British millionaires will start looking overseas to avoid higher taxes. | Majorca Daily Bulletin reporter
Palma16/08/2024 12:08
The new Labour government could be on the verge of doing the Mallorcan real estate sector a major favour because thousands of wealthy individuals are expected to leave the country in the next four years if Labour chancellor Rachel Reeves does ahead with taxing the rich. Some 500,000 millionaires will leave the U.K. by 2028, according to UBS’s latest Global Wealth Report, equivalent to a 17% fall, leaving questions about the U.K. and London’s position as a haven for the global elite.
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