A record number of individuals with a net worth exceeding €1 million are projected to change their country of residence this year, surpassing the previous year’s record, according to consultants Henley & Partners.
Factors contributing to this trend include changes in tax regimes in countries like the UK, France, and Italy, prompting wealthy migrants to seek friendlier tax climates in destinations like Dubai, Switzerland, and Singapore.
Despite attracting wealth, countries such as Greece, Spain, and Ireland are also facing pressure to raise taxes on wealthy migrants due to challenges like property price hikes and strain on public infrastructure.