you make your move.

Banking Institutions And Regulations

Alongside tax rules, you also need to figure out what banking institutions operate in the region and if there are any money transfer regulations to bear in mind. These rules could affect your ability to access your money, particularly if you’re a non-domicile or use multiple international banking firms. If you need to move your money before you relocate, this could take time and cause issues with your existing investment portfolio, so it’s crucial that you speak to a professional about the implications of your move. Talk to your broker or personal banker, who can provide you with tailored advice that ensures you choose the right country and make the right choices when moving your money internationally.

The Housing Market

Buying a property, particularly one valued at over $1 million, is always an investment, both in your future happiness and financially. While you will live in the property, and get good use from it, you also need to consider its resale value, and how much it will appreciate over time. Some international housing markets are more volatile than others, meaning that you’re taking more of a risk of losing money when you purchase property in these areas. Other countries are more stable when it comes to property prices, so you might want to consider your options before you purchase a new home. If you’re in doubt, or are still unsure about moving to a new country, you could consider renting a property in the shorter term. You’ll then be able to work out if you’ve picked the right area and make the correct decision before you invest in land yourself and take a more permanent step.

Restrictions For Foreign Nationals

As a foreign national moving to a new country, you might face some restrictions, even if you get a permanent visa or resident status. For example, in some countries, including the Maldives and Thailand and Australia, have rules in place regarding international citizens buying property. Throughout Asia, it can be difficult for foreigners or anyone not born in a particular country to fully purchase a home and own it outright. While you can circumnavigate these rules by using local companies and service providers, this can cause issues, particularly for the ultra-rich who are looking to invest in a home and build additional wealth. So, before you make big moves, you need to make sure that you understand all the rules involving home ownership in the country you want to move into. Talking with your lawyer or banker can help, so book plenty of appointments before you start shopping for the perfect new home.

How Your Family, Friends And Staff Will Be Affected

Everyone has someone they love whose lives will be affected by their move, but for the wealthy, it might be multiple individuals. For example, if you have an extensive household staff, you need to consider if they can move with you, or if you will be hiring new employees when you relocate. You also need to consider private schooling for any children you’re bringing, and whether they can board or if it’s best to move them to a new education provider. Then there are your pets. They might just be animals to some, but to their owners, pets are like family, so you need to understand the laws about moving with them and living alongside them in a new country. Every country has different animal legislation, including unique rules on keeping pets, so make sure you check before you make your final choice.

A Brief Conclusion

Moving your main domiciliary address and living permanently in another country requires plenty of forethought and planning at the best of times. Even those who don’t want to change domicile, and only residency, there’s a lot to think about. For high-net-worth individuals, whose wealth and assets total millions or more, it’s a major decision that requires even more preparation. These tips will allow you to quickly identify the best countries for you and ensure that you make the best decision for you and your loved ones. Moving abroad can make a lasting positive difference to your life, but you need to make an informed decision. Best of luck finding a new country to call home!

How To Navigate Your Way Through The Housing Market

It can be tough to find the best deals in the housing market. With all of the information out there, it can be hard to know where to start. In this article, you will read about some tips on how to navigate your way through the housing market and find the top deals!

Scroll Through Options

There will always be tons of options for you to consider and you need to know all of them. Once you scroll through the offers from PropNex listings you’ll have way more insights and you will know way more about your options than if you just read a few descriptions and looked at several pictures. As soon as scrolling through the offers becomes part of your daily routine, finding the top deals won’t be that difficult anymore.

An informed decision is always a better decision, so make sure that scrolling through all options is always the first step of your house hunting journey. You’ll be able to quickly and easily identify the best deals this way and you’ll have more time for all the other important things in life!

Find A Good Realtor

You will need a high-quality real estate agent if you are looking to find the best real estate deals. They know their job and can help you make big decisions in your life.

A great way to find a good realtor is by word of mouth or referrals from people who have worked with them before. Ask friends, relatives, co-workers, etc., for recommendations on finding a good realtor that they had a positive experience working with previously.

Don’t be afraid to ask questions such as the way they handle the process or if there were any issues along the way. You should also find out if there was smooth sailing throughout.

Always do your homework before finding a good realtor, and there are many ways to do that. First of all, you need to know your budget so the agent will have an idea of what kind of home they can find for you in this price range. They need to understand if their clients’ needs are realistic or not before finding them a home within those parameters.

Inspect The Place Thoroughly

You always need to go through a thorough inspection of the property before buying it. This will help you to navigate your way through the housing market and find the top deals. Make sure that everything is in good condition, and be on the lookout for any potential problems that may arise down the road. By inspecting the place thoroughly, you can avoid any nasty surprises and make a sound investment.

In order to do that, you should do the following:

  • Walk around the entire property and check for any damage
  • Look at the roof
  • Check the plumbing and wiring
  • Test all of the appliances
  • Inspect the garden and outdoor space
  • Look at all of the doors and windows
  • Check for mould, mildew, or dampness in walls/floors 

Have All The Financing On-the-ready

You should always have all the financing ready to go when you’re looking for a new home. This way, you can navigate your way through the housing market and find the top deals. Being able to act quickly is essential in today’s market, so having all your ducks in a row will give you an advantage over other buyers.

If you’re not sure where to start, consult with a mortgage broker or lender. They can help you get pre-approved for a loan and find the best rates available. Having all the financing ready will also make it easier to negotiate a better price on the home you want to buy.

Be Ready To Compromise

The process of a real estate transaction is complex and being ready to compromise is a very important aspect of the process. Being able to meet halfway with other people in the transaction can make all the difference for your real estate deal is successful or not. The thing about being prepared and willing to compromise is that you have options, if you aren’t prepared, then it will be difficult for you to get what you want.

Stay Patient

Patience is key when it comes to navigating the housing market. It can be tempting to rush into a decision, but if you’re not careful, you could end up overpaying for your dream home or settling for something that’s not quite right.

Instead, take your time and do your research. There are plenty of resources out there to help you find the best deal on a house, from online listings to real estate agents. And remember, it’s always better to wait for the perfect property than to buy something that’s just “good enough.” So stay patient and you’ll find the perfect place in no time!

The housing market is complicated and you need to see all the listings as a starting point and then find a good realtor. Make sure to inspect the house properly and have all the finances on-the-ready to make a quick purchase. Make sure you’re ready to compromise and stay patient to get the best deal possible. Good luck!