February 18, 2025. The United Kingdom is experiencing a notable increase in the number of company directors relocating overseas following the government’s October 2024 tax reforms, including the abolition of the long-standing non-domiciled (non-dom) tax regime and a series of measures affecting high-net-worth individuals.
According to an analysis of Companies House data by the Financial Times, 3,790 company directors changed their registered residence to an overseas jurisdiction between October 2024 and July 2025, representing a 40% increase compared with the same period a year earlier. Departures peaked in April 2025, when 691 directors relocated abroad—almost double the level recorded two years earlier.
The trend follows reports of a significant decline in the UK’s millionaire population during 2024, reinforcing broader concerns over the country’s competitiveness as a destination for internationally mobile entrepreneurs, investors, and business owners.
A Changing Tax Landscape
For many years, the UK’s non-dom regime formed an important part of its appeal to internationally mobile individuals by allowing qualifying residents to benefit from favourable tax treatment on foreign income and assets.
Its abolition, together with wider changes to capital gains taxation, inheritance tax, and investment-related taxation, has prompted many investors and entrepreneurs to reassess both their residency and long-term wealth planning strategies.
While the UK government expects the reforms to increase tax revenues, the overall fiscal impact will ultimately depend on how individuals and businesses respond to the changing policy environment.
Global Competition for Capital
As jurisdictions continue to compete for internationally mobile capital, investors are increasingly evaluating countries based on tax policy, regulatory stability, quality of life, and long-term certainty.
The United Arab Emirates has emerged as a leading destination for relocating entrepreneurs and business owners, supported by its favourable tax regime and business-friendly environment. Spain and the United States have also attracted increasing numbers of internationally mobile investors.
The movement of wealth underscores a broader global trend: capital and talent remain highly responsive to changes in taxation and regulation. As governments adapt their fiscal policies, investors are placing greater emphasis on jurisdictions that offer stability, transparency, and predictable long-term frameworks.
A European Residence Strategy for UK Investors
As internationally mobile investors reassess their long-term residency and wealth planning strategies, Portugal continues to offer one of Europe’s most established residence-by-investment programmes through its Golden Visa framework.
For British nationals seeking greater flexibility to live, work, or spend extended periods in Europe following Brexit, Portugal’s Golden Visa provides an attractive pathway to European residency through qualifying investments, while offering access to one of the EU’s most stable and business-friendly jurisdictions.
Saratoga Capital’s Golden Visa fund, Portugal Investment I, is designed to provide eligible investors with access to a qualifying alternative investment structure under the programme. Combining local market expertise with a disciplined investment approach, the fund seeks to deliver long-term value while supporting investors’ residency objectives.
As global tax and regulatory landscapes continue to evolve, investment decisions increasingly extend beyond financial returns to encompass lifestyle, mobility, and long-term succession planning. Saratoga Capital remains committed to providing institutional-quality investment solutions that address these broader objectives.
Prospective investors can find out more at: im@saratoga-capital.com.
Implications for Investors
For internationally mobile families and entrepreneurs, the UK’s reforms reinforce the importance of proactive cross-border wealth planning. Decisions regarding tax residency, investment structures, and succession planning increasingly require consideration of multiple jurisdictions and evolving regulatory frameworks.
At Saratoga Capital, we continue to monitor global policy developments that influence capital flows, investor mobility, and cross-border investment opportunities. We believe that disciplined portfolio construction and careful jurisdictional planning remain essential components of long-term wealth preservation and value creation in an increasingly dynamic global environment.
About Saratoga Capital
Founded in 2008, Saratoga Capital Partners is a private equity and alternative asset management firm with a strong foundation in advisory and capital markets. Today, we develop and manage differentiated investment solutions, partnering with entrepreneurs, management teams, and investors to unlock opportunity, create enduring value, and deliver attractive long-term returns.