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Surge in people relocating overseas after Budget: "I'm a Brit, Get Me Out of Here"

ended 02. December 2024

Forex experts, wealth managers and brokers have reported a surge in clients actively looking to move abroad after the Budget, with one noting “an increase in pensioners packing their bags, too”. He adds: “We have seen an increase in middle Britain pensioners moving to Greece following the Budget. A very attractive tax regime for British pensioners, combined with a lower cost of living and better climate, is proving a big draw given the removal of winter fuel allowances.”

A second says roughly a quarter of his business clients “are seriously looking to relocate overseas”, with Dubai, the US, Italy and Portugal proving attractive. A third added: “There has been a noticeable exodus of wealth and wealth creators since the Autumn Statement. Our phones have been ringing off the hook as clients seek greener - and considerably less taxed - pastures. The patterns we're seeing suggest Dubai and Singapore are topping the destination wishlist, though Portugal's 'golden visa' programme is attracting significant interest from those preferring to remain closer to home.”

Meanwhile, one person relocating overseas is David Belle, Founder at Fink Money. He says: “The fact I am in the process of moving to Portugal highlights how I am feeling after the Budget. It is not just the tax raid though — it’s the sheer incompetence crisis we are going through given the nonsensical actions of this government.” The views of experts are below.

4 responses from the Newspage community

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Tony Redondo
Founder at Cosmos Currency Exchange
In the UK right now, it's like an episode of "I'm a Brit, Get Me Out of Here". Pre-Budget, there was a ton of 'doom and gloom’ rhetoric and a massive amount of speculation about what Labour’s first Budget for nearly 15 years would contain. Bizarrely, nothing could have prepared us for the brutal anti-business Budget announced on 30 October by Rachel Reeves. For many firms, it made a witchetty grub seem palatable. We've seen a 35% increase in business clients shelving their expansion plans, be it premises, capital equipment or staffing. Roughly 25% of them are seriously looking to relocate overseas. The popular options coming up in discussion time and again include Dubai, attractive for its tax benefits and lifestyle, and the USA, seen as the land of opportunity. Portugal and Italy are also favoured by families seeking better living conditions and a kinder tax regime. More and more businesses and individuals feel they need to escape the current economic and political climate in the UK.
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David Robinson
Co-Founder at Wildcat Law
Run to the sun has been the general approach our clients have been taking following the Budget. This has applied to our non-dom clients but we have also seen an increase in pensioners packing their bags, too. For those wishing to stay close to the UK, Ireland continues to be an attractive destination. Ready access to the UK, combined with English speaking, appeals to many. For those happy to uproot and move further afield the Caribbean is particularly attractive. There are a range of options available with tax regimes to suit most wealthy individuals. There was significant interest prior to the Budget as many non-doms, quite rightly, saw the writing on the wall. The move of Brits promptly turned into a flood. We have also seen an increase in middle Britain pensioners moving to Greece following the Budget. A very attractive tax regime for British pensioners, combined with a lower cost of living and better climate, is proving a big draw given the removal of winter fuel allowances.
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Dariusz Karpowicz
Director at Albion Financial Advice
There has been a noticeable exodus of wealth and wealth creators since the Autumn Statement. Our phones have been ringing off the hook as clients seek greener - and considerably less taxed - pastures. The patterns we're seeing suggest Dubai and Singapore are topping the destination wishlist, though Portugal's 'golden visa' programme is attracting significant interest from those preferring to remain closer to home. The timing is particularly telling, as this isn't just the usual end-of-year planning: it's a direct response to the UK's tax burden reaching historic highs. While the Treasury might view this as a necessary medicine for public finances, many of our high-net-worth clients are voting with their feet, treating relocation as their own form of fiscal policy. The fact that our current tax burden exceeds post-war levels seems to be the final nudge many needed to start exploring their options abroad.
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Kim McGinley
Director & Specialist Broker at VIBE Finance
It’s no surprise to see so many Brits packing their bags. I personally know of at least five of my landlord clients who are doing exactly that, frustrated by a government that seems intent on penalising success. As an entrepreneur, I’ve felt this shift acutely; ever since COVID, it’s been one challenge after another and now we’re facing policies that actively discourage the hard work it takes to build a business. The government’s approach has made achieving success feel like something to be criticised rather than celebrated. It’s a critical moment for the UK and I fear we’re driving away the very people and businesses we need to thrive.