Ahead of this month’s Budget in the UK, there is a clear indication further tax squeezes on the wealthy could spark a fresh exodus seeking greener pastures in Portugal.
The UK’s Chancellor of the Exchequer, Rachel Reeves, is to unveil her financial plans for the nation on November 26.
And it is widely speculated she will seek to boost revenues by further tax increase.
Speculation suggests both increases to income tax – the first in more than 50 years – and even imposing a 20% ‘exit tax’ on high-net-worth-individuals leaving the