Bloomberg quotes Piers Master on the summer influx of Middle East visitors to the UK
This summer, the UK witnessed a resurgence of affluent visitors from the Middle East, as London became a refuge for Gulf elites escaping the region's extreme heat.
Despite recent tax hikes affecting Britain's wealthy, Middle Eastern visitors continued to fill exclusive properties and venues, contributing to an expected £3.5 billion spend—a 27% increase from last year.
The arrival of Middle Eastern billionaires and royals offers a temporary reprieve from the economic challenges posed by the UK's revised tax regime for non-domiciled individuals. While the Labour government anticipates significant revenue from these changes, concerns persist about potential impacts on jobs and growth. Nonetheless, the Middle East's wealthy elite, who often visit only seasonally, largely avoid the tax implications, with some opting for short trips to nearby countries to mitigate residency risks. Their presence in the UK remains a testament to the enduring allure of British culture and real estate, as evidenced by high-value property acquisitions in London’s prime areas.
Piers Master, International Private Client Partner, who acts for ultra high-net worth individuals and families from the Middle East also speaks to the fact that many of his clients are visiting the UK:
I have a significant number of clients who are now in the UK...they come as early as May and leave as late as September.
Read the full piece in Bloomberg here (subscription required).
