Part 6/11:
The UK’s move to implement or consider an exit tax has pushed many to reconsider their long-term plans. Countries like the US, Canada, Australia, and the UK have complex exit taxes that on departure, tax unrealized capital gains and the value of assets including businesses. For entrepreneurs with significant holdings or those building wealth over time, these taxes can reach into the hundreds of millions—rendering departure financially ruinous.
Steronsky and many others are concerned about being forced to pay enormous sums just to leave their countries—sometimes dubbed the “exit tax.” The speaker emphasizes the importance of understanding and planning around such taxes before making relocation decisions.