Discover the shifting trend of UK millionaires choosing Dubai over London. Explore the economic and financial factors driving this migration and its impact on real estate markets. An insightful analysis.
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.
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.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.
The famous UK financier warns that a post-Brexit UK is in “geriatric decline,” and that only radical solutions will turn things around.www.bloomberg.com
Labour leader Sir Keir Starmer will use World Bank data to warn that, without a change in leadership, Britain's economy will be overtaken by its eastern European rivals over the coming few decades.news.sky.com
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.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.
Yah, its crazy, why are the Uk these insanities? They could have stayed in Eu for that matter.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.
unexpected changes to HMRC guidance affecting UK resident non-doms with borrowing secured on non-UK assets which could lead to the taxable remittancekpmg.com
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.