The Golden Geese are heading south, east & west

Stuart Stobie • July 1, 2024
A goose is flying through the air with its wings spread.

The Golden Goose is heading south, east, west…


Over the years, there has been a lot of talk of Golden Geese and beware the results if you do not cosset them. Hong Kong at the handover springs to mind, waste of oil wealth and specific to the UK the treatment of non UK domiciles and now millionaires in general.


There is an assumption by most political parties that taxation is not the main trigger for the wealthy people seeking to leave the UK. One of the rationales for this thinking was expressed in a London School Economics International Inequalities Institute’s paper earlier this year.


The LSE’s paper argued that tax was not behind why wealthy persons might be leaving UK. That in fact, they would be prepared to suffer the tax rather than move to a “culturally barren” tax haven.


Basically, the research was saying that millionaires would not move whatever the tax rates as the UK has better theatres.


How did LSE come to the conclusion that millionaires will not be departing the UK in droves if there are tax increases.  


They interviewed focussed on the top 1% of income or wealth and from that segment, they interviewed 35 people. This seems to ignore the plethora of wealthy people below this threshold who might also have a view on remaining in the UK if the tax environment changed for the worse.


The reasons highlighted in the report for not moving were that other factors, such as family, social and reputation, outweighed the tax factor when it came to making a decision to leave the UK’s shores.


In otherwords, changing the tax regime will not mean a sudden exodus of the wealthy from the UK. 


This conclusion has been regularly countered by those in the tax industry but was deemed as scare mongering.  


There is now research recently published by one of leading experts in immigration, that there is a major hole in the argument that millionaires are not leaving the en masse.  


The research undertaken shows that 9,500 millionaires will leave the UK by the end of 2024. That makes the UK number two in the loss of millionaire charts, one behind China.


From the research it is not exactly clear why millionaires are leaving, they may be myriad. One can take a conclusion that the threatening of the non domicile regime and potential tax hikes has increased number of wealthy people leaving the UK.


So where are they all going? It is not surprising that the wealthy are moving to countries with formal investment programmes so that the rich immigrants know how they will be treated for tax.


One of the primary beneficiaries of inward migration is the UAE. The UAE is seen as wealth friendly with well known and well administered immigration schemes. This means by the end of 2024, the UAE will received 6,700 migrants.  


An article in the Guardian by Nels Abbey entitled “Britain’s millionaires fleeing. Good night and good luck” seems to underline a certain sentiment that Britain will be better off without the wealthy whom are invariably the wealth creators.


But is this tax them and be damned approach a good one? By comparison to the 600,000 plus millionaires in the UK, this loss is not much. Unfortunately it’s a growing trend and a worrying one.


Articles like the one in the Guardian, ignore the fact that the top 1% pay 30% of the taxes. Add to this fact that 50% of persons of working age receive more benefits than they pay in tax. It is vital, especially if you take into account our aging population, that the tax base is not eroded.


You can think what you like and come up with a multitude of reasons to dislike the wealthy but if you want to pay for things like roads, hospitals, education, you need their taxes and the data quite clearly says the wealthy pay the most.


The data shows that the wealthy are leaving the UK for jurisdictions with more attractive tax regimes. And also, the likes of Dubai have a lot more to offer in addition to its tax regime so the wealthy will not be deprived of social and cultural opportunities.


It is also not because of recent pronouncements on the non domicile regime and it being an election year, the UK has lost 8% of millionaires since 2013. This is a trend and the issue of taxation cannot be ignored.


The countering of the findings of the LSE report versus the data showing the upward trend in millionaires leaving the UK, does means policymakers need to consider tax policies that mean the wealthy see no need to move abroad whilst contributing to Government coffers. Otherwise the golden goose might just fly south for good.

