Which nations are tempting HNWIs through tax relief and Golden Visas?

Italy has seen an influx of high-net-worth individuals (HNWIs) from around the globe, keen to take advantage of a recently introduced tax policy providing income tax relief.
The policy allows anyone who hasn’t lived in the country for nine out of the last 10 years to pay a flat rate of income tax on all income generated outside of the country.
At 43%, income tax in Italy is at the higher end of the global spectrum, so the policy does allow for a considerable discount.
According to the Institute for Fiscal Studies, the top 0.1% of UK income taxpayers earn an average of £650,000 (€714,000). In the UK this equates to an annual tax sum of £292,500 (€320,000), notwithstanding additional avenues to reduce tax such as charitable donations.
So, UK HNWIs stand to make a considerable saving when making a move to Italy.
Italy also offers a residency by investment program, providing investors with EU residency and citizenship after 10 years, as well as visa-free access to 26 other countries, for a minimum investment of just €250,000.
But is the nation set to become the next global tax haven?
“Given the broader economic landscape, many countries are now vying for high-net-worth individuals and the financial benefit they bring,” said Arthur Sarkisian, Managing Director of Astons, an investment immigration and relocation provider . “Italy has been the latest destination to rise through the ranks, and it also provides the additional benefit of a residency through investment program.
However, while there is an attraction, the country is still playing second-fiddle to many other nations both in terms of the rate of income tax and the quality of its residency through investment program.”
According to Mr Sarkisian, Monaco remains the primary destination for many of the world’s wealthiest investors, and this is unlikely to change. Not only is income rate tax non-existent in Monaco, but the nation also offers an outstanding residency through investment program with a minimum investment of below one million pounds. There has also been a sharp increase in demand in Saint Kitts and Nevis and Vanuatu.
In addition to Monaco, there are currently 12 other nations that have a 0% rate of income tax. However, just Saint Kitts and Nevis and Vanuatu offer citizenship through investment programs. As a result, both have grown in popularity with investors, granting citizenship within months for a minimum investment of €125,000 or less and visa-free access to as many as 156 other nations.
Montenegro, Bulgaria, Switzerland and Malta also provide HNWIs with a lower rate of income tax, between 9% and 35%, coupled with varying levels of residency or citizenship through investment.
“Income tax is always going to be a primary concern for those looking to greener pastures, but while protecting existing wealth is a factor, future business opportunities will often be the primary factor for most investors.” said Mr Sarkisian. “Nations such as Monaco, Vanuatu and Malta offer various tax incentives. However, the additional benefit of gaining residency or citizenship through investment, and the quality of the schemes these nations have in place, are always likely to tempt investors more so than the flat rate of tax being offered in Italy.”
 
 

Nuclear technology to boost early cancer detection

The Princess Grace Hospital has unveiled its new €8.2 million Nuclear Medicine Department, housing the latest equipment to treat a wider number of pathologies faster and earlier.

After three years of building works, the Princess Grace Hospital Centre has opened the doors to its new Nuclear Medicine Department. Headed up by Professor Marc Farragi, the centre had its formal inauguration ceremony on Monday with many Monaco officials in attendance including Minister of State Pierre Dartout and the President of the National Council Stéphane Valeri.

This high-performance wing will be able to give patients the most recent generation of detection equipment, allowing for more ailments to be detected at earlier stages using devices that offer higher resolutions. The machines are all completely digital and include a nuclear cardiology unit and two PET (Positron Emission Tomography) scanners which have incredibly high-resolution imaging capabilities.

The cardio unit also boasts a new CZT gamma camera, doubling the number of patients the hospital can see and giving doctors a better idea of what is happening in the heart and surrounding arteries. This means the chance of identifying problems early on is now far greater.

Equally, two radio-pharmacists have been brought onboard who are using new radiopharmaceutical equipment to help in the detection and treatment of certain cancers with greater accuracy, thus expanding the hospitals ability to work more on-site and getting faster results.

The total investment came in at €8.2 million and was built with the help of the Monegasque government, as well as through private funding offered by the Foundation des Amis du CHPG and the Tabor Foundation.

 

Photo © Direction de la Communication / Stéphane Danna

 
 

World leaders pledge to reverse biodiversity loss

Prince Albert II is among 64 world leaders who have promised to put the environment at the top of the post-Covid economic recovery list, joining the Leaders Pledge for Nature ahead of the United Nations Summit on Biodiversity.
Prince Albert joins the likes of Emmanuel Macron, Angela Merkel, Justin Trudeau, Jacinda Ardern and Boris Johnson in his commitment for “meaningful action” to halt the rampant destruction of life-sustaining ecosystems.
The Leaders Pledge for Nature includes a10-point programme that is aimed at fighting pollution, countering biodiversity loss, restoring ecosystems and adopting sustainable economic practices. It was launched virtually in New York on Monday, ahead of the United Nations Summit on Biodiversity, which will also be held virtually, on Wednesday.
In the Prince’s videotaped message shared on social media, he states: “Biodiversity loss is an urgent threat to health, food supplies and livelihoods across the globe, as well as cultural and spiritual benefits. Unless we take greater action to protect and restore nature, all of us will face significant declines in the vital services that it provides to us every day.”
“Oceans and seas continue to be in great danger and do not receive the attention they deserve. Together, we can set nature on the path to recovery by 2030 and transition to a nature-positive world that safe-guards human health and livelihoods in both the short and long term,” he added in a nod to his passion for ocean protection.

Participants in the Leaders Pledge for Nature are calling for “a transformative change”, noting that things cannot continue the way they are. The game plan is to combine strong political will with actual accountability as well as legal, economic and financial backing to provide incentives to make the necessary changes in attitudes toward environmental management.
The leaders describe the pledge as a “turning point” by which future generations will judge their willingness to act on environmental destruction.
 
Photo: At the Drina River, which flows between Montenegro, Serbia and Bosnia, tons of garbage is stuck near a key hydroelectric power plant, forming huge garbage islands that float on the surface.
 
 

Breast Cancer Awareness Month: Get the word out 

Faced with a “significant drop” in mammograms this year due to Covid-testing, Pink Ribbon Monaco is embarking on a new awareness campaign that will coincide with International Breast Cancer Awareness Month this October.
For the 10th consecutive year, Monaco’s most important monuments will be bathed in pink on Friday 2nd October, joining 200 of the largest cities in the world. The Prince’s Palace, the Monaco Conseil National, Hotel Metropole Monte-Carlo, the Tour Odéon, the Yacht Club of Monaco, Hotel Columbus, The Monte-Carlo Casino, the Oceanographic Museum, and the Grimaldi Forum will join together in promoting breast cancer awareness and early detection.
This year’s awareness campaign is even more important given the fact that life-saving cancer testing has been interrupted because of the Covid health crisis.
“One of the consequences of the global pandemic we are living is a massive influx of Covid-19 testing, to the detriment of breast cancer screening,” said Natasha Frost-Savio, President and Founder of Pink Ribbon Monaco. “The Princess Grace Hospital Centre has alerted us to the significant drop in mammograms in the past months. This drop in testing prevents early diagnosis, with serious health consequences. We need to redouble our attention to the first signs of the disease and encourage women to get tested, more than ever.”
As a result, Pink Ribbon Monaco is creating a light-hearted short film based on interviews with men and women in the Principality to hit home the importance of screenings, as well as highlighting the “power and help of our community in the face of all diseases”.
The second annual Pink Ribbon Awards and a 10th anniversary celebratory have been postponed until next year.
Breast cancer is the most common form of cancer in women worldwide, with over two million new cases being logged each year.