High-net-worth individuals relocate Amid UK tax changes

Beginning in April 2025, the United Kingdom will implement a major overhaul of its tax framework for non-domiciled individuals under the new Foreign Income and Gains (FIG) regime. Under these reforms, individuals who have maintained non-dom status for more than 15 years will be deemed full UK tax residents and will be required to pay tax not only on their UK income, but also on their global earnings. This marks a significant departure from the previous system and is expected to trigger a shift in the residency and investment decisions of many high-net-worth individuals (HNWIs).

Historically, non-doms have been major contributors to the UK’s luxury real estate market, often purchasing high-end properties with cash. However, the new tax obligations are prompting many to explore relocation options in jurisdictions with more favorable tax regimes. Countries such as Portugal, Italy, the United States, and the UAE are among the primary alternatives. Notably, Greece is rapidly emerging as a key destination—offering both attractive tax incentives and a high quality of life within the European Union.

Greece has strategically positioned itself to attract international investors and affluent individuals through a combination of legislative reforms and targeted incentives. Its non-dom tax regime enables eligible foreign residents to acquire Greek tax residency while paying tax only on income generated within Greece. Foreign-sourced income remains untaxed, provided it is not transferred into the country. This model provides significant tax planning flexibility for those with global income streams.

In parallel, the Golden Visa program allows non-EU nationals to obtain residency through real estate investment, with a minimum threshold starting at €250,000. This initiative has driven substantial foreign interest, particularly from investors based in Russia, China, and the Middle East. The resulting demand has fueled a surge in Greece’s premium real estate sector, especially in Athens and the Aegean islands.

The trend is not limited to metropolitan or tourist-centric areas. Rural and secondary markets across mainland Greece are also attracting attention, offering lower entry costs, strong yields, and similar tax advantages. Greece is increasingly viewed as a stable and secure investment environment, offering a compelling blend of lifestyle, access to the EU, and financial efficiency.

As the UK tightens its fiscal policy for non-doms, the global movement of capital and residency is undergoing a clear reorientation. In this context, Greece stands out as a rising hub for international wealth—leveraging its competitive tax framework, residency programs, and expanding property market to attract high-net-worth individuals seeking long-term security and opportunity within the EU.

With continued support from the Greek government for investment-driven growth and a strong pipeline of demand, Greece is well-positioned to become a central player in the global landscape of tax-efficient residency and real estate investment in the years ahead.