Singapore on radar for 74,000 ultra-rich UK foreign residents hit by tax change

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.