The Global Wealth Migration Shake-Up: Why the Wealthy Are Moving & Where They’re Heading Next

Date: 02 Apr 2025

Karen Jones

Wealthy individual relocation options.

In an era of geopolitical shifts and economic uncertainty, high-net-worth individuals and professionals are reassessing their long-term residency plans. This includes citizenship and residency planning for the rich. Immigration and wealth migration trends are evolving rapidly, with Dubai, Italy, Monaco and even the UK, appearing as key destinations. The UK particularly for Americans seeking stability, opportunity, and cultural familiarity. Whether motivated by political concerns, tax implications, or access to world-class education, this article explores the latest immigration patterns, key policy changes, and what the future holds for migration.

America and UK shaking hands. HNWI migration patterns 2025

Uptick in departures from the UK

John Kiely, Partner and Head of Immigration at law firm Howard Kennedy starts the discussion, “We’re seeing a clear shift in the HNW migration landscape. Since the Non-Dom reforms and changes to tax residency rules from April 2025, clients who previously sought indefinite leave to remain in the UK (permanent residency) are reconsidering their long-term plans. One of my Tier 1 Investor clients, for instance, is walking away after three years in the UK to avoid exposure to worldwide taxation. There’s an uptick in departures from the UK and a noticeable cooling in inbound interest from international investors and entrepreneurs. It feels like the UK’s world-class private education system is the one remaining pull factor for globally mobile families. At the same time, there is growing movement among US citizens, particularly liberal minded young professionals and high-net-worth-individuals, who see the UK as more aligned with their values and still comparatively tax-efficient. We have seen a significant increase in US clients moving to the UK in the past couple of months. The result is a fragmented and cautious landscape, where mobility decisions are increasingly driven by politics and perceptions of long-term stability as well as by tax.”

Conservative net migration policies still working through the system

Chetal Patel, Partner and Head of Immigration at law firm Bates Wells discusses her view, “Whilst we had 34% fewer visas granted to main applicants in all work categories in 2024 compared to the previous year, this hasn’t come as a total surprise as a number of policy restrictions were introduced in early 2024 by the previous Conservative government in a bid to reduce net migration. It should be noted that the full impact of the policy changes is yet to be seen in the data, and we’ll need to wait for the policy changes to be fully bedded in.” 

Patel adds, “Living in the UK offers a multitude of unique opportunities, both culturally and in work. Take for example, the entertainment sector. I’ve seen how it’s not always a career-motivated decision either. I acted for a well-known US TV director who wanted to have the flexibility to work in the UK without restrictions and her desire to move to the UK was accelerated by Trump’s election win. Politics isn’t the primary driver for relocating to a different jurisdiction. In the wake of Trump’s re-election, we’ve seen an increase in the number of US nationals enquiring about UK immigration options, whether it be linked to their UK citizenship rights, temporary re-location options or permanent moves. The UK has long been a desired location for many due to not only, it’s healthcare and education system but other key drivers cited include English speaking country, security and stone’s throw away from Europe.”

Sponsorship is still a practical option for businesses

Irfan Ali, Partner at law firm Carter Thomas Solicitors who leads business client work add his view.  “Although the government has restricted the UK visa options and tightened the rules over the years, we are still seeing an increasing number of clients looking to explore the options available to them to move to the UK and the longer-term options available to them. These vary depending on their circumstances but for many, sponsorship is still a workable option whether it’s the Skilled Worker route or the Global Business Mobility – UK Expansion Worker visa route. For those who are eligible and may not be viewed as an obvious choice, the High Potential Individual visa, can also provide an option.

Dubai & the UAE: The Global Hub for HNW Migration and UAE Golden Visa Program

Julia Onslow-Cole, Global Head of Government Advisory Services, Fragomen who divides her time between Fragomen’s London and Dubai offices offers thoughts on the UAE and the hot destination Dubai, “In today’s geopolitical and economic climate, a number of high-net-worth individuals are reassessing their long-term plans and exploring alternative residency and citizenship options, looking to immigration and tax policies in other jurisdictions. Dubai is still a popular destination due to its business-friendly environment and attractive tax policies. The UAE’s Golden Visa Program has been particularly successful, offering a swift and straightforward path to 10-year residency for the primary applicants and their dependents. Other countries, such as Saudi Arabia and Australia, are also offering permanent residence programs or pathways to permanent residency to attract top global talent. For example, Australia has recognized that offering a pathway to permanent residency is key to attracting skilled talent, including innovators and entrepreneurs who will contribute to the economy longer term.”

Ancestry based citizenships in Ireland, Italy, Poland, Germany and Spain

Onslow-Cole continues, “In addition to investment-based routes, many individuals are also exploring ancestry-based citizenships in countries like Ireland, Italy, Poland, Germany and Spain (with the application window due to close in October 2025). These pathways can offer access to the EU while they may still involve complex legal processes, they often need less financial outlay compared to investment schemes. Although both citizenship by investment or ancestry remain popular, recent developments – such as the changes in Italy’s citizenship by ancestry claims, closure of Spain’s Golden Visa program on 3 April, 2025 or the EU’s suspension of visa-free travel for Vanuatu passport holders due to security concerns – highlight a broader trend toward tightening of regulations.”

