There has been a noticeable movement of the super-rich property investors away from London for Dubai since the Labour government came into power.
It was already seen in the lead-up to the election as it was highly likely the Conservative Party would not be in power come polling day.
An expected range of tax increases for the super-rich has spooked potential investors in the UK and are increasingly looking to the Emirates. The London to Dubai mega-rich migration is only likely to increase.
Britain is likely to lose nearly one in six of its US dollar millionaires by 2028, according to the UBS Global Wealth Report for 2024.
Investment firms, wealth managers, and private bankers who provide financial services to around 70,000 UK-based individuals with ‘non-dom’ status are on alert for when the tax changes might be implemented.
“It is not possible to directly measure how much foreign income non-doms using the remittance basis have, and therefore what the potential tax base is.”
Independent Institute for Fiscal Studies report – March
David Lesperance, Managing Director of tax adviser Lesperance & Associates told Reuters the government should not underestimate the ease and pace at which wealthy families could quit the UK, and how countries like Dubai and Singapore were striving to attract them.
The UAE is set to see a record net inflow of 6,700 millionaires from around the world by the end of 2024.
“With its zero income tax, golden visas, luxury lifestyle and strategic location, the UAE has entrenched itself as the world’s number one destination for migrating millionaires.
“The UAE’s golden visa is a long-term residence visa that allows foreign residents to live, work or study in the UAE.
“While the millionaires migrating to the UAE most commonly come from India, the wider Middle East, Russia and Africa, a larger number of Brits and Europeans are expected to move to the glitzy desert emirate as well.”
Henley Private Wealth Migration Report.
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