The Emirates, especially Dubai, has become a favorite destination for thousands of business leaders and corporate professionals from the UK. The British expats are moving to the UAE, as the UK’s President, Keir Starmer, and his government decided to end the tax advantages offered to non-residents and apply additional taxes on wealthy individuals.
Unlike the UK, the UAE is globally recognized for its business-friendly environment, as the government charges no tax on personal income and capital gains. The country has become a tax haven for high-net-worth individuals across the world, and has left behind other investor-friendly hubs like Spain and the US.
The UK’s Wealthy Are Relocating in Record Numbers
Based on reports by The Financial Times, a reputable British daily newspaper, most people migrating to the UAE from the UK are small and medium-sized business owners. Apart from them, some billionaires and major investors are also leaving the country after the nation’s tax policies have become stricter.
Additionally, according to data provided by Companies House, the UK’s government executive agency, 3,790 company directors have left the country between October 2024 and July 2025, which was 2,712 in the same period the previous year. This significant rise has raised concern across the financial sectors.
Among the prominent corporate professionals and business leaders who left, some are FTSE Russell’s founder, Mark Makebas; Reckitt Benckiser’s former CEO, Bart Becht; and AC Milan’s investor and the Miami FC football club’s owner, Ricardo Silva. After applying a flat tax of €200,000 on foreign income, Italy has attracted a large number of billionaires. This tax provides relief to new residents from inheritance tax on international assets.
The Labour government made changes, including ending the non-dom system, which had allowed residents with a permanent home outside the UK to avoid paying any tax on their global income and assets. However, the inheritance tax break for corporations was reduced, capital gains tax was increased, and now private equity fund managers have to pay higher fees.
This migration wave is more than just a reaction to tax laws it reflects a global shift in entrepreneurial momentum. For many, the UAE now represents the best startup story of modern times a nation that rebranded itself into a global hub for innovation, investment, and opportunity.
Highest Number of Wealthy UK Exits Occurred in April
In April 2025, the migration of residents from the UK was at its peak, following the changes in the non-dom system rules. In that month, 691 managers left the country, which is 79% and 104% more than compared to April 2024 and 2023, respectively. There is no official proof of how many wealthy people have left the country after the Labour government announced tax changes. Many surveys conducted by analysts and others show that there is a significant rise in the number of millionaires leaving the UK.
The analysis by The Financial Times shows that the available data on the people who left the UK only includes those who have retained at least one board seat at a company in the country when they applied for a change in their residency, without knowing their actual tax status. A private equity manager who migrated to Italy after the changes in tax rules said that the UK has become less appealing to wealth creators, and other countries are offering better opportunities.
However, the UK Treasury confirmed that the nation is still very attractive. Many high-net-worth individuals who have left the country have said that the main reason for their relocation was the less stable and more risky investment environment in the UK. The UAE offers much more attractive opportunities and a stable environment for investment and wealth growth. With a favorable property market, friendly tax policies, long-term residency options, and many other incentives, the Emirates is becoming an appealing destination for the UK’s wealthy people amid the rising tax burden.
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