Moving Abroad from the UK: Best Countries for HNWIs

If you’re a successful high-net-worth investor or entrepreneur, the United Kingdom doesn’t want you anymore.

That’s the message being received by wealthy individuals in the UK and they’re leaving in record numbers.

Some 10,800 millionaires left the UK in 2024, with many doing so in direct response to the laws introduced by the new Labour government in its latest Budget.

That budget saw the abolition of the UK’s non-dom taxation scheme under which UK tax residents weren’t taxed on foreign-earned income, provided it wasn’t remitted to the United Kingdom. 

Despite the non-dom scheme attracting wealthy foreign investors to the UK where they invested and created jobs, the Labour Government scrapped it. 

On top of that, Labour has increased national insurance charges for businesses, limited tax reliefs for businesses and increased rates on capital gains tax. An exit tax on settled UK-based trusts is also set to be introduced.

Put simply, the UK is quickly losing its reputation as a business-friendly jurisdiction and that’s why so many of its wealthiest residents are relocating.

Lots of high-net-worth individuals (HWNIs) in the UK have been reaching out to us for help in planning their exit.

We’ve helped them understand their options, of which there are many. There are lots of exciting places for you to go if you’re a UK citizen looking to ‘go where they’re treated best’.

In this in-depth guide, we outline some of the exciting jurisdictions for those looking to relocate from the UK. 

Pros and Cons of Moving Abroad from the UK

Moving Abroad from the UK: Pros

• Lower cost of living. The UK is one of many nations suffering from the effects of inflation in recent years, with house prices and consumer goods all rising in 2024. 
• Avoid high taxes. With a top income tax rate of 45% in the UK, there are plenty of low-tax jurisdictions ready to welcome UK citizens with open arms. 
• Better weather and healthier living. The British weather has historically been a point of contention for local citizens, while sunnier climes afford a more enjoyable lifestyle. 
• More opportunities. Moving your life to another country can open up a world of investment, real estate, company formation and banking benefits.

Moving Abroad from the UK: Cons

• Adjusting to a different culture. The UK has a distinct and unique culture, which a lot of UK citizens miss when expatriating. 
• Visa and residency challenges. Now that the UK has left the European Union, you’ll likely need the correct paperwork to stay long-term in another country, and it’s not always simple. 

Moving Abroad: Tax Considerations

UK citizenship came with high taxes even before the latest wave of measures targeting the wealthy. 

If you’re leaving the UK to try and escape these charges, you may need to get your affairs in order before you exit.  

The first step is likely to be submitting a P85 to inform HMRC that you’re leaving the UK and no longer plan to be a resident. It may also be necessary to sell or relocate some of your assets, including UK property, if you want to avoid paying hefty UK taxes on them. 

If you maintain a business or a home in the UK, this could limit how many days you can spend there each year while retaining your tax non-residency. See the UK Statutory Residence Test to learn more about how that works.

You may find it useful to transfer funds stored in an individual savings account (ISA), as withdrawing these funds may not be tax-free once you’re a tax resident outside the UK. 

The UK has double tax treaties with more than 100 countries, so there’s a high chance you don’t have to worry about being taxed twice on any UK income once you are living abroad. 

Still, it’s worth double-checking that the UK has a treaty with the new country that you’re planning to move to. 

7 Best Countries for High-Net-Worth UK Expats

Ireland 

Those with UK citizenship won’t need a residence permit to move permanently to Ireland, thanks to the Common Travel Area (CTA) Agreement between the two nations.  

The Irish economy is thriving because it’s dedicated to its business-friendly policies. Most notably, it does have a non-dom taxation scheme, making it a great option for those making money overseas. Under this scheme, only the foreign-sourced income remitted to Ireland is taxed. 

For more on Ireland, take a look at How to Pay Low Taxes in Ireland as a Non-dom.

Beyond that, Ireland offers one of the lowest standard corporate tax rates in the EU (12.5%). This has risen to 15% for large multinationals but the majority of businesses remain unaffected by the increase.

Ireland offers a lot of options and opportunities, with a thriving job market, tax incentives for research-based activities and a friendly English-speaking population.

Spain

Spain is the most popular European country for British expats, with estimates suggesting that more than 760,000 are already living there.

It offers better weather, a cheaper cost of living and a more relaxed lifestyle. Its golden visa allowed wealthy expats to gain a quick and easy permanent residence, although this is set to be scrapped in mid-2025.

The Canary Islands, a Spanish archipelago off the coast, is a hotspot for UK expats, as are beach destinations around Costa Blanca or Costa Del Sol.   

