Bloomberg quotes Piers Master on the increase in inquiries ahead of the UK non-dom tax changes
Global wealth hubs are actively courting the UK's ultra high-net-worth non-doms with roadshow events and other outreach efforts, ahead of changes to the UK non-dom tax regime.
The changes, kicking in from April 2025, mark the third major reform to the UK’s non-dom regime within the past decade — and would-be rivals are seizing on the unpredictability.
Piers Master, Partner, speaks to Bloomberg on the topic and says:
We are fielding more calls. Now they [non-doms] can at least plan with some certainty, even though it’s a form of certainty that few of them would have wished for.
This charm offensive comes as countries like Dubai, Italy and Singapore see an opportunity to attract wealthy non-doms with the promise of lower taxes and incentives, potentially leading to a significant migration of affluent residents and their assets from the UK.
While precise numbers on actual departures are unclear, some non-doms are already voting with their feet - others are choosing to stay valuing lifestyle, cultural ties, and obligations like their children's schoolings.
Read the full piece in Bloomberg here (subscription required).