Increase in instructions has been significant

Tracy Evlogidis, Head of Immigration at Forsters who leads the European immigration team, shares her perspective, “The contrast between the new instructions from eight years ago and now is quite striking. Previously, many clients wanted to explore their options, with some even obtaining a UK visa as a plan B. This time around, clients are serious and quite vocal about their reasons for wanting to leave the US. Over recent months, the increase in actual instructions, not just exploratory conversations, has been significant. These instructions range from married couples, where one partner is a US national and the other is British, to business people who fear the conditions that may be imposed upon their operations. Specifically, these individuals genuinely support DEI initiatives and have built their entire ethos upon this, unlike some firms that undertook DEI as a tick box exercise.”

US nationals in UK firm up permanent residence

Evlogidis explains, “Furthermore, we have been instructed by a number of high-profile individuals, particularly in the legal sphere, who have clashed with the current administration in the past and now fear the repercussions. These individuals have built their professional careers in the US and now feel they can no longer stay. I am also seeing an increase in US nationals who have held permanent residence in the UK for many years and now feel the impetus to secure British nationality and, more importantly, a British passport. It is clear that many US nationals now feel uncomfortable remaining in their home country, making the UK an increasingly appealing alternative.”

LGBTQ+ US families move to the UK

Nick Rollason, Head of Immigration, Kingsley Napley, says, “As to an increase in American clients seeking UK citizenship or residency, yes, we have seen a significant uptick. A proportion are US/UK couples looking to move back to the UK. These are typically couples who have been living in the US for many years and have now decided to call it time. Most of these will qualify for spouse or partner visas so the immigration aspects are relatively straightforward. The other trend we are seeing is the relocation of US families to the UK, particularly LGBTQ+ people, those with young children, and those with neurodiverse children. Finding solutions for these families is more complex as it will typically involve one of the couple being sponsored to work in the UK by a UK business or bringing their US businesses into the UK.”

40% more applications from US citizens in Q4 2024

”It’s not just visa applications by US citizens which are on the rise, British citizenship applications are also increasing. Although the Home Office’s latest statistics to December 2024 show a dramatic increase in US citizens applying for British citizenship. There were nearly 40% more applications in Q4 2024 than Q4 2023. This includes those who have been living here for some time and who have decided that they are not going back to the US, so want a British passport. The tax position is worth consideration because they will have to confirm to the Home Office that they intend to live in the UK if they are granted British citizenship.”

Confirming Onslow-Cole’s earlier comments about ancestry applications, Rollason explains, “We are also seeing US citizens with UK ancestry or parentage looking to for advice on their eligibility for British citizenship or British passports. Due to various changes in UK nationality law, some US citizens who were previously unable to register as British (for example because British mothers could not historically pass on their Citizenship) can now do so.

The main factors driving this surge in applications

Rollason continues, “Some of our clients are motivated to leave the US after the election but for others the reasoning will be different, people continue to move to the UK for a range of personal circumstances. The timing of the uptick in Citizenship applications, though does tally with the early November 2024 election result. The Home Office British citizenship statistics for Q4 2024 potentially only show the early curve in any surge between early November and the end of the year. The next quarterly statistics to March 2025 will provide more concrete evidence of any direct change since the election. The nature of applicants approaching us could flow from the election result, including where they are for example from LGBTQ+ communities or more likely to suffer discrimination because of new US policies.”

Amendments to British nationality law allow special circumstances applications

“No doubt drivers also stem from other non-election factors. In 2022 there were amendments to British nationality law which mean that people can now rely on “special circumstances” to apply for British citizenship including where they were denied British citizenship because of historical legislative unfairness.”

Schooling wins US hearts and minds

“The attractiveness to Americans comes because of the language, schooling and culture, as well as an existing US expat community in the greater London area which is often cited. The fact that the UK is a leading global financial centre also plays a key part. More recently, the UK’s relatively stable political environment is being mentioned, together with less polarised social attitudes.”

Missed opportunities for UK investor visas

“With the closure of the Investor visa in 2022, though, the UK is far less attractive as a destination for HNW families generally, as the UK does not now have a simple visa category for HNW families based on investment. The UK is missing a major opportunity to welcome HNW US nationals who do not want to be in the US at present. This is an opportunity that the UK could easily meet by having a sensible new Investor visa or Business Angel visa as was previously being considered by the Home Office.”

Options for ‘exceptionally talented’ people working in film, TV, music, fashion and the arts

“The UK Home Office has also been tightening up the rules on which businesses can sponsor a business owner or founder. However, we are seeing that several HNW US clients are bringing their successful expanding businesses or their family offices into the UK through the UK Expansion visa route, or another alternative are coming to work with Skilled Worker visas through sponsorship by an existing UK business. While the UK’s Global Talent visa is not as broad as the US’s O-1 extraordinary ability visa, this route also offers options for celebrities and ‘exceptionally talented’ people working in film, TV, music, fashion and the arts.”

