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A growing number of hedge funds and private investment houses are looking to set up headquarters in popular tax havens such as Switzerland and Monaco, reports suggest.
Speaking to the Wall Street Journal, industry insiders declared that many fund managers have made the decision to leave UK shores since the introduction of a 50 per cent tax on bank bonuses above £25,000.
"The increase in scrutiny of salaries in the UK has been the proverbial final straw," said Charles Boulton, head of the offshore team of private banking at HSBC Holdings.
However, Louis Alexander, an American working as a security director for Phillip Morris International, reminded potential expats that there is a lot of research and preparation involved in making the move.
As well as arranging accommodation and work visas, taking out an expatriate health insurance policy may be an essential course of action to avoid falling short of cover.
Shelter Offshore has advised that for those doing so, it is important to assess the scope of cover necessary to individual circumstances to avoid inadequate protection or conversely, unnecessary levels of cover.
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