Invest Daily Pro
  • Economy
  • Investing
No Result
View All Result
  • Economy
  • Investing
No Result
View All Result
Invest Daily Pro
No Result
View All Result
Home Top News

Italy, Abu Dhabi, and Cyprus Court Britain’s Wealthy Amid Non-Dom Tax Changes

by
November 22, 2024
in Top News
0
Italy, Abu Dhabi, and Cyprus Court Britain’s Wealthy Amid Non-Dom Tax Changes
0
SHARES
3
VIEWS
Share on FacebookShare on Twitter

Several countries, including Italy, Abu Dhabi, and Cyprus, are actively seeking to attract wealthy individuals from the UK following the government’s decision to abolish the non-domiciled (non-dom) tax status.

Events are being held across London to encourage the UK’s estimated 67,000 non-doms—UK residents whose permanent home is outside the country—to relocate in the wake of Labour’s election victory and subsequent Budget.

Next month, a Cyprus government agency will co-host an event at the London Stock Exchange aimed at persuading high-net-worth individuals to move. Similarly, the Abu Dhabi Investment Office recently hosted an event at London’s Jumeirah hotel to entice affluent Britons. Italian law firm Chiomenti sponsored a Henley & Partners event titled “Non-Doms: ‘Should I Stay or Should I Go?’” to discuss relocation options.

Nick Candy, a British property developer who attended the Abu Dhabi event, expressed concerns about a potential exodus of talent. “We’re going to have the largest brain drain of talent that this country has ever seen. And they won’t come running back,” he told Bloomberg.

Financial advisers report a surge in wealthy clients preparing to leave the UK after Labour confirmed plans to abolish the non-dom regime, which offers significant tax benefits for expatriates. David Lesperance, an international tax adviser, noted he is “very busy” assisting non-doms considering relocation. Tim Stovold, a partner at accountancy firm Moore Kingston Smith, said more people are exploring options in countries like Spain and Portugal, which offer attractive tax regimes.

Currently, non-doms residing in the UK are not required to pay local taxes on overseas earnings for up to 15 years. The government plans to abolish this regime next April, replacing it with a time-limited grace period.

The special tax status has been a point of contention, as it predominantly benefits wealthy foreigners. Supporters argue that it keeps affluent individuals in the UK, contributing to the economy through their spending.

Prominent figures are already taking action. David Sullivan, chairman of West Ham United, blamed the crackdown on non-doms for his decision to sell his London mansion at a loss. Charlie Mullins, founder of Pimlico Plumbers, has also put his £12 million London penthouse up for sale to avoid increased taxation, stating he is ready to have “no assets in the UK whatsoever.”

According to the London School of Economics, one in five bankers were reported to be non-doms in 2022, and four in ten individuals earning £5 million or more in 2018 had claimed non-dom status at some point.

ShareTweetPin

Related Posts

Have a taste of the perfect day in paradise with SULÀ Spirits
Top News

Have a taste of the perfect day in paradise with SULÀ Spirits

January 8, 2025
First months of 2025 likely rainy amid La Niña conditions, says PAGASA
Top News

First months of 2025 likely rainy amid La Niña conditions, says PAGASA

January 8, 2025
December inflation rises to 2.9%
Top News

December inflation rises to 2.9%

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
Outstanding debt hits fresh high of P16.09T
Top News

Outstanding debt hits fresh high of P16.09T

January 7, 2025
PHL end-December dollar reserves drop to $106.8B
Top News

PHL end-December dollar reserves drop to $106.8B

January 7, 2025
Next Post
Legal Counsel Zanete Bukarte Joins Junior Board of World Monuments Fund

Legal Counsel Zanete Bukarte Joins Junior Board of World Monuments Fund

Recommended

CEB boosts stake in ground handling firm 1AV to 60%

CEB boosts stake in ground handling firm 1AV to 60%

October 29, 2024
Tax lawyer Atty. Peaches Aranas shares ideas about paying proper taxes

Tax lawyer Atty. Peaches Aranas shares ideas about paying proper taxes

December 17, 2024
Treasury accused of hiding £9.5bn ‘black hole’ in budget, says OBR chief

Treasury accused of hiding £9.5bn ‘black hole’ in budget, says OBR chief

November 6, 2024
PHL improves in bribery risk ranking

PHL improves in bribery risk ranking

December 3, 2024
Save 50% on admission fee for Run Heaton Park and support Francis House Children’s Hospice

Save 50% on admission fee for Run Heaton Park and support Francis House Children’s Hospice

October 31, 2024
Smart directed to explain, fix service issues

Smart directed to explain, fix service issues

September 19, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Copyright © 2025 InvestDailyPro. All Rights Reserved.

    Disclaimer: InvestDailyPro.com, its managers, its employees, and assigns (collectively InvestDailyPro ) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice.
    The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    No Result
    View All Result
    • About us
    • Contact us
    • Home
    • Privacy Policy
    • Suspicious engagement
    • Terms & Conditions
    • Thank you

    Copyright © 2025 investdailypro.com | All Rights Reserved