'The movement is not limited to the very wealthy; doctors, teachers and skilled workers are exploring opportunities abroad': You’re paying too much tax — but where do you go?

This article was commissioned before events in the Middle East. Please check the Government's 'Foreign travel advice' webpage before travelling.

You’ve got bags of money and you don’t wish to give a major chunk of it to Rachel Reeves. That’s understandable. As UK fiscal policies tighten, the mobile business elite and affluent retirees are heading for new tax jurisdictions in the sun.

For more than a century, London’s allure as the home of global finance, culture and tax arbitrage rested on two pillars: the strength of the pound and the UK’s non-domicile tax regime, which allowed foreigners and British citizens who had a permanent home abroad to live in Blighty without paying UK tax on their worldwide income. That regime – a messy product of imperial legal history – was abolished by the Labour government in April 2025. It has been replaced by a residence-based system that taxes global income, capital gains and inheritance more aggressively than ever. Henley & Partners, which is a leading consultancy in residence and citizenship by investment, estimates that the UK had a net loss of 16,500 millionaires last year. And with them, art gallerists, jewellers, private bankers and concierges are leaving London for where the money is.

High net-worth individuals (HNWIs) are being drawn to states and cities that offer lower taxes, better climates, or both. They all have pros and cons, because for every sunset-lit infinity pool and spontaneous Allen & Co conference is, potentially, a network of vapid influencers and wide boys, ladies of the night trying to catch your eye, a postage stamp-sized flat that cost millions, and the threat of hurricanes and tsunamis.

So let us explore what’s the best fit for you and your money…

Monaco

• Income tax: 0%
• Capital gains tax: 0%
• Wealth tax/inheritance tax: 0% (with some exceptions)
• Property tax: None ongoing, though there are transaction costs
• Residency requirement: A minimum €500,000 deposit in a Monegasque bank. Clean criminal record for the past five years
• Who you will meet: Tennis players and Formula One (F1) drivers, international bankers, yacht brokers, gold diggers, Sir Philip Green
• Pros: Good if you like F1; the Mediterranean climate; rarified social scene. CCTV and police presence means you won’t get mugged for your Richard Mille. A convenient heliport, and easy connections to Milan, Paris, the Alps and London
• Cons: Bad if you’re claustrophobic. Most apartments are small and you’re living in tower blocks cheek-by-jowl. Property approaches nearly £50,000 per square metre, which means £1 million buys you no more than a generous bathroom. Plus, Monaco has leant into Somerset Maugham’s wry and observant quote about it being a sunny place for shady people

‘We’ve seen an increase in enquiries from UK-based clients considering a move to Monaco. Most are interested in renting as a first stage,' says Irene Luke from Savills Monaco.

'The waiting list to obtain the appointments necessary for a residence card has grown. It should be noted that non-EU nations (i.e British nationals) require a French visa before they can apply for a Monaco residence card, so the process is longer.

'Many new apartments have been built recently, but this hasn’t stretched services or infrastructure. The only area where supply is perhaps tight is on the international schooling front.

'The profile of clients is definitely younger than was once the case. Many come from the fintech world, are still active in business, and have school-age children.'

Switzerland

• Income tax: Federal tax is up to 11.5% plus cantonal and municipal tax, which vary widely. Zug is the most tax-friendly option, totalling 11.9%

• Capital gains tax: 0% in most cases

• Wealth tax: Depends on the canton. In Zug it’s around 0.25%

• Property tax: Generally under 0.3%. In Zug it’s zero

• Residency requirement: Proof of financial independence

• Who you will meet: Bankers, industrialists, adventurers, watchmakers; the ghosts of Sir Roger Moore, Peter Sellers and David Niven

• Pros: Beautiful countryside. Fresh mountain air. Skiing in winter. Exceptional cheese and Swiss wine (which they don’t export). Trains that run on time. Excellent healthcare (which you’ll have to pay for)

• Cons: Geneva and Zurich aren’t very inspiring cities. A sandwich or a taxi ride will bankrupt a mere mortal

