As political, social, and economic conditions rapidly deteriorate across misgoverned Europe, stemming mainly from climate hysteria policies and open borders, the wealthy are packing up and taking their lives and capital elsewhere. [emphasis, links added]
High energy prices, climate hysteria, dwindling freedoms, rigid regulations, high crime rates, and social decay are eroding the globalist-green utopia.
Increasingly, European nations are implementing so-called exit taxes to curb the outflow of wealthy citizens to tax havens and to secure their domestic tax bases.
Countries like Germany, Norway, and Belgium are spearheading new regulations designed to tax capital gains before individuals emigrate.
This is akin to when Communist East Germany built a wall to keep its citizens from moving out to free-market, democratic West Germany in 1961. Today, that wall is being replaced by exit taxes.
The UK and the Netherlands are also exploring exit taxes. David Lesperance of Lesperance & Associates notes the significant impact on those with non-liquid assets, as they may lack the immediate funds to cover the tax bill, making emigration a difficult decision.
To illustrate how this works, a German medical student with €800,000 in startup shares could face a €200,000 tax. Norway levies up to 38% on unrealized capital gains and has even closed legal loopholes for evasion.
This has prompted prominent Norwegians, such as Ninja Tollefsen and Olympic champion Bjørn Dæhlie, to leave the country.
Germany’s regulations extend to company shareholdings of one percent or more, or those valued over €500,000, with recent reforms including investment funds at tax rates up to 45%.
France imposes a 30% exit tax on share assets exceeding €800,000, while Belgium is introducing a 10% tax on capital gains from July. The U.S. targets wealthy ex-citizens and green card holders. While the UK has not officially adopted an exit tax, financial experts advocate for improved measures.
Switzerland, Italy, and even some U.S. states are becoming attractive for their more favorable tax conditions, highlighting an ongoing global competition for capital.
Green-New-Deal Europe is losing that competition.
Youth are leaving
If the wealthy leaving wasn’t bad enough, the youth are also considering an exit as well, especially in Germany, where a significant number of young workers are considering or actively planning to leave the country.
Around 10% of young professionals under 30 are actively considering working abroad in other countries like Switzerland, the U.S., or Spain.
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