High-net-worth individuals (HNWIs) from the UK are increasingly looking beyond domestic borders, with Portugal emerging as one of the most attractive destinations for both relocation and investment.
And an upcoming event in London will allow those considering their options to quiz experts on the best steps to take.
While headlines often exaggerate the scale of a so-called “millionaire exodus”, there is clear evidence of a growing trend among Britain’s wealthy to diversify internationally, and Portugal sits firmly on that map.
Recent wealth migration reports suggests that the UK saw a net loss of around 16,500 millionaires in 2025, the largest outflow globally. Even when viewed conservatively, earlier figures showed between 7,500 and 10,800 millionaires leaving in 2024 alone.
Although this represents less than 1% of the UK’s total millionaire population, the broader significance lies not in the percentage, but in the direction of travel and the profile of those leaving.
Several factors are driving this shift. Chief among them is the UK’s evolving tax landscape.
Changes to the non-domicile regime, increases in capital gains tax, and the extension of inheritance tax to global assets have all contributed to a perception that the UK is becoming less favourable for wealth preservation.
Surveys indicate that more than a quarter of UK millionaires are considering changing their tax domicile, rising to nearly a third among those with over £5 million in investable assets.
In contrast, Portugal offers a compelling alternative. For over a decade, the country has actively positioned itself as a hub for international investors and affluent expats.
Portugal’s IFICI (Tax Incentive for Scientific Research and Innovation) regime gives eligible applicants a flat 20% tax rate on certain Portugal-derived employment and self-employment income.
Subject to eligibility, those with IFICI tax status may benefit from exemption on certain foreign-source dividends and royalties, as well as on certain foreign capital gains, including real estate and movable assets.
Coupled with relatively low property prices compared to London or the South East, Portugal presents both a lifestyle and financial proposition.
Lifestyle considerations also play a critical role.
Portugal’s climate, safety, healthcare system, and overall quality of life consistently rank highly in global indices. Regions such as the Algarve, Lisbon, and Madeira have developed well-established expatriate communities, making relocation smoother for British nationals.
In fact, Portugal has long hosted one of the largest British diasporas in Europe, with tens of thousands of UK nationals already resident in the country.
Portuguese real estate, private equity funds, and alternative assets linked to residency programmes continue to attract UK capital.
While real estate investments are no longer eligible for Portugal’s Golden Visa residency-by-investment programme, alternative investment funds remain popular routes for HNWIs seeking EU exposure.
There is also a strategic dimension. post-Brexit, UK investors no longer enjoy the same automatic rights within the European Union.
Securing residency, or even optionality and a ‘Plan B’ with the Golden Visa, within an EU jurisdiction such as Portugal has become an increasingly valuable hedge, particularly for globally mobile families.
For Brits considering moving to or investing in Portugal, the upcoming Moving to Portugal Show in London will be of interest.
The upcoming free event is being held at the Pestana Chelsea Bridge Hotel in London on Thursday, March 26, and will allow interested parties to speak with experts, such as Portugal Pathways, about Portugal’s visa options, real estate market, tax landscape, and more.
Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, said: “We’re looking forward to seeing our community in London at the Moving to Portugal Show.
“It’s always a great event and an ideal place for those interested in moving to or investing in Portugal to get a better understanding of the process. Whether you’re just starting to explore Portugal for your future or ready to take the leap, we’ll be on hand to support you.”
Click here to secure your place.
About Portugal Pathways
Portugal Pathways has supported hundreds of Golden Visa residency-by-investment applications and provides expert guidance through its professional supply chain network on estate planning, wealth management, Golden Visa and tax optimisation, including post-NHR / IFICI tax regime planning, as well as private healthcare, money transfers and bespoke relocation and luxury real estate solutions to enhance life and investment in Portugal
Disclaimer: The information on the Portugal Pathways and Portugal Investment Owners Club (P Club for short) websites and in email communications is for general informational purposes only and should not be construed as legal, tax, or financial advice. You should consult and check with a qualified professional advisor before relying on any information provided on this website or in email communications. As it relates to investments in Golden Visas or other wealth management solutions offered by regulated and professional advisors, it is important to note that past performance is no guarantee of future returns. Private equities can be highly illiquid and come with risk and should always be under professional independent advice. Golden Visa investments need to be held for 6 to 7 years to allow for permanent citizenship/passport in the EU.
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