The authors examine the sharp dividing line between governments that appear keen to attract foreign-born HNW and ultra-HNW individuals, and those who, at least on the surface, are content to let them leave, or even encourage them to do so.

The following article is from David Lesperance and Marco Mesina (more details on the authors below). This publication has spoken to Lesperance before on expatriation, tax and the issues facing those seeking to head to new countries. In the article below, they talk about what countries such as the UK are doing to drive wealthy individuals out, or at least that's how their actions are portrayed. They also examine how nations such as Italy have been throwing down the red carpet for such footloose HNW individuals. 

As ever, the editors welcome comments, however critical. The usual editorial disclaimers apply to views of outside writers. Email tom.burroughes@wealthbriefing.com and amanda.cheesley@clearviewpublishing.com if you wish to comment.

Governments across the world – particularly in Western nations – are playing two very different games when it comes to high net worth individuals and ultra-HNW individuals. 

Some countries are actively pushing wealthy individuals away through punitive tax policies (as seen in the UK and France), while others are taking the opposite approach – rolling out the red carpet in an attempt to attract these “Golden Geese.”

Italy, Greece, and Portugal have implemented favourable tax regimes to draw affluent families, while the United Arab Emirates – particularly Dubai – has built an entire business model around wealth attraction. The coming years could see Saudi Arabia emerging as a major player in this competition, expanding its economic diversification beyond oil through aggressive wealth migration policies.

The contrast between these two approaches is growing sharper by the day. Spain, for example, has recently proposed a drastic measure – a 100 per cent tax on real estate purchases by non-EU buyers. The idea is to curb foreign investment in property markets to make housing more affordable for locals. However, such policies could deter international investors, potentially leading to unintended economic consequences. Furthermore the actual number of non EU property purchasers is tiny. The real reason why there is a Spanish housing crisis is because restrictive and complicated rules regarding property development create a dearth of available housing stock.

While many assume that tax savings alone drive relocation, the reality is more complex. Lifestyle, climate, legal security, education opportunities, and overall ease of doing business play crucial roles in the decision-making of wealthy families.

So, which approach is right? And, more importantly, who will emerge as the real winners in this game?

The UK’s shift: From golden geese to mass exodus
The UK is a prime example of a government dismantling a long-standing system designed to attract global wealth. The UK has abandoned its centuries-old policy of welcoming the world’s wealthiest individuals through the Remittance-Based Non-Domicile (non-dom) regime. At the same time, it has changed trust rules to apply inheritance tax to non-UK situs assets. These changes are sending a clear message to wealthy residents: they are no longer welcome. The impact of these policy shifts is already visible. The UK’s previous non-dom system was not merely an incentive – it was a significant revenue tax and economic generator. Wealthy non-doms contributed, on average, six times more in taxes than the typical UK taxpayer. More importantly, the wealthiest among them, the “Super Golden Geese,” contributed disproportionately high amounts.

A perfect is example is Akshata Murty, wife of the previous Prime Minister, Rishi Sunak. In her last year as a UK non-dom, she paid £4.4 million in taxes. With these individuals leaving, the UK will not only fail to see the windfall expected by “Tax the Rich” proponents but will actually experience a decline in overall tax revenue.

This exodus doesn’t just affect direct tax contributions. There is a ripple effect – reduced consumer spending, direct and indirect job losses in industries catering to the ultra-wealthy, and lower revenue from VAT, stamp duties, and luxury goods. Simply put, the UK’s attempt to squeeze the rich is backfiring, leading to capital flight and a loss of economic vitality.

Italy’s approach: A wealth magnet in Southern Europe
While the UK is watching its wealthiest residents pack their bags, Italy is doing the exact opposite. Italy has adopted a proactive approach by introducing a flat-tax regime for new residents. For a fixed €200,000 annual tax, HNW individuals can move to Italy without worrying about global income taxation. This system is designed to be both competitive and sustainable – there’s no additional marginal cost for the country to host these individuals. No new roads need to be paved, and no extra public services need to be allocated."

The maths is simple: these individuals contribute around ten times the tax revenue of an average Italian taxpayer, without placing significant strain on the country’s resources. But the benefits don’t stop there.

Wealthy families moving to Italy aren’t just paying their lump sum taxes. They’re purchasing multimillion-euro villas, enrolling their children in elite schools, hiring local staff, and spending extensively within the country. Unlike transient tourists, they establish real roots, which contribute to long-term economic stability,

This approach has made Italy a top destination for wealthy expatriates, particularly those fleeing increasingly hostile tax regimes in countries like the UK and France.

Why this divide matters
The world is no longer what it was 20 or 30 years ago. Globalisation, remote work, and advances in digital finance mean that HNW individuals and UHNW individuals are no longer “sticky” taxpayers. They can live, work, and manage their assets from virtually anywhere in the world.

Countries that recognise this reality – such as Italy, the UAE, and even smaller European nations like Ireland, Switzerland, Portugal, Malta and Cyprus – are successfully attracting global wealth. On the other hand, nations clinging to outdated, punitive tax policies – such as the UK, France, and Spain – are driving the wealth away.

All of this was easy to predict if one simply looked at the real-world data. The “Tax the Rich” narrative may sound appealing politically, but when put into practice, it leads to an economic downturn. The UK is already witnessing this shift, and more countries will follow unless they reassess their policies.

The question remains: “How many more governments will push their wealthiest residents away before realising the consequences?”

Final thoughts: The battle for the world’s wealthiest
The world is now engaged in a fierce competition to attract and retain the wealthiest individuals. Some countries are seizing the opportunity, offering competitive tax structures, legal security, and high quality of life. Others, meanwhile, are driving their top taxpayers away with policies that fail to account for the mobility of modern wealth.

It’s astonishing how governments within the same geographic region – often sharing economic and cultural ties – can have such drastically different approaches. This isn’t just about taxation; it’s also deeply political. The nations that recognise the value of attracting and keeping wealthy individuals will be the ones that thrive in the years to come.

The only question left to answer is: Who is winning this game – and who is losing?

About the authors
David Lesperance JD has been advising HNW families for more than three decades on integrated tax and residence/citizenship/domicile strategies that mitigate tax and family law threats while maximising mobility and lifestyle needs. 

Marco Mesina is an Italian lawyer specialising in tax and legal strategies for international individuals and HNW families relocating to Italy. Through Move to Dolce Vita, he provides expert guidance on tax optimisation, residency, and wealth structuring, ensuring a seamless transition to life in Italy.