The UK is losing its appeal to high-net-worth individuals amid fierce global competition from countries like Italy and the UAE, offering more favorable tax policies. The UK’s removal of the non-dom regime and new inheritance tax on overseas trusts have triggered a significant outflow of wealth, with predictions that 16,500 millionaires will leave Britain this year alone. This outflow is affecting various sectors, including London’s property market and luxury retail, as inquiries for relocations surge significantly among wealth managers and financial institutions.
The UK is making itself one of the least attractive places for high-net-worth individuals to live, invest, and die, contrasted against more competitive global jurisdictions.
Britain is slamming doors by scrapping the non-dom regime and imposing inheritance tax on overseas trusts, encouraging globally mobile wealth creators to seek alternatives.
The UK is suffering one of the largest millionaire outflows on record, with predictions of 16,500 millionaires leaving Britain this year, contributing to a significant economic impact.
Prime central London property transactions are plummeting as the outflow of wealth and people impacts property markets and luxury sectors, marking a noticeable economic downturn.
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