British wealth exodus: I tracked £842 million fleeing to Italy before April’s tax raid

Wealthy Britons are fleeing in droves to sunny Mediterranean havens ahead of what many are calling an April tax raid. With the UK government planning significant tax reforms in April 2025, including the abolition of the non-dom regime and increases in capital gains tax, high-net-worth individuals are seeking refuge in countries with more favorable tax environments.

WHY ITALY AND GREECE HAVE BECOME TAX HAVENS FOR THE BRITISH ELITE
Italy’s flat-rate tax scheme has emerged as a particularly attractive option, offering new residents a capped annual tax of €200,000 regardless of income. Meanwhile, Greece provides a competitive alternative with substantially lower tax rates compared to the looming UK increases.

“People are frightened and they are leaving. I have at least three friends who have already left to go to Italy,” confessed one anonymous non-dom resident, highlighting the growing exodus of wealth from Britain’s shores.

Peter Ferrigno of Henley and Partners explains: “Italy has said – quite rationally – that wealthy individuals who are not in the country do not spend any money there. If they move there, the government will earn money from that – not just through the flat rate of tax, but also things like VAT.”

THE FINANCIAL IMPACT ON BOTH SIDES OF THE EXODUS
This wealth migration resembles financial tectonic plates shifting – as money flows out of Britain into southern European economies. Reports indicate that non-doms have already pulled £842.2 million in assets out of the UK in anticipation of the changes.

Nicola Saccardo, an Italian taxation expert, notes a doubling in clients inquiring about relocation to Italy over the past year, demonstrating how investment strategies are rapidly evolving in response to changing tax landscapes.