LONDON, July 20, 2025 — The UK’s decision to eliminate the centuries-old “non-dom status” tax loophole in April has sparked a mass departure of billionaires, reshaping the nation’s economic landscape.
The loophole previously allowed wealthy foreigners to avoid taxes on overseas earnings, provided the funds remained outside Britain.
The government’s move, aimed at generating $45 billion by 2030, has backfired. Instead of boosting revenue, it has driven the ultra-wealthy to tax havens like Dubai, Italy, and Monaco. London’s luxury real estate market is reeling, with mansion sales plummeting as billionaires list properties and board private jets.
“They’re not sticking around to pay the bill,” said a London-based wealth advisor. Tax havens are rolling out the red carpet, offering favorable terms to lure the departing elite.
The Wall Street Journal reports that the exodus could undermine the UK’s financial hub status, as the government grapples with the unintended consequences of its tax reform.
Source: Wall Street Journal
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