Formula One’s Lewis Hamilton is following a long line of wealthy Britons who are taking advantage of the tax havens abroad. Research reveals that the tax stimulus is pushing one in twenty prospective overseas property buyers to follow suit.
The Bahamas offer a complete tax haven for Brits looking to safe-guard their nest egg, with no income tax, no capital gains tax and no inheritance tax. Cape Verde also offers an escape from income tax and 0% IHT for family members inheriting an estate. Closer to home, people moving permanently to Cyprus can take advantage of no inheritance tax and low local authority taxes.
A report published last year by the Institute for Public Policy Research showed that Britain has more people living abroad than almost any other country.
The top 10 countries where Brits live, together accounting for around 75 per cent of all Brits living abroad, are:
* Australia 1.3 million, equivalent to 2 per cent of UK population
* Spain 760,000
* USA 680,000
* Canada 600,000
* Ireland 290,000
* New Zealand 215,000
* South Africa 212,000
* France 200,000
* Germany 115,000
* Cyprus 59,000