Tax implications for Americans moving to the UK

“IHT is normally the biggest consideration because US nationals have a $13.9million threshold before they start paying any estate or gift tax. Compared to the UK exemption of £325,000, this is an enormous difference and probably the most significant as income and capital gains tax are similar. Our, new UK Foreign Income and Gains regime (“FIG”) allows those arriving in the UK to bring in foreign income and gains tax free for the first 4 years of residence. After that, they will be subject to UK tax on their worldwide estate. After ten years of residence, they will be subject to inheritance tax on their worldwide estate.”

Schooling mistakes

“Common mistakes for American expatriates include not speaking to educational consultants early enough-the internationals schools fill up quickly and the British School system is hard to navigate for those wanting to move their children from the US to the British system, so early advice on this is really vital.”

Taxes

“As well as this”, says Laura Harper, international tax specialist at Kingsley Napley, “Not taking tax advice before making the decision to move. US nationals often bring their assets in a US trust which can be detrimental to their UK tax position. From an immigration perspective, mistakes often relate to the number of days which can be spent outside the UK. For those categories that lead to settlement, strict residency requirements exist, normally meaning applicants cannot spend more than 180 days outside the UK in any 12-month period. If British Citizenship is the eventual end-goal, it’s also important to understand the requirements so that you can plan and spend enough time in the UK to qualify for that too.”

Rollason finishes by saying, “On balance, the surge in interest is political considerations, which appear to be the most pressing, together with concerns about the wider economic impact in the US of a potential trade war.”

Nicolette Bostock, a Partner in the immigration department at law firm Withers adds her points, “As far back as January 2024, we have been assisting US individuals approaching us for a definitive Plan B outside the USA. Obtaining a UK passport is the gold-standard for these clients (allowing children to acquire British citizenship and the option to renounce US citizenship), but where that is not immediately possible, an option for long-term residence with a citizenship pathway is sufficient and in some cases this means moving investments and business from the US to the UK, to run them from here.”

Bostock, adds, “With the latest surge, we note clients typically have some form of connection to the UK; birth, study at school or university, a past job posting, a British or Irish spouse or parent, a second home, or children or other family living here. Some have put off applying for settlement or a UK passport they have been long-entitled to obtain until now. Universally, clients report a long-term move across the pond to the UK is a small step-change due to our familiar culture, language and geography. Clients can also visit with relative ease before they fully relocate to find prime accommodation, interview staff and secure top school places. With good access to jobs and markets, good golf, theatre, American schools, a pro-technology economy, a secure financial sector, and better access to Europe are also seen as positive factors for UK integration, while still being able to access the US with relative ease when needed: Far enough away, but not too far.”

“We have recently helped relocate celebrities and artists, UHNW individuals moving loved ones and family offices to the UK, and ex-US Government officials. For HNWIs intending to spend most of their time in the UK, the UK’s incoming FIG tax regime is an additional sweetener where well-known low or no tax regimes would otherwise have won favour. For those becoming newly resident, the FIG regime could allow up to four years to try out living in the UK with very little tax to pay before committing fiscally, while covered by the US-UK Double Tax Treaty, and currently there is no exit tax. This dovetails well with end of Presidential terms in the US. Beyond the UK, we are also supporting UHNW clients looking to reside elsewhere with Switzerland, Italy, Dubai and Monaco faring well. We have even had two families ask about getting citizenship in New Zealand, stating a desire to be as far away from the action in the US and Europe as possible.” Although it has become known in the private client industry that New Zealand are stepping up to attract UHNW on the move.

Moving and expatriating are two different things

Despite the above sentiment above, which looks like a rush to leave the US, Joshua Rubenstein, Partner and National Chair, Private Wealth at law firm Katten in New York, offers a differing and an American view. “For most Americans, moving and expatriating are two different things.  As many Americans as there are who talk about expatriating, relatively few do.  That is for several reasons.  First, unlike many people from other countries, most Americans are raised from childhood to be proud of their citizenship, and it is hard to give up from an emotional standpoint.  Second, there are re-entry concerns that you might not ever be able to return, even to visit your children or family.  Finally, there is an exit tax equal to the capital gains tax on all your assets as if you had sold them. So unless you had a recent liquidity event and paid all your capital gains tax already, so that all of your assets have been marked to market, that tax can be massive and exceed your ability to pay without selling the assets.”

Second passports as an easy exit plan

Rubenstein continues, “Moving assets, however, is something many Americans are doing, to create rainy day funds in offshore financial centers to protect them from confiscation.  And many Americans are getting second passports, so they have an easy exit plan, with or without expatriating, if worse comes to worst.”

The shifting political and economic landscape is reshaping global migration, and for many Americans, the UK presents an attractive alternative. While opportunities abound, careful planning—especially about visas, taxation, and schooling—is essential. As policies continue to evolve, the next few years will decide whether the UK can fully capitalize on this wave of US interest. Whether you’re considering a temporary relocation or a permanent move, understanding the latest trends and requirements will help navigate a transition successfully.

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