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
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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.
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