Debt & Savings
Wealthy Europeans Lured by Tax Havens Face Surge in Exit Charges
The rising departures of monied residents are prompting an increasing number of European nations to tax their assets before they leave
Some wealthy Europeans attracted to low-tax destinations such as Monaco are facing exit taxes.
Photographer: Jeremy Suyker/BloombergThe wealthy are exiting the UK in droves for tax havens such as Monaco, Switzerland and Dubai. But many well-heeled Europeans with similar dreams of escape are finding they can’t leave quite so easily.
High-tax nations across the continent are seeking to slow the departure of rich residents by hitting them with a levy on the value of their assets when they depart. Known as exit taxes, the idea is to make them think twice before leaving — or pay their fair share if they do.