UK Millionaires Seeking Greener Pastures

The United Kingdom (UK) is experiencing an unprecedented exodus of millionaires. A?record number are leaving the country in search of more favourable conditions for them. In 2023, the UK saw a net loss of 3,200 millionaires, making it one of the top countries in terms of millionaire outflow, only behind China and India. Europa Trust Company Ltd reports on this trend and what it is attributed to.?

Why are Millionaires Leaving the UK?

• High Tax Burden: Increased taxes on income, capital gains, and inheritance are pushing the wealthy to look for tax-friendlier jurisdictions.
• Political and Economic Uncertainty: Ongoing political changes and economic challenges are creating an unstable environment for high-net-worth individuals (HNWIs)

So, Where Are They Going?

Australia and the United Arab Emirates (UAE) are becoming popular destinations for these departing millionaires. Australia, in particular, attracted 5,200 more millionaires in 2023 than it lost, thanks to its favourable immigration policies, strong economy, and high quality of life. The UAE also saw a significant influx due to its tax-free environment and luxury lifestyle offerings.?

Gibraltar: A Rising Star for Millionaires:

For those looking for an alternative that is closer to the UK and Europe, Gibraltar presents an attractive option. Here’s why Gibraltar is becoming a go-to destination for the wealthy: Tax Benefits:

• No Capital Gains Tax: Investors can grow their wealth without being taxed on capital gains.
• No Inheritance Tax: Families can pass on their wealth without the burden of inheritance tax.
• No VAT: Goods and services in Gibraltar are not subject to VAT, making it an attractive shopping destination.

Corporate Structures:

• Flexible and Efficient: Gibraltar offers efficient corporate structures with minimal administrative burdens, making it easier for businesses to operate.
• Privacy and Confidentiality: Gibraltar provides high levels of privacy for corporate entities and beneficial owners.

The Red Ensign Flag for Marine Vessels:

• Prestigious Registration: Registering marine vessels under the Red Ensign flag provides a mark of quality and reputation, recognised worldwide.
• Regulatory Standards: Vessels under the Red Ensign flag adhere to stringent safety and operational standards, ensuring high levels of compliance and safety at sea.

Lifestyle and Connectivity

• Perfect Living Environment: With its Mediterranean climate, vibrant lifestyle, and excellent connectivity to Europe and beyond, Gibraltar provides an appealing living environment.
• Ease of Travel: Its strategic location at the crossroads of Europe and Africa makes it a prime spot for ease of travel for business and leisure alike.

Gibraltar: The Millionaires New Consideration:

The shifting landscape of millionaire migration highlights the importance of favourable tax regimes and stable political environments in attracting and retaining wealth. As more countries compete to attract HNWIs, regions like Gibraltar stand to benefit from this trend by offering the right mix of incentives and quality of life. ?

Now is the Time to Work with The Europa Group

Europa Trust Company Limited?is part of the Europa Group. We have?been based in Gibraltar?for over 39?years and have?built a reputation as a stable and reputable business.

We provide a comprehensive range of company and trust formation and management services including company and trust administration, foundations, partnerships, corporate directors, shareholders and secretaries, accounting, marine registration and other associated services.?

Our clients are an eclectic mix of international executives, authors, sportsmen, corporations, wealthy individuals, families and many more. Their individual interests and needs are at the centre of our focus. Each client benefits from the experience and multi-jurisdiction knowledge of a dedicated Europa Group professional. The Europa Group is?authorised?and regulated by the Gibraltar Financial Services Commission.

If you are thinking of changing your company management,?Contact us?today to find out how we can help you.