Rich people around the world are now leaving Britain and moving towards the United Arab Emirates (UAE). According to recent reports, this is believed to be the biggest flight of money in modern history. A record 16,500 millionaires are preparing to leave Britain in the year 2025. Dubai and Abu Dhabi have now become the most preferred places for these people, where every hour a new millionaire is arriving to settle down.
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Why are rich people leaving Britain?
Tax rules are becoming very strict in Britain, due to which rich people are troubled. There the 200 year old ‘non-dom’ tax rule is going to end from April 2025. Apart from this, 40% inheritance tax has been imposed on assets held abroad and 20% VAT on private school fees. In view of this, people are going to UAE to secure both their money and their families.
Special facilities available in UAE
There are many special rules in Dubai and Abu Dhabi to woo the rich. Here personal income tax, inheritance tax and capital gains tax are zero. Apart from this, under the ‘Golden Visa’ scheme, a 10-year residency visa is available on purchasing property worth 20 lakh dirhams (about Rs 4.5 crore). On this visa you can stay out of the country for more than 6 months and your visa will not be cancelled.
Migration from Britain: 16,500 millionaires will leave Britain in 2025.
Arrival in UAE: About 9,800 new millionaires will shift to UAE.
Total assets: Wealth worth $63 billion will come to UAE by the end of 2025.
big name: Names like Lakshmi Mittal and Revolut founder Nikolai Storonsky are included.
Experts have named this entire incident as ‘WEXIT’ (Wealth Exit). Big banks like JP Morgan and HSBC are also now expanding their services in UAE to help these new rich.