Portugal

Portugal offers a similar appeal to its neighbour Spain, with a warmer climate, lower cost of living and a more relaxed lifestyle in general. 

There are various tax benefits offered to expats via its Golden Visa and Non-Habitual Residence (NHR) tax regime, although these aren’t as accessible as in the past due to a tightening of the regulations.

The big cities like Lisbon and Porto are popular among expats, as are beach destinations around the Algarve and islands, including Azores or Madeira.      

Malta

A former British colony, Malta is best known for its inviting Mediterranean climate and a friendly English-speaking population, including a sizeable expat community.

This small island attracts wealthy investors and entrepreneurs from across the world thanks to its residency by investment schemes. 

The Malta Permanent Residency Program (MPRP) allows non-EU citizens unlimited access to Malta, provided you can show assets worth at least €500,000 and buy a property worth at least €375,000 or rent one for at least €14,000 per year.

There is also an application fee of €50,000 and additional fees for each dependent.  

Once you gain Maltese tax residence through the MPRP, you’ll only be taxed on foreign income remitted to Malta. 

Better yet, it gives you access to Maltese citizenship after four years once you’ve resided in Malta for 12 months. 

Cyprus

Cyprus is another former British colony with appealing all-year-round sunshine and a wealth of residency options and tax benefits.

Its golden visa may no longer be available, but Cyprus grants residency to non-EU citizens just by buying or renting a property on the island and proving you have enough money to sustain yourself.

Taxes are low in Cyprus, and you can gain tax residency just by spending 60 days there per year, provided you don’t have significant ties to any other country. 

No wonder an estimated 30,000 Brits live in Cyprus and more than a million visit each year.  

Switzerland

Switzerland is still considered one of Europe’s greatest destinations because of its stunning landscapes, international schools and world-class infrastructure.

It’s simple enough to get Swiss residency by starting a business there or applying for its lump-sum taxation scheme. High-net-worth individuals can reduce their tax bills significantly with the latter option, as their tax bills are calculated based on their lifestyle spending rather than their income.

If you’re a wealthy business owner who enjoys skiing, chocolate and glorious mountain hikes, moving to Switzerland could be an interesting choice.

Dubai, United Arab Emirates

The United Arab Emirates is a popular destination for UK expats thanks to its low taxes, immaculate infrastructure and endless ability to cater to a high-end party lifestyle.

Despite having no personal income tax, it’s not completely tax-free anymore – a 9% corporate tax and 5% value-added tax was recently introduced.

However, you can still eliminate your corporate tax responsibility by setting up a business in one of the UAE’s free zones – having said that, the rules are complex, and many businesses are not eligible. 

However, starting a business there is one of the easiest routes to UAE residency, although there are other options. Dubai is the emirate with the most free zones and it’s widely regarded as the most glamorous and has the best networking opportunities.

Malaysia

There are many exciting countries in Southeast Asia offering warmer climates and a lower cost of living than the UK. 

You’ll receive a warm welcome in the likes of Thailand, Indonesia or the Philippines, for example, and the conditions for obtaining a long-term visa aren’t too demanding in any of these nations.

However, we rate Malaysia as a particularly good base for those looking to live the Nomad Capitalist lifestyle.

The infrastructure is improving here all the time, particularly in big cities like Kuala Lumpur or Penang. English proficiency levels are very high in Malaysia and there’s a diverse range of things to see and do throughout the country. 

If you’re willing to buy a Malaysian property and deposit a minimum of US$150,000 in a local bank account, you can qualify for a long-term residency through the Malaysia My Second Home (MM2H) scheme.

Moving Abroad from the UK: FAQs

Leaving the UK? Get Help from the Experts

Since the announcement of new taxes targeting high-earning investors and entrepreneurs, UK citizens are leaving the country in droves. 

This is another sign that the wealthy and successful are no longer willing to settle for the dictates imposed on them by governments and are instead choosing to ‘go where they’re treated best’. 

People are waking up to the offshore options available to them, but that doesn’t always mean that it’s easy to organise or execute a move. 

To plan your move in the most tax-efficient and lifestyle-friendly way, it’s not easy to grasp which new country will be most suitable for your needs. 

That’s where we come in. 

We’ve helped over 2,000 high-net-worth individuals create their dream personal and professional lives offshore. 

Our clients are paired with experts in tax, investment strategy, asset protection and immigration to create their ideal solution. You can learn more about our holistic Nomad Capitalist plans here.