Which is a better City if you're filthy rich: London or New York? (house, to live in)
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I said London wins for me but if you want to leave a large inheritance to your offspring, NYC is much better.
The very rich in London pay lower property taxes than NYC and most of their money is abroad and is untouched by British taxes.
Furthermore unlike the US where citizens are required to pay taxes full stop, British citizens can even move their money overseas and out of the reach of taxes.
The very rich in London pay lower property taxes than NYC and most of their money is abroad and is untouched by British taxes.
Furthermore unlike the US where citizens are required to pay taxes full stop, British citizens can even move their money overseas and out of the reach of taxes.
Well, I worked almost exclusively with Brits from 2014-2018 and have had many discussions about the British death taxes as well as the taxation of income not earned in country, etc. Are you saying most wealthy Brits sufficiently hide their wealth effectively to avoid paying death taxes? Because that is not what I was led to believe in discussions with dozens of Brits who in general were fairly wealthy.
About property taxes, I just discussed with my British friend visiting about his Council taxes compared to our property taxes and what is included in those fees....his taxes are less but then his house is no where near as nice as mine. I think the taxes are too high in NYC so I wouldn't doubt if your claim is correct but I can say for sure there are US cities where you will do better than NYC or London when it comes to property taxes and costs.
Well, I worked almost exclusively with Brits from 2014-2018 and have had many discussions about the British death taxes as well as the taxation of income not earned in country, etc. Are you saying most wealthy Brits sufficiently hide their wealth effectively to avoid paying death taxes? Because that is not what I was led to believe in discussions with dozens of Brits who in general were fairly wealthy.
About property taxes, I just discussed with my British friend visiting about his Council taxes compared to our property taxes and what is included in those fees....his taxes are less but then his house is no where near as nice as mine. I think the taxes are too high in NYC so I wouldn't doubt if your claim is correct but I can say for sure there are US cities where you will do better than NYC or London when it comes to property taxes and costs.
The mega-rich do not pay death taxes on most of their estate as they have money invested across the world and are often not even British citizens but non-doms. They also have houses across the world.
Even wealthy British people use overseas offshore tax avoidance, and invest in other countries, and this money can not be touched after their deaths. There are also lots of tax havens and Swiss banks in Europe.
As for the very wealthy in London, many are members of royalty or world leaders who run entire countries own London property, as well as other extremely powerful people. Do you really think if the King of Saudi Arabia dies that the tax office is going to demand death duties on his entire estate, and the same goes for Jordan, Qatar, Brunei, the Aga Khan etc etc. Just because you own a property does not mean you are liable for death duties, and in terms of death the mega-rich could die anywhere, as they travel a lot. Whilst properties are sometimes passed down to other family members.
As for Council Tax, it depends on the value of the property and it's location, although it is limited to the cost of providing public services to the property, and is not a vast amount.
I wonder how much homes such as Witanhurst in Highgate or the Duke of Northumberland's Syon House in West London are now worth. The last estimate I saw for Witanhurst was £300 million and the current owners have now built a large super-basements under the house.
Syon House in West London which is owned by the Duke and Dutchess of Northumberland. They also own Alnwick Castle, which was Hogwarts in the Harry Potter films.
Grade II listed Forbes House at 10 Halkin Street, Belgravia, London SW1 sold for £150 million last year, however it's estimayted that planned refurbishment work will double the value of the property.
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