British millionaires eye UAE as potential haven amid wealth tax concerns

More than half of British millionaires would consider leaving the UK if a wealth tax is introduced, and the UAE ranks among the top five countries they would consider relocating to, according to a study by Arton Capital.

When asked which countries they would be most interested in moving to, the survey found the US topped the list among wealthy Brits, followed by Canada in second place and Australia in third. The UAE ranked fourth, reflecting a continued attraction to English-speaking nations as well as luxury lifestyle destinations.

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Armand Arton, CEO of Arton Capital, said many British millionaires are feeling increasingly disillusioned with the direction the UK is taking.

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“The UAE offers a breath of fresh air. With no personal income tax, a business-friendly environment, and a culture that actively encourages entrepreneurship, it has become an attractive hub for wealth creators seeking both lifestyle and financial advantages,” Arton told Khaleej Times in an interview on Tuesday.

The UK government is reportedly considering the introduction of a new wealth tax on high-net-worth individuals to boost public revenues.

Earlier this month, the Financial Times reported that a number of UK company directors are relocating to the UAE to avoid high taxes in Europe. The report noted that 3,790 company directors had declared their departure from the UK, with the UAE emerging as a top destination.

It is estimated that more than 240,000 British citizens already live in the UAE, working across various sectors.

Golden Visa a major draw

Arton highlighted the UAE’s 10-year Golden Visa as a significant attraction.

“It doesn’t just provide security and stability for families – the Golden Visa also acts as a strategic gateway to Africa, the Middle East, Asia, and Europe, giving high-net-worth individuals the freedom to pursue international business and personal interests,” he said.

“Some wealthy individuals are even granted citizenship based on the level of investment and family office relocation, making the country even more appealing for centimillionaires and billionaires seeking added security and legacy planning.”

According to the Capital Affluence and Elections Survey, 82 per cent of UK-based millionaires surveyed said they would be interested in investing in a Golden Visa or a Citizenship by Investment programme to obtain residency or citizenship through financial investment.

The survey also found that 60 per cent believed they could enjoy a better quality of life abroad.

Investing in Dubai property

Dubai’s real estate market is also proving to be a major draw for British millionaires due to its affordability and higher returns compared to the UK. British nationals are among the top investors in Dubai’s property sector.

“The property market has a distinct appeal for British millionaires. Dubai’s high rental yields and potential for asset appreciation are well known. This financial advantage is supported by a stable political environment and the absence of income tax,” Arton said.

He added that the UAE offers a unique combination of luxury living, world-class infrastructure, and a thriving expatriate community — all within a pro-business environment.

“For many wealthy Brits — and Western Europeans in general — growing political and economic uncertainty has accelerated the search for alternative global hubs that offer stability, opportunity, and a high quality of life. The UAE clearly stands out as both a lucrative investment destination and a desirable place to relocate,” he added.

The survey, conducted by Walr for Arton Capital, was carried out between July 31 and August 8 among 1,009 UK residents aged 18–70 with a net worth of at least £1 million. About 15 per cent of respondents had a net worth exceeding £5 million.

Waheed Abbas

waheedabbas@khaleejtimes.com

Waheed Abbas is Assistant Editor, covering real estate, aviation and other business stories that directly affect the lives of UAE consumers. He frequently reports human interest stories, too.