Millionaire migrants pouring into Australia

[neverfail]

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

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

[SteveFoerster]

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/

[neverfail]

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?

[SteveFoerster]

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.

[neverfail]

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.

[Jim the Moron]

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.

[SteveFoerster]

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.

[neverfail]

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.