Dubai

• Income tax: 0%
• Capital gains: tax 0%
• Wealth tax/inheritance tax: 0%
• Property tax: None, but there is a 4% transfer fee
• Residency requirement: Purchase property of more than AED 2 million (about £400,000) without a loan, start a business in the UAE with a projected value of more than AED 500,000, or deposit at least AED 2 million in a UAE investment fund
• Who you will meet: Property developers, oil men, hospitality executives, Russian, Chinese and Indian billionaires, boxers, influencers, Katie Price
• Pros: Sleek modern homes with pools and eternal sunshine. Prime real estate is just over £7,000 per square metre, so 70% less than Monaco. Water parks for the family. Long all-you-can-eat brunches. It’s eight hours to London and seven hours to Singapore aboard one of the world’s most comfortable airlines
• Cons: Every woman and her shih tzu wants to be a luxury influencer. Sharia society with significant human rights issues

‘Undoubtedly, the last three years have seen more people move to Dubai from the UK,' says James Heathcote, a British-born Dubai-based tax advisor who is a managing partner of the Sanctoras Group.

'Covid made people realise they could work and run businesses remotely. Crime in London is exaggerated, but that perception has had an impact. And the lifestyle in Dubai is attractive to many.

‘Our clients are mostly over 45 and have built businesses in a range of industries. Financial services is a big one. They want space and gardens. They’re buying large villas 40 minutes outside the city rather than apartments downtown or in Dubai Marina. They’re not living where the beach clubs and the influencers are. The expansion of Dubai is now out of town. What you see on Instagram is not representative of what Dubai is like in 2026. A decade ago, people would move here for a few years, make money and leave. Now they’re coming to stay, and bringing their families. We have British curriculum schools, and more are being built.

‘From a tax perspective, there’s some red tape. There’s quite a lot of homework to do before and after you arrive, but Dubai has developed a lot recently to make it easier. Qualifying for a ten year golden visa by purchasing a property for £400,000 is very obtainable.'

Antigua

• Income tax: 0%
• Capital gains tax: 0%
• Wealth tax/inheritance tax: 0%
• Property tax: 0.3-0.5%
• Residency requirement: A £170,000 donation or purchase of £220,000+ real estate
• Who you will meet: British rock stars, Canadian bankers, sailors, Oprah Winfrey, Lord Sainsbury
• Pros: English is the first language. Stunning white Sand beaches. Vibrant sailing and Scuba diving scenes
• Cons: High cost of imported goods. Limited specialised healthcare. Inconsistent utility services. Poor roads. Hurricane risks

Milan

• Income tax: An annual flat tax of €300,000 on global income, plus €50,000 on each family member
• Capital gains tax: 26%, but exemptions apply
• Wealth tax/inheritance tax: 0%
• Property tax: 2-9% purchase tax
• Residency requirement: A long stay or residence visa, which costs around £100
• Who you will meet: Fashionistas, engineers, architects and designers. Goldman Sachs’s Richard Gnodde and Aston Villa owner Nassef Sawiris, both of whom are recent London exiles
• Pros: Centre of fashion and Italy’s commercial and financial capital. Nirvana for opera fans. Doesn’t have the overtourism of Rome and Venice, and the infrastructure works. The lakes, Alps and beach are easily accessible. Transport links were improved ahead of the recent Winter Olympics, including a superfast railway from the city to Linate airport
• Cons: Scarcity of prime properties available (you may fare better in Florence or Rome). Italian bureaucracy is labyrinthine. Not as much of a tax haven as other options on this list (especially as that flat rate has tripled lately), nor as safe from crime, and prime square-meterage is twice the going rate of Dubai, but that’s the price you pay for a proper city with buzz

Portugal

• Income tax: 20%
• Capital gains tax: 28% on Portuguese assets
• Wealth tax/inheritance tax: 0% (with some exceptions)
• Property tax: Transfer tax of up to 7.5% (possible exemption for a primary residence), stamp duty of 0.8%, and annual municipal tax of 0.3-0.45%
• Residency requirement: A minimum €500,000 investment in a Portuguese fund, business or research project
• Who you will meet: Footballers, Irish and Brazilian ex-pats, Madonna and Princess Eugenie
• Pros: World-class golf, sailing, surfing and sports facilities. Mediterranean climate. Unrestricted Schengen zone travel with a golden visa. International schools. Relaxed yet sophisticated lifestyle
• Cons: Non-habitual resident tax scheme and golden visa property investment scheme has now closed. Property transfer tax has increased. Complex bureaucracy can require fluent Portuguese

‘In many respects, this shift began around Brexit when other European cities began to supplant London as the western gateway to the continent,' says Edward de Mallet Morgan, head of private office for realtor Douglas Elliman France.

