Where do British millionaires go?

Driven by tax reforms, specifically the abolition of non-domicile status, and a search for better stability, a record number of British millionaires are relocating to the UAE (Dubai), Switzerland, Italy, Portugal, and Greece. These destinations offer tax-free environments, favorable investment visa options (Golden Visas), and a higher quality of life.

Where are most UK millionaires moving to?

One of the most popular locations is the United Arab Emirates (UAE), including Dubai, according to Henley & Partners. Residents benefit from zero income tax as well as a luxury lifestyle. The UAE is poised to welcome a record net inflow of 9,800 millionaires this year alone, including Brits.

Where do millionaires keep their money in the UK?

Millionaires and billionaires may seek out hedge funds or buy into a private equity fund to expand their portfolios. Each one offers a different way to take advantage of market movements. Hedge funds are private investment pools that are funded by multiple investors.

Why are UK millionaires moving to Portugal?

The ongoing appeal of Portugal includes its lifestyle and climate, security and safety, easy access to the European Union and the Schengen area, and its vibrant cities and coastal areas.

Where are Britons moving to avoid tax bills?

Brits are moving to tax-efficient locations like the United Arab Emirates (UAE) (especially Dubai) for zero income tax, while Malta attracts many with EU access and favorable remittance-based tax schemes. Other popular spots include Portugal, Greece, and Cyprus, offering tax incentives and lifestyle benefits, with some also considering the Bahamas, BVI, and Jersey for nil/low-tax environments, according to migration advisors. 

Britain's rich are fleeing - and here's where they're going

How do millionaires avoid tax in the UK?

FAQs on UK Taxation

Why do the rich pay less tax? The rich often pay less tax due to the use of tax-efficient strategies, such as investing in capital gains assets, maximising pension contributions, and utilizing tax-advantaged accounts like ISAs.

Where are Brits moving instead of Dubai?

The Times: “Forget Dubai — Britons Are Moving Here to Cut Tax Bills Instead” A recent article in The Times reports that Malta is emerging as a preferred destination for British taxpayers responding to major UK tax reforms. The report highlights Malta's remittance-basis tax system and lifestyle benefits.

Can I collect social security if I move to Portugal?

The good news is you can still collect US Social Security benefits while living in Portugal. The Social Security Administration pays benefits to retirees in over 150 countries, including Portugal.

What's the downside of living in Portugal?

Some cons of retiring in Portugal include the slow pace of life, which doesn't suit everyone, bureaucracy and long waiting times, the need to carry cash, no central heating, and relatively low salaries compared to other European countries.

How much money in the bank is considered rich in the UK?

While there is no set definition of high net worth individuals (HNWIs), they are generally defined as people with substantial financial resources of £1m+, excluding personal assets and their primary residence.

What bank do most millionaires use?

9 of The Best Banks For High Net Worth Individuals

• TD Bank. ...
• JP Morgan. ...
• Chase. ...
• Wells Fargo. ...
• Bank of America. ...
• HSBC. ...
• Morgan Stanley. ...
• PNC. PNC's Private Bank serves high net worth individuals and families with at least $1 million in investable assets.

Where are Brits moving to in 2025?

Top 10 Countries Brits Moved to from the UK in 2025

• Australia – The UK's Favourite Destination. ...
• United Arab Emirates – Career Rewards and Luxury Living. ...
• United States – The Land of Opportunity. ...
• Canada – A Warm Welcome and Balanced Lifestyle. ...
• New Zealand – Quality of Life Meets Natural Beauty.

What is the poshest town in the UK?

Henley-on-Thames

What we are in the position to do, however, is a bit of harmless window shopping. Because, being just an hour from London, it's a pretty perfect spot for a springtime day-trip from the capital city. The sought-after spot managed to nab the crown as Britain's poshest town for many reasons, really.

What is frowned upon in Portugal?

Portuguese people value quiet elegance and discretion. Loud conversations, boisterous behavior, or drawing unnecessary attention in restaurants, cafes, or historic sites can come off as disrespectful. ✅ Do this instead: Speak calmly, respect the atmosphere around you, and enjoy the slower rhythm of Portuguese life.

What is the number one crime in Portugal?

In 2018, domestic violence (domestic violence), as in previous years, with more than 26 thousand of reported cases, was the second most registered crime in Portugal (the first was theft), corresponding to 8% of all the criminality) and was the most registered crime within the crimes against persons (where represents 33 ...

Is healthcare free in Portugal?

Healthcare under the Portuguese National Health Service (NHS) is usually free, though you may be required to pay a standard fee in hospital emergency, if patients have not been referred by a primary health care unit or by the National Health Service contact line (SNS 24).

What are the downsides of retiring in Portugal?

Portugal is a top retirement destination due to its affordable cost of living, high-quality healthcare, and pleasant climate with over 300 days of sunshine. Despite the benefits, retirees may face challenges such as bureaucracy, language barriers, and the impacts of seasonal tourism that can affect daily life.

What country has the best social security?

Of the countries under study, The Netherlands, Austria, Luxembourg and Denmark offer their citizens the best protection against social risks. The citizens of Greece, Spain and Romania are found to be less protected.

What happens to my state pension if I move to Portugal?

The UK State Pension is also not eligible for a transfer to an overseas scheme. However, you may claim your State Pension while residing in Portugal and receive the funds directly in your Portuguese bank account.