Fed up with taxes, Aussies are following Adrian Portelli to Dubai. The ATO is watching
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“Tax is legitimately one consideration in that decision, alongside lifestyle, family, business opportunity, regulation and access to markets – but it shouldn’t be the decision itself. I often say that tax should be one coordinate on the map, not the compass,” Wells said.
Wells contemplated her exit from Australia years before the latest military action in the Middle East. After the price of crypto crashed in 2022, which coincided with news that the asset would no longer be treated as a foreign currency, and hit with capital gains tax in Australia, Wells said many founders and crypto firms left Australia.
“That was really the writing on the wall for me. My friends and my peers were leaving. I was like, OK, I have to figure this out. Are there going to jobs in crypto in Australia? No. Are there going to be clients in crypto in Australia? No, they are also leaving,” she said.
During the past 3½ years operating her Dubai-based law firm, Wells specialises in financial services, international arbitration and crypto. She said the business had reported exponential growth from clients seeking to domicile their companies in the UAE.
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