Millionaires Leaving the UK for Dubai?

[Martin Everson]

https://www.europeanbusinessreview.com/millionaire-leaving-the-uk-for-dubai/

Hummm.....

 

[Sols]

I'm not saying it's impossible that it's true, but that blog post doesn't cite any sources and is marked as being sponsored content.

 

[thomasparra]

"This migration was primarily from the financial and professional sectors, including financiers, hedge fund managers, investment bankers, lawyers, and wealth managers.".

Hmm - I have heard Dubai is getting institutional money from HK, and SG, and now it seems London too? Interesting. Does anyone know if Dubai is more about private than public equity investing today, and future outlook?

 

[Martin Everson]

Hummm....think there maybe some truth to article and primarily related to non-doms. I created the below thread (link below) earlier this year following a Labour defeat in house of commons to scrap non-dom scheme. The result will not go this way again if Labour come to power next year and hold the vote again.

https://www.offshorecorptalk.com/th...essful-and-millionaires-flee-uk-anyway.40189/
P.S UK Government official stats on non-doms in UK is below.

https://www.gov.uk/government/stati...ntary-on-non-domiciled-taxpayers-in-the-uk--2

 

[wellington]

It's easier to just sever links with the UK...

Been non-resident since 2012, only visited annually for family charity commitments (helping my grandmother) stopped that many years ago, never been back, only intend to visit and replacement passport (same day) in the future, and leave.

UK is dead.

 

[manukahoney]

The Labor will probably limit the number of years eligible for remittance basis (like 6-7 maybe - so when you can get your citizenship you will seize to be non-dom).
This will easily pass through the parliament and in a way make sense - an option to avoid paying punishing taxes for new incomers and at the same time equalising the tax regime for long-term residents.

 

[Martin Everson]

The Labor will probably limit the number of years eligible for remittance basis (like 6-7 maybe - so when you can get your citizenship you will seize to be non-dom).
This will easily pass through the parliament and in a way make sense - an option to avoid paying punishing taxes for new incomers and at the same time equalising the tax regime for long-term residents.

What rich foreigner would ever then want to move to UK under 6-7yr limited program with bad weather ULEZ and standard worldwide taxation etc....lol. Better to move to Italy and get 15 years lump sum program for 100k a year or even Greece under similar program and get some Schengen area benefits thrown in too with both of them.

Plus the lure of London will be gone, even more high end property will be left empty in prime London. The UK government better have a plan else they will end up like Spain in no time with economic decline spiraling out of control as they are outside the single market.

People are even saying Poland will be richer than UK and British youth may end up going to Poland to seek high paying jobs.....the irony and humiliation of this all...lol.

https://www.bloomberg.com/news/arti...-says-poland-will-soon-be-richer-than-britain
https://news.sky.com/story/britains...t-overtaken-by-poland-labour-to-warn-12821152

 

[JackAlabama]

What rich foreigner would ever then want to move to UK under 6-7yr limited program with bad weather ULEZ and standard worldwide taxation etc....lol. Better to move to Italy and get 15 years lump sum program for 100k a year or even Greece under similar program and get some Schengen area benefits thrown in too with both of them.

Plus the lure of London will be gone, even more high end property will be left empty in prime London. The UK government better have a plan else they will end up like Spain in no time with economic decline spiraling out of control as they are outside the single market.

People are even saying Poland will be richer than UK and British youth may end up going to Poland to seek high paying jobs.....the irony and humiliation of this all...lol.

https://www.bloomberg.com/news/arti...-says-poland-will-soon-be-richer-than-britain
https://news.sky.com/story/britains...t-overtaken-by-poland-labour-to-warn-12821152

indeed. Its crazy what the UK is doing. Why did they even bother with brexit when their own policies are like way worse than the glorious Eu.

 

[manukahoney]

What rich foreigner would ever then want to move to UK under 6-7yr limited program with bad weather ULEZ and standard worldwide taxation etc....lol. Better to move to Italy and get 15 years lump sum program for 100k a year or even Greece under similar program and get some Schengen area benefits thrown in too with both of them.

There are many who still find the UK an attractive place to relocate and do business. Including families from SE Asia. London this days feels more crowded than during pre-Covid times. You come for 6-7 years, you get a solid passport in addition to whichever you already have, you need to spend like 9 month on average which again makes the weather not that an issue, you send your kids to one of the best English-speaking schools and give them an option to go to British unis and pay much less than foreigners.

And yes 6-7 years can be well enough to structure your wealth, get a loan against it and legally pay 0 taxes while maintaining UK residence easily, travel the world and never have any problem with banks or tax authorities.

 

[troubled soul]

FYI ............An Italian island is letting foreigners live rent-free for three months — meet the first person to arrive
https://www.msn.com/en-us/travel/ne...s-meet-the-first-person-to-arrive/ar-AA1gJPH4

 

[myhand]

Well travelling there for a 3 months free stay may not be very tempting for the vast majority that have money to live for.

 

[Martin Everson]

And yes 6-7 years can be well enough to structure your wealth, get a loan against it and legally pay 0 taxes while maintaining UK residence easily, travel the world and never have any problem with banks or tax authorities.

You need to understand the UK tax system in depth as this loophole is gone for non-doms.

You cannot get a offshore loan against offshore wealth and remit it to the UK as a non-dom and think you can live off it tax free. In fact you could end up paying more tax due to strange quirk. Each year the tax rules are getting more aggressive and UK will be like Spain in no time at all if it continues down its path to oblivion.

https://kpmg.com/dp/en/home/insight...d-possible-remittance-of-loan-collateral.html

P.S These millionaires typically have good tax advisors and if they are leaving the UK its because they know what is coming around the corner.

 

[JackAlabama]

You need to understand the UK tax system in depth as this loophole is gone for non-doms.

You cannot get a offshore loan against offshore wealth and remit it to the UK as a non-dom and think you can live off it tax free. In fact you could end up paying more tax due to strange quirk. Each year the tax rules are getting more aggressive and UK will be like Spain in no time at all if it continues down its path to oblivion.

https://kpmg.com/dp/en/home/insight...d-possible-remittance-of-loan-collateral.html

P.S These millionaires typically have good tax advisors and if they are leaving the UK its because they know what is coming around the corner.

Yah, its crazy, why are the Uk these insanities? They could have stayed in Eu for that matter.

 

[Ancova]

As a former employee of the largest UAE Free Zone (by number of licenses issued) I can confirm that the amount of UK Shareholders has massively increased since beginning of the year. YTD at least 1000 UK nationals opened a company only in that one free zone.

We are currently opening companies for 5 HNWI from UK.