UK non-doms size up European tax breaks in hunt for fiscal advantage

The UK’s impending abolition of a tax perk for wealthy residents has triggered a pan-European hunt for fiscal havens as the rich cast a wide net from sunny upstart destinations such as Portugal to dependable Switzerland. Tax advisers across the continent are reporting a rush of inquiries that began when the UK’s previous Conservative government pledged to end its non-domicile tax regime from 2025, and accelerated when the new Labour administration said it would follow through on the plan. Non-dom status is accessible to UK tax residents whose permanent home or “domicile” is overseas. It enables beneficiaries to avoid paying British tax on their foreign income or capital gains for 15 years, provided they do not bring them to the UK. For the rich whose commitment to the UK will expire with the perk, there are no carbon copies of the British system but several countries offer similar incentives. Those who put a premium on lifestyle are also considering how other locations match up to ...