According to International Investment, the number of expats hits a record high of 258 million, this increasing global movement of people is driving significant demand for international tax advice.
That is both a record high and a number that has beaten all expectations. A 2003 projection anticipated that by 2050, there would be around 230 million based outside their birth nation. But the latest projection has been dramatically revised upwards, there will be more than 405 million living away from their country of birth by 2050.
The demand for international tax advice is set to grow further still as the world becomes increasingly globalized and as the cross-border regulatory landscapes continue to evolve at a faster pace.
- First, is the increasing movement of people. Whether driven by geopolitical, work or lifestyle reasons, more and more individuals are on the move around the world. In addition - and despite the rhetoric of some populist politicians - globalization in the world of trade and commerce is here to stay and is, if anything, gaining momentum as it encourages economic growth, creates jobs, makes firms more competitive, and lowers prices for consumers," he added.
- Second, since the global financial crisis both individuals and companies have become more financially literate and aware of the importance of specialist financial advice, especially when it comes to cross-border affairs. and
- Third, the reporting and tax filing requirements are increasing in most jurisdictions. For instance - and this is just one example - in the US where the Foreign Account Tax Compliance Act, or FATCA, is almost universally recognized as being burdensome, onerous and complex."
Read more at: Tax Times blog