Greece is emerging as a top destination for UK-based mega-rich individuals looking to relocate due to Labour Prime Minister Keir Starmer’s proposed tax reforms. The plan to eliminate preferential tax treatment for wealthy foreigners is prompting a potential mass exodus of the super-rich, causing them to consider countries like Greece, Switzerland, Malta, Dubai, and the Caribbean as relocation options.
The number of rich individuals moving to Greece for tax purposes is on the rise, with investments from recent relocations exceeding €1 billion. Greece’s flat rate tax of €100,000 per year for 15 years on foreign income is proving attractive to wealthy individuals looking for a favorable tax framework.
Notably, Greece has seen an influx of wealthy individuals setting up family offices to manage assets and investments as tax residents. With the UK expected to lose thousands of millionaires in 2024, Greece is positioning itself as a desirable haven for the super-rich seeking tax advantages and investment opportunities.