'Many Brits sought foreign passports through familial links, with Irish passports proving particularly popular. The movement is not limited to the very wealthy; it’s professionals like doctors, teachers and skilled workers exploring opportunities abroad.

'I have friends who have left London to start new lives in Spain and Portugal. My Italian wife and I did the same, moving to the south of France after 15 years in London.

‘For HNWIs, Monaco has always been a popular low-tax jurisdiction. The British School of Monaco opened in November 2022 to ease oversubscription to the long-established International School of Monaco.

'Italy offers lifestyle and tax advantages, but fewer top-tier international schools than Switzerland or the French Riviera.

‘Some individuals who initially consider Monaco ultimately choose Dubai due to faster bank onboarding and administrative processes.

‘Perceptions of safety have become a growing factor in relocation decisions. Confidentiality is also a consideration, as the level of transparency can deter investment and residency decisions. Some business owners are relocating ahead of major liquidity events, like IPOs. They are choosing to list in the United States or other international exchanges rather than London, both to maximise valuations and manage tax exposure.'

Singapore

• Income tax: 0% on foreign-sourced income, and up to 24% on Singapore-derived income
• Capital gains tax: 0%
• Wealth tax/inheritance tax: 0%
• Property tax: Up to 32%
• Residency requirement: Global Investor Programme (GIP) grants permanent residency in return for S$10 million (about £5.85 million) investment in new or existing business, S$25 million (about £14.6 million) in an approved fund, or S$200 million (about £117 million) in a Singapore-based family office
• Who you will meet: Biotech scientists, shipping magnates, finance ex-pats from London and Hong Kong, and 55 billionaires including Sir James Dyson
• Pros: Politically stable. Safe and clean. Lively ex-pat community. Diverse culinary options. International schools. China, Japan and Australia are all easily accessible, as well as South East Asia’s beautiful beaches and rainforests
• Cons: Humidity is 90%. High cost of living (apartments are around £19,000 per square metre, property tax is high, and car ownership is among the most expensive in the world. (A Range Rover could set you back over £500,000!). It has been described as the only shopping mall with a seat at the UN. It’s eight hours ahead of the UK and a 14 hour flight

Florida

• Income tax: Progressive federal tax up to 37%, 0% state tax
• Capital gains tax: Treated the same as income
• Wealth tax/inheritance tax 0%
• Property tax: 0.75%
• Residency requirement: Need a Green Card, which is selected by lottery, or investor visa (EB-5), which requires putting $800,000 into an American business. The ‘Trump Gold Card’ is a newly-launched fast-track immigration pathway that requires a $1 million donation to the USA Treasury
• Who you will meet: Estate agents, crypto evangelists, drug dealers, MAGA-supporters, Brooklyn Beckham-Peltz
• Pros: Access to American enterprise (and politics). No language barrier (except with your gardener). High standard of living
• Cons: Gun crime. The price of healthcare and tipping culture means the cost of living isn’t as cheap as you think. Where you stand politically could influence whether you want to be there or not

‘It’s a competitive market out there, and there’s a lot of choice,’ says Paddy Dring, who is a partner at Knight Frank and its global head of prime sales. ‘Some countries, in recognising the benefits of foreign investment, have made it easier for people to move there from abroad. Tax is a consideration, but not the only one. There’s sunshine and lifestyle, there are family ties, education and health needs. London might not tick the sunshine box always, but it has scored well on the others for many years. I think people are looking at this medium term to see how it plays out; they may decide to stay where they are or to come back… Yes, we’ve seen increased traffic leaving, but people are still buying prime properties in London because they want to be here, and many have made the decision to stay.’

For all the compelling tax narratives and weather reports above, London still has a lot to offer. It remains one of the world’s most dynamic, historic, trendsetting and culturally-rich cities. A London address carries prestige few can match; its legal and financial services infrastructure remains world class; and few bases offer the same talent pool and global networking opportunities. For this reason, ultra HNIs are choosing to keep their family offices in London.

You may wish to make your primary residence elsewhere and have your accountants deal with the fall out, but you’ll still want to pop in regularly.