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Wealthy Europeans lured by tax havens face surge in exit charges
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High-tax nations across the continent are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart.
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- European countries like Germany, Norway and Belgium are increasing exit taxes to retain wealthy residents and collect revenue on unrealised capital gains.
- These taxes, levied on individuals leaving with significant assets (e.g., over €500,000 in Germany), face criticism for taxing unsold assets and can deter relocation.
- Some wealthy individuals are relocating to countries with lower taxes, such as Switzerland and Italy, but these nations may also face pressure to increase levies.
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LONDON – The wealthy are exiting Britain in droves for tax havens such as Monaco, Switzerland and Dubai. But many well-heeled Europeans with similar dreams of escape are finding they cannot leave quite so easily.
High-tax nations across the continent are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart. Known as exit taxes, the idea is to make them think twice before leaving – or pay their fair share if they do.
