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Showing posts from August, 2020

Moving from Singapore....to the UK?

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The exodus from Singapore continues. I'm told that expats trying to ship household goods are facing delays.  It's August and no containers are available until February next year?

The destinations of choice have to be Europe and New Zealand.  Even Americans seem to prefer Europe to going back to the States.

I was in the UK for a month myself and only just left yesterday.  For those moving to the UK in September or October this year, there are of course questions around the tax implications of the move.

As always, the answer is that...it depends

1. You may be able to choose whether you are to be taxed either on the remittance basis or on the arising basis -
Read more here - http://www.mooresrowland.tax/2018/03/uk-tax-arising-vs-remittance-basis.html

2. You should also need to determine whether you meet the statutory residence test or not.  There's a detailed discussion below but here's a tool from the HMRC website -
https://www.gov.uk/government/uploads/system/uploads/at…

Talk with a Legal Futurist

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Today we share a 30 minute conversation we had with Margaret Rose-Goddard we did last month.  Margaret is a UK based Lawyer specializing in public procurement law.  She is currently doing doctoral research at the University of Bath exploring complexity theory, public health procurement, and public policy implementation.  Margaret also calls herself a "Legal Futurist"
https://youtu.be/0Uykh4QPkRM
My thoughts -
1. Global supply chains around goods, face continued disruption.  Conversely, trade in services presents business opportunities   
2. To deal with the present crisis, Governments have shut down economic activity and negatively impacted millions of businesses.  It is likely that this would not be the last time.  How would this impact #entreprenuers #businessowners?  Would it discourage future effort? 
3. Data security and personal privacy will continue to be a pressing issue. 
I once had the privilege of attending a presentation by the late Hans Rosling in 2009.  He wrote -  &…

Get Comfortable being Uncomfortable

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Yesterday we featured an interview with someone who relocated from a big U.S. city to the countryside in Indonesia.  Today we feature a 40 min interview we did last month with Robert.  He is a New York attorney who works remotely and so is outside of the big city as well.
https://youtu.be/wR4wb0O6ceM
My thoughts -
1. Yesterday we mentioned the exodus of the wealthy from #NYC.  Same is happening in major cities across the US (and around the world) including  #California.  Nearly half of the US homeless population is there plus there is a looming #WealthTax.  According to online real estate company Zillow, #SanFrancisco home prices have fallen 4.9% year-over-year, while inventory has jumped 96% during the same period.
2. As Bloomberg reported on Monday, virus mutations suggest that there is no #NewNormal but we live in a post normal world.  We need to be comfortable being uncomfortable.  
3. Simply put: there are many less jobs. And a LOT more people competing for them now.  This imbalance w…

Largest Wealth Transfer in History

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1. #BabyBoomers are retiring and are passing trilions to their children in the biggest generational wealth transfer...ever.

2. The present pandemic has meant -
a. severe travel disruptions
b. expected tax increases
c. concerns over our own health and mortality
..Now the business case for setting up #familyoffices is even more compelling

3. Jurisdictions like #Singapore and #London will continue to benefit


Podcasts: http://www.mooresrowland.tax/2020/06/htj-podcasts.html

Economic Contraction in Singapore

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We share a 20-minute interview we did last month with Sébastien GRAVIERE. Originally from #France, he is a Partner in a #Singapore based Trust company -

https://lnkd.in/gbeMvZR

This 20-minute conversation with Sébastien shows he’s optimistic. But here are my thoughts:


1. Singapore expects to lost 200,000 jobs. 60% of these are expats. Assuming there are 4 in a family that would be nearly half a million expats leaving. Singapore will become an Asian #financialcenter and less of a #Global financial center.

2. Singapore's second-quarter GDP fell by 42.9% larger than the previously-estimated 41.2%. It marks the city-state's worst ever quarterly economic performance on record, as manufacturing, construction, and services sectors took a big hit during the "circuit breaker" period.

3. The government now predicts full-year GDP to shrink between 5% to 7%, canceling out the growth generated in the last two to three years.

4. Several big companies like Resorts World Sentosa and Pratt…

New Normal is a Dangerous Myth

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Today we share a 20-minute interview we did with Andrea in June. Originally from #Italy and now based in #Romania, Andrea is the CFO of a company manufacturing telecoms equipment

https://lnkd.in/grqZ9UV


Our thoughts -

1. Everyone talks about the "New Normal," as if there's a guarantee that life will return to normal. For many geographies and industries? #NewNormal doesn't matter: normal is dead.


2. Most casual observers were blissfully unaware of the pre-existing issues which the #pandemic has exacerbated. #ProfessionalSports#DiningOut, #airtravel, #cruiselines#movietheatres#healthcare, #highereducation#MusicIndustry#malls are among those that are fundamentally impacted. Business models with high fixed costs are in trouble. How long can restaurants operate at 50% capacity?


3. As Charles Hugh Smith wrote - there was no New Normal for the dinosaurs. A few winged species survived and evolved into the birds of today. For all the other dinosaur species? #Denormalization meant …

Urban Flight?

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Here's a 20-min interview we did with Patrick. After spending nearly 30 years in the #USA, he moved to #Indonesia to run a farm.


https://lnkd.in/gburRSG


Our thoughts -


1. Our thesis is that the pandemic has not created anything new but accelerated pre-existing trends.


2. For those with the means, leaving densely populated urban areas will be an attractive option. Space. Safety. Access to fresh food. Exercise. Natural surroundings. According to the New York Times, there was a mass exodus of 420,000 #NewYorkers between March 1st and May 1st. Roughly 5% of residents — or about 420,000 people — left the city between March 1st and May 1st. In the city’s very wealthiest blocks, in neighborhoods like the Upper East Side, the West Village, SoHo, and Brooklyn Heights, the residential population decreased by 40% +.
Can you imagine 40 percent of your neighborhood leaving in just two months?


3. In H1 2020, US gun sales increased 95%, (ten million guns), ammunition sales were up by 139%. Most signif…

Click to download my new book: "Essential Estate Planning for American Expats"

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