• Sun. Dec 3rd, 2023

    Where to Build Generational Wealth: 11 Countries to Consider

    BySharna Bass

    Oct 14, 2023
    Where to Build Generational Wealth: 11 Countries to Consider

    Building generational wealth, the act of passing down money or assets to future generations, requires careful consideration and planning. While some people choose to invest in real estate or pass down businesses, others may find it advantageous to relocate to another country where wealth-building opportunities are more abundant. There are several reasons why certain countries may be better suited for building generational wealth, such as favorable tax policies, lower costs of living, or better business prospects.

    Singapore, known for its robust real estate market and stable banking sector, is considered an attractive destination for investors and entrepreneurs due to its favorable tax policies and commitment to innovation.

    Switzerland offers a stable economic environment with its banking secrecy laws and efficient financial services, making it a preferred choice for wealth management. Additionally, Switzerland’s real estate market presents lucrative investment opportunities.

    Despite economic uncertainties, the United Kingdom remains a financial powerhouse with a strong real estate market and diverse investment options. The U.K.’s tech startup scene also provides opportunities for venture capital investments.

    Mexico’s real estate market in tourist hotspots like CancĂșn and Tulum has consistently grown, and the country’s agricultural sector offers potential for sustainable farming ventures. The government’s push for tech startups also opens up avenues for wealth creation.

    Dubai, a global business hub, offers tax benefits and 100% foreign ownership through its free zones. The real estate sector in cities like Dubai and Abu Dhabi provides investment opportunities, and the country’s strategic location makes it a gateway to the Middle East and North Africa markets.

    Puerto Rico, known for its favorable tax policies, is an attractive option for building wealth. The low-income tax and tax structures around trusts and estates offer opportunities for individuals to protect their wealth and accumulate assets.

    According to HSBC, Hong Kong is one of the top five places to grow wealth. Expats who move to Hong Kong often experience a significant increase in income. The city operates under a territorial-based tax system, resulting in a low tax environment with no capital gains or estate duty tax.

    Other countries that offer strong potential for building generational wealth include Germany, Australia, Canada, and Qatar, each with their own unique advantages such as strong economies, favorable tax policies, and investment opportunities.

    It is important to carefully evaluate the economic, legal, and tax environments of each country before making any decisions. Building generational wealth requires thorough planning and consideration of various factors, and consulting with financial advisors or wealth management professionals is highly recommended.

    – Peter C. Earle, economist at the American Institute for Economic Research
    – Taylor Kovar, CFP, and CEO at Kovar Wealth Management
    – Wealth and Finance News
    – Christopher J. Day, founder and CEO of Days Global Advisors
    – HSBC