Who wouldn’t want Tina Turner to be a citizen of their country?
She, along with other members of the world’s super rich like LVMH head Bernard Arnault (the richest man in France), have started shopping around for second citizenships, according to a survey by UBS and Wealth-X published earlier this month.
It’s called, ‘jurisdiction shopping.’
Turner herself settled on Zurich, Switzerland. No surprise there, Switzerland, along with Singapore and Hong Kong are super popular second citizenship spots for super wealthy people looking for “friendlier” tax treatment.
Armand Arton, CEO of Arton Capital, a global financial advisory firm that provides custom-tailored financial services and Immigrant Investor Programs to UHNW individuals explains that: “More and more high net worth individuals are enquiring into immigrant investor programs due to the increased financial flexibility and investment options they can offer to them.”
Arton deals with various governments around the world who are trying to attract these wealthy Global Citizens through programs that offer an expedited pathway to residency and citizenship — Arton says his clients seek a second residency for a variety of reasons including privileged resident status, family security, or in some cases, direct or fast tracked citizenship.
Now, an interesting thing about this report is that these shoppers are mostly Western. China and India’s newly minted wealthy are staying at home.
80-six per cent of Chinese billionaires and 95 per cent of Indian billionaires who have most of their business in China and India, respectively, also grew up there, according to the report.