Adrian Portelli relocates to Dubai citing Australian tax concerns

Melbourne-born billionaire Adrian Portelli has relocated to Dubai, citing dissatisfaction with the Australian government and the Australian Taxation Office (ATO). Portelli stated that Australia is “chasing away success” due to harsh tax settings and regulatory issues.

His move follows recent changes in the Australian federal budget regarding capital gains and property taxes, which critics argue could stifle innovation. The trend of wealthy Australians seeking lower regulatory burdens overseas has led to the launch of “Project Get Out,” a service designed to assist Australians, particularly those in the tech sector, with relocating to the United Arab Emirates. The initiative reported receiving 1,000 inquiries shortly after its launch.

While the move aims to capitalize on lower tax rates, experts caution that transitioning tax residency is not always a straightforward process for Australians.