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
Ry-Anne Lim &
Tessa Oh
Published Tue, Oct 29, 2024 · 07:59 PMWealth Management
- More ultra-rich foreigners are looking to relocate to Singapore from the UK, in light of potential tax changes under Britain's new Labour government, say wealth managers. PHOTO: BT FILE
- More ultra-rich foreigners are looking to relocate to Singapore from the UK, in light of potential tax changes under Britain's new Labour government, say wealth managers. PHOTO: BT FILE
- More ultra-rich foreigners are looking to relocate to Singapore from the UK, in light of potential tax changes under Britain's new Labour government, say wealth managers. PHOTO: BT FILE
- More ultra-rich foreigners are looking to relocate to Singapore from the UK, in light of potential tax changes under Britain's new Labour government, say wealth managers. PHOTO: BT FILE
- More ultra-rich foreigners are looking to relocate to Singapore from the UK, in light of potential tax changes under Britain's new Labour government, say wealth managers. PHOTO: BT FILE
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.
