_Cities That Matter

Invariably, the wealth managers or taxation advisers working for the many private individuals that we meet are the first step and will often focus entirely on the most tax-efficient locations, but all too often, the they rarely take into account the lifestyle factors that will make the move a successful one for more than simply fiscal reasons.

October 08, 2017

Knight Frank can help such clients to make these informed decisions. By working closely with our experienced agents worldwide and alongside the accountancy firm BDO, we have prepared this in-depth insight into the various locations that our clients are likely to be considering and provide knowledge of the elements that will be important to them, such as education, cost of healthcare, activities, culture and cost of living.

We fully appreciate that everyone’s lifestyle needs are different, whether it is proximity to an airport and fine dining that matters most or being near good international schools and part of a like-minded community. Tax and investment may be the first part of the relocation jigsaw, but this report helps clients to complete the whole picture.

To create this guide BDO provided us with a list of the top locations that their clients consider when looking for a more tax-efficient jurisdiction. While the report focuses on certain cities, in truth they represent the general surrounding area, therefore can be useful depending if you are a city dweller or prefer a more rural environment.

When selecting the main subjects to review, we considered the most important lifestyle elements that a client might consider.

We felt that it might also be interesting to consider the various lifestyle factors that may motivate clients at different stages of life. For example, while a young entrepreneur will be more focused on political risk, client entertainment, ease of access and cost of living, a family or retired couple will have very different needs.

The level of entertainment is demonstrated in the number of Michelin-starred restaurants, whereas if its culture and sporting activities that a client desires then this section looks at the overall options available. Ease of access is another key area of consideration, with the distance to a major airport and especially one that allows for direct flights to the principal cities around the world.

Taking all of these considerations into account, we chose the three most likely stereotypes, selected the 5 most obvious requirements and weighed them accordingly.

For the entrepreneur, Hong Kong topped the charts with Dubai, Geneva, Singapore, Vienna and Monaco all in hot pursuit. All these locations offer secure, safe and stable environments whilst also full of like-minded individuals with whom to grow a wider network.

The family locations excelled with education and personal safety proving to be the key factors. Luxembourg may have come out on top but it was closely followed by the same group as above who clearly understand that you need both elements to entice the wealthy families regardless of their stage in life. The only exception was in the retirement category as this provided us with some new entrants. Southern Portugal, Sydney, Malta and Cyprus all proved to be highly attractive due to the low cost of healthcare, high quality of living ratings and of course, the many hours of sunshine.

To read the full article in the Dubai View publication, click here