Why Wealth Managers Are Moving to Dubai: What It Means for You

June 12, 2025
If you’ve been hearing more about private banks, investment advisers, and wealth managers setting up shop in Dubai, you're not imagining it. Dubai has become one of the fastest-growing wealth hubs in the world, especially for British and European advisers. In the last year alone, over 60 new wealth management firms have opened offices in Dubai’s International Financial Centre (DIFC). But why is this happening, and what does it mean if you're a high net worth individual , entrepreneur, or investor living in the UAE? Why Dubai? Dubai offers something many wealth managers are now struggling to find elsewhere: a stable, tax-efficient , and business-friendly environment. While the UK has tightened its tax rules , especially for non-doms and those using trusts or complex structures, the UAE has continued to attract wealth with: 0% personal income tax No capital gains tax A strong legal framework under English common law (via DIFC) High quality of life and global connectivity For clients, this makes Dubai an appealing base. For wealth managers, it’s an opportunity they can’t ignore. What Wealth Managers Are Offering in Dubai With this surge in presence comes increased service availability for clients. If you're living in the UAE or spending part of the year here, you can now access: Discretionary investment management Estate and succession planning Family office services Tax-efficient structures and cross-border advice Advice on UK IHT (Inheritance Tax) and pensions These services used to be hard to find locally, but not anymore. Who's Coming to Dubai? The influx includes private banks and traditional discretionary fund managers, but also: Boutique investment firms Wealth tech platforms (offering digital tools for investing) Global tax advisers The DIFC now hosts more than 410 wealth and asset management firms, up from 350 the previous year. New entrants include British firms reacting to UK tax changes and seeking to serve their clients abroad. Why It Matters to UAE Residents If you’re based in the UAE, especially as a British expat or someone with international assets, this is a golden opportunity to get high-quality wealth advice locally. Key reasons to take action now: UK tax changes are affecting British expats Inheritance planning is more important than ever The local market now has more competition, which often leads to better client service You no longer need to fly to London or rely on Zoom calls to manage your finances; top-tier advice is available here in Dubai. Questions You Should Be Asking Is my current investment portfolio set up for UAE tax rules? How will UK inheritance tax apply to my estate? Should I structure assets through an offshore trust or foundation? Is my UK pension protected and efficient? Could I benefit from working with a local adviser who understands both the UAE and UK systems? Final Thoughts Dubai is no longer just a luxury destination or business stopover; it’s now a full-fledged global wealth centre. With top international firms setting up operations here, clients in the UAE now have access to world-class advice right on their doorstep. Whether you’re planning for retirement, protecting family wealth, or exploring new investment opportunities, this is a perfect time to act. At Mosaic Chambers Group, we specialise in helping UAE-based clients structure, grow, and protect their wealth. From inheritance planning to UK tax exposure, our team of dual-qualified advisers can offer practical advice with no jargon. Contact us today to book a confidential conversation with one of our experienced UAE wealth advisers.

Future-Proofing Your Finances: UAE Workers Call for Stronger Pension Options

June 10, 2025
We all think about the future, but how many of us feel confident about our retirement savings? In the UAE, that question is becoming more urgent. A new report shows that more people in the UAE, especially experienced employees and professionals, are asking for better, more personalised retirement planning. They don’t just want end-of-service benefits. They want flexibility, investment choices, and long-term financial security. This shift is important. It’s not just about pensions . It’s about how people feel about their jobs, their financial freedom, and their lives after work. What the Report Found The research, carried out by recruitment experts in the UAE, found that: Many mid-to-senior-level professionals now want a tailored approach to retirement savings. People are asking employers for more investment options, not just a lump sum at the end. There is a growing interest in structured retirement accounts, including schemes where employers contribute monthly, like pensions in the UK or US. It’s a signal that the typical end-of-service benefit (gratuity) may no longer be enough for the modern workforce. The Current Retirement Model in the UAE Right now, most private sector workers in the UAE receive an End-of-Service Benefit (EOSB). This is a lump sum based on how long you've worked for your employer and your final salary. But: It’s not invested, so the value doesn’t grow with time. You only receive it when you leave the company. If a company closes down or faces financial trouble, you may lose out. While the UAE has made improvements, such as introducing savings-style EOSB schemes, many companies still use the traditional model. Why Employees Are Asking for More Here are just a few reasons UAE professionals want better retirement planning: 1. Job Security Is Less Certain People change jobs more often than they used to. Relying on a lump sum after years of service isn’t practical for mobile careers. 2. Higher Earnings = Higher Expectations Professionals in sectors like tech, finance, and consulting are earning more, and they want retirement planning to match their income and ambitions. 3. Inflation and Cost of Living Even in a tax-free environment, the long-term cost of living matters. A static lump sum at the end of your career doesn’t keep up with real-world inflation. 4. More Global Workers Many people in the UAE have worked in multiple countries. They’re familiar with international pension schemes, and they want similar options here. What Are the Alternatives? Several companies and free zones in the UAE are already offering new models for retirement planning: Monthly savings schemes with employer contributions Access to regulated investment funds tailored to retirement Portable savings accounts that follow you between jobs Dubai International Financial Centre (DIFC) launched the DIFC Employee Workplace Savings (DEWS) Plan, which has been a model for reform. Other areas may follow suit. What You Can Do Whether your employer offers advanced schemes or not, you can still take control of your retirement plan: Start a private pension or regular investment plan with expert advice Set up a monthly savings goal, even if it’s small to start Ask your employer if they’re willing to make monthly contributions Consider tax and currency implications if you plan to retire abroad Final Thoughts The way people think about retirement in the UAE is changing, and fast. It’s no longer about waiting for a lump sum and hoping it’s enough. UAE residents want to invest, plan ahead, and build financial independence while they’re still working. If you're living and working in the UAE, the best time to plan for retirement isn't when you're 60. It’s now! We help people across the UAE, UK and other jurisdictions set up private pension plans, understand retirement investments, and structure savings that work whether you retire in Dubai, UK or move abroad. Speak to one of our advisers today for clear, practical help with your long-term planning.
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