Millionaire migrants pouring into Australia

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neverfail
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Millionaire migrants pouring into Australia

Post by neverfail » Sat Jul 07, 2018 3:00 pm

https://www.theage.com.au/politics/fede ... 4zpzm.html

Despite our high marginal tax rates, Asian multi-millionaires keep coming here in droves.

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SteveFoerster
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Re: Millionaire migrants pouring into Australia

Post by SteveFoerster » Sat Jul 07, 2018 7:35 pm

neverfail wrote:
Sat Jul 07, 2018 3:00 pm
https://www.theage.com.au/politics/fede ... 4zpzm.html

Despite our high marginal tax rates, Asian multi-millionaires keep coming here in droves.
Then they're fleeing something even worse, because capital really does go where it's well treated, e.g.: https://www.forbes.com/sites/patrickgle ... -tax-hike/
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neverfail
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Re: Millionaire migrants pouring into Australia

Post by neverfail » Sun Jul 08, 2018 4:28 am

SteveFoerster wrote:
Sat Jul 07, 2018 7:35 pm
neverfail wrote:
Sat Jul 07, 2018 3:00 pm
https://www.theage.com.au/politics/fede ... 4zpzm.html

Despite our high marginal tax rates, Asian multi-millionaires keep coming here in droves.
Then they're fleeing something even worse, because capital really does go where it's well treated, e.g.: https://www.forbes.com/sites/patrickgle ... -tax-hike/
But why this apparent preference for Australia?

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SteveFoerster
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Re: Millionaire migrants pouring into Australia

Post by SteveFoerster » Mon Jul 09, 2018 9:40 am

neverfail wrote:
Sun Jul 08, 2018 4:28 am
SteveFoerster wrote:
Sat Jul 07, 2018 7:35 pm
neverfail wrote:
Sat Jul 07, 2018 3:00 pm
https://www.theage.com.au/politics/fede ... 4zpzm.html

Despite our high marginal tax rates, Asian multi-millionaires keep coming here in droves.
Then they're fleeing something even worse, because capital really does go where it's well treated, e.g.: https://www.forbes.com/sites/patrickgle ... -tax-hike/
But why this apparent preference for Australia?
Prestige, maybe? I know that Australian universities punch above their weight when it comes to the region because people want to be associated with Australian institutions.

That, and good weather, good airline connections, and a high standard of living, all without leaving the Pacific Rim. They could do a lot worse.
Writer, technologist, educator, gadfly.
President of New World University: http://newworld.ac

neverfail
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Re: Millionaire migrants pouring into Australia

Post by neverfail » Mon Jul 09, 2018 11:57 pm

SteveFoerster wrote:
Mon Jul 09, 2018 9:40 am
neverfail wrote:
Sun Jul 08, 2018 4:28 am


But why this apparent preference for Australia?
Prestige, maybe? I know that Australian universities punch above their weight when it comes to the region because people want to be associated with Australian institutions.

That, and good weather, good airline connections, and a high standard of living, all without leaving the Pacific Rim. They could do a lot worse.

Well, all of that counts Steve. But since I inaugurated this discussion I have found another reason.

Australia has no inheritance tax.

It means that immigrants who can obtain permanent residency here can, upon their demise, pass on their entire estates to their heirs fully intact.

We used to have one decades ago; but it was a state tax - not one that fell within our federal jurisdiction. One state government (Queensland's) then stepped out of line by abolishing all taxes and duties on inheritance. Then one by one in the following years each of the other state governments abolished their taxes and duties to stem the flow of retirees with assets from relocating interstate to Queensland - taking their money and moveable assets with them.

No one of course then foresaw that it would ever become a drawcard for wealthy immigrants from abroad.

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Re: Millionaire migrants pouring into Australia

Post by Jim the Moron » Tue Jul 10, 2018 4:30 am

Interesting stuff.

More on universities - wealthy Chinese and other Asians are naturally attracted to places like Australia that can provide top-quality higher education for their children (Singapore is an exception - it already has top-flight universities). Often this takes the form of parents buying properties near the universities as in the US and Canada, and I'll bet in Australia, to accommodate their children as they study.

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SteveFoerster
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Re: Millionaire migrants pouring into Australia

Post by SteveFoerster » Wed Jul 11, 2018 10:36 am

neverfail wrote:
Mon Jul 09, 2018 11:57 pm
SteveFoerster wrote:
Mon Jul 09, 2018 9:40 am
neverfail wrote:
Sun Jul 08, 2018 4:28 am


But why this apparent preference for Australia?
Prestige, maybe? I know that Australian universities punch above their weight when it comes to the region because people want to be associated with Australian institutions.

That, and good weather, good airline connections, and a high standard of living, all without leaving the Pacific Rim. They could do a lot worse.

Well, all of that counts Steve. But since I inaugurated this discussion I have found another reason.

Australia has no inheritance tax.

It means that immigrants who can obtain permanent residency here can, upon their demise, pass on their entire estates to their heirs fully intact.

We used to have one decades ago; but it was a state tax - not one that fell within our federal jurisdiction. One state government (Queensland's) then stepped out of line by abolishing all taxes and duties on inheritance. Then one by one in the following years each of the other state governments abolished their taxes and duties to stem the flow of retirees with assets from relocating interstate to Queensland - taking their money and moveable assets with them.

No one of course then foresaw that it would ever become a drawcard for wealthy immigrants from abroad.
Fascinating! The funny thing is that literally just two hours ago I was arguing (elsewhere) against expanding the U.S. estate tax precisely because the wealthy would expatriate.
Writer, technologist, educator, gadfly.
President of New World University: http://newworld.ac

neverfail
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Re: Millionaire migrants pouring into Australia

Post by neverfail » Wed Jul 11, 2018 2:58 pm

SteveFoerster wrote:
Wed Jul 11, 2018 10:36 am
neverfail wrote:
Mon Jul 09, 2018 11:57 pm

No one of course then foresaw that it would ever become a drawcard for wealthy immigrants from abroad.
Fascinating! The funny thing is that literally just two hours ago I was arguing (elsewhere) against expanding the U.S. estate tax precisely because the wealthy would expatriate.
It is a bit rough to hit people in a state of bereavement over a lost loved one with an unwonted tax. Governments are shameless in ways like that.

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