Since Keir Starmer’s administration eliminated preferential tax status for non-residents and imposed higher taxes on the rich, thousands of British corporate leaders have recently fled the UK in favor of the UAE, predominantly Dubai.
The UAE stands out from other countries like Spain and the US due to its exemption from personal income and capital gains taxes, which makes it a desirable tax haven for wealthy people worldwide.
According to a Financial Times research, in addition to some billionaires and significant investors, a sizable portion of individuals departing for the UAE are small and medium-sized company owners. Concerns are raised in economic circles.
Companies House data shows that between October and July, 3,790 company directors departed the UK, up from 2,712 during the same time last year. This substantial increase has sparked worries among the business community.
FTSE Russell creator Mark Makebas, former Reckitt Benckiser CEO Bart Becht, and Miami FC football club owner and AC Milan investor Ricardo Silva were among the well-known figures who departed. John Rees, the chief financial officer of Ineos, and Eddie Hearn, a renowned boxing promoter, both moved to Monaco.
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