Singapore on radar for 74,000 ultra-rich UK foreign residents hit by tax change
These wealthy foreign UK residents contributed £6.2 billion in direct tax revenue in 2023
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
Copyright SPH Media. All rights reserved.
TRENDING NOW
‘Boring’ is the new black: The stars are aligning for a Singapore stock market revival
Near sell-out launches in March boost developer sales to 1,300 units after four slow months
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
Genting Singapore’s Lim Kok Thay receives S$7.5 million pay package for FY2025
