These wealthy foreign UK residents contributed £6.2 billion in direct tax revenue in 2023
WEALTH managers are seeing increasing interest from ultra-rich foreigners looking to relocate to Singapore from the UK, bringing with them a fresh influx of wealth, market watchers told The Business Times.
This comes as the UK is set to abolish the non-domiciled – or “non-dom” – tax status of some 74,000 ultra-wealthy foreign residents, on top of other potential tax changes under its new Labour government.
According to David Lesperance, managing partner of global international tax and immigration adviser Lesperance & Associates, many of these ultra-high-net-worth investors have set up “fire-escape plans” to leave the UK.
