UK sees non-dom population drop by almost 37%, but why are they going to Greece?
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The latest analysis from Astons, reveals that the UK’s non-dom population is plummeting as huge swathes of the world’s richest people embark on a journey of migration and relocation to settle in foreign countries where tax regimes and financial opportunities are more favourable.
UK suffers vast exodus of High Net Worth Individuals While High Net Worth individuals (HNWIs) from around the world are leaving their home nations to settle elsewhere, it’s the UK that is seeing one of the most drastic periods of wealth exodus.
A recent report from New World Wealth estimates that the UK lost 16,500 millionaires in the six years following Brexit, and predicted a further 9,500 would have left before the end of 2024.
Furthermore, the Global Wealth Report 2024 from UBS states that by 2028, the UK will have seen a -17% drop in its number of millionaires. This loss of around half a million HNWIs is the largest wealth exodus of all nations covered in the report.
The United States is also seeing its wealthy population demonstrate an increasing desire to relocate. It is estimated that the US hosts 38% of the world’s millionaires, but a 2024 report ahead of the presidential election suggested that 35% of them believed they would have a better quality of life overseas than under a Trump presidency. This is less than the 40% who felt they would have a better life away from a Kamala Harris presidency, but still demonstrates a significant level of concern that the US is no longer the wealth haven it once was, due largely to fears of political and social unrest in the years to come.
Back in the UK, there are a number of reasons for HNWIs to be considering a move: Brexit continues to be a major concern, but this has been added to by the Labour government’s recent hikes in Capital Gains tax, reforms to private education tax, a general sense of national drift and, of course, a crackdown on so-called non-doms.
UK non-dom population in decline New data analysis from Astons reveals that between 2013-2023 there was a -36.8% decline in the UK’s non-dom population* with the latest figures estimating the population to now be 74,000. Since the UK government’s 2024 announcement of a non-dom crackdown, it is believed that even more of the nation’s HNWIs have ‘accelerated’ their exit plans.
Where are the wealthy moving to? Many HNWIs are looking to relocate to European countries. For those leaving the UK, regaining access and free movement of the EU following Brexit is a priority, while top destinations for US-leavers have recently included Portugal, Malta, Spain, Italy and, in particular, Greece.
These European destinations are favoured for a number of reasons, from their rich cultural heritage and political stability, through to favourable tax regimes and premium real estate opportunities.
In the context of Greece and Portugal, another driving factor is their attractive Golden Visa programmes.
Why is Greece a top destination for the world’s HNWIs? Over the past three years alone, 1,200 millionaires have migrated to Greece, and at last counting, the nation’s millionaire population was believed to be 80,655.
Driving factors include Greece’s highly attractive Golden Visa programme which grants a renewable five-year family residency for the low investment of €250,000 (providing an investor buys commercial property that can then be converted into residential dwellings). The country offers political and economic stability, a stunning quality of life, good education, and doesn’t even require investors to physically relocate to the country.
Greece also offers desirable tax benefits for non-dom retirees and expats.
Non-dom retiree and expat tax benefits in Greece Non-dom retirees in Greece are only obliged to pay a flat 7% tax on foreign pensions and income. The tax can be paid in a lump sum and is due at the end of July each year.
Greece’s offering to high net worth non-dom expats in general, opting to settle in the country, is even more favourable, namely a flat annual tax of €100,000 on all foreign-sourced income for up to 10 years. Exemptions to this rule apply to inheritance and gift taxes for foreign assets.
Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, commented:
“Greece has long been a much-favoured destination for HNWIs leaving both the UK and the US, but we’ve seen demand soar over the past 12 months.
Greece’s Golden Visa requirements are highly attractive and provide a great opportunity to earn great real estate investment returns in a favourable tax environment.
Add to this nation’s generous retiree and expat non-dom tax rules and it’s easy to see why Greece is fast becoming Europe’s leading Golden Visa destination.
And while Greece’s programme is booming, Spain has recently ended its own Golden Visa programme which has resulted in even more UK and US leavers turning their attention to Greece. 2024 was a stellar year for Greece, and their economy is benefiting as a result. Now all signs are pointing to 2025 being even busier.”
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Notes to Editors: –
· Astons are leading international real estate experts on residency and citizenship through investment offering bespoke residence and citizenship solutions in the EU, the Caribbean, and other countries through property investment. · Astons have over 30 years of experience assisting individuals to successfully relocate their lives, lifestyles and companies through the complex world of global immigration law · Astons offer everything from residency and citizenship, to legal support and guidance on worldwide property investment. · Astons is a leading global investment migration and luxury real estate company specializing in bespoke residency, citizenship, and premium real estate solutions in more than 11 countries. · Founded in 1989, Astons provides a comprehensive suite of services for HNW clients with a worldwide footprint of offices in London, Dubai, Istanbul, Limassol, Athens, Fort Lauderdale, and Saint Julians. |
