0:00
Several leading estate agents have told City A.M. that super-rich Brits are looking at properties in popular expat
0:07
destinations in record numbers. Inquiries to luxury property specialist Christy's International Real Estate Dubai
0:13
have trebled in recent months, one estate agent said. While Portuguese estate agent Serranovo and DDM
0:20
both claimed interest from rich Brits was at levels not seen since the pandemic
0:24
Jackie Johns, managing partner of Christie's International Real Estate's Dubai, said that the
0:30
government was a topic that's coming up a lot. She added that people don't know the direction
0:35
that the government is going to take, and that's what's making them uneasy. They would rather say
0:40
let me go somewhere I know that my hard-earned money is going to be staying with me. Dubai has
0:45
become a popular destination in recent years because it has no personal income tax or capital gains
0:51
levy. Until recently, it had largely attracted young expats looking to build a career
0:56
But John's also said that not only are the numbers of inquiries and purchases rising
1:02
but the type of buyer that is inquiring about them has also changed
1:06
So where are all the rich Brits fleeing to, as well as Dubai
1:10
real estate bosses based in Portugal also said that they are experiencing a massive spike in inquiries
1:16
It's a digital nomad scheme, which allows Brits who earn above roughly £3,000 a month
1:22
to move to Portugal for five years, paying tax to the UKX checker
1:26
has been popular among young workers, and its non-habitual resident scheme enables high net worth individuals
1:33
to enjoy lower tax rates on Portuguese income and allows exemptions on foreign income Jerry an chairman at the Algarva estate agent DDM told me that people were approaching him almost in desperation He said people were
1:47
not expecting good news from the budget, and they felt their wealth was in danger, and they
1:53
want to consider moving to Portugal. Portugal seems to be a very obvious place where you can protect
1:58
your wealth. I spoke to Adams at an event called Moving to Portugal, put on by the Portuguese Chamber of
2:04
commerce to the UK. The conference has been running twice yearly since 2018 and helps put potential
2:11
expats in touch with professionals who can facilitate a move. And its organisers said the most
2:17
recent instalment was their busiest yet. It was held as speculation around the measures that
2:23
Rachel Reeves will introduce her first budget on the 30th of October reaches a fever pitch
2:29
Financial advisors have warned families to prepare for a devastating raid on
2:34
inheritance tax. And the new Chancellor has also said to be weighing up big rises to capital gains
2:39
and reviewing the way the government taxes pensions. All of this is leading people to
2:44
reevaluate their options. And Robert Edwards, a partner at a separate Portuguese real estate firm
2:50
said the number of expats had already moved from the UK was so high that the private
2:55
schools in the area were already full. We here at City AM would like to know what you think
3:01
about the super rich Brits who are leaving the UK. Let us know your thoughts in the comments below
3:08
and visit citiam.com for more of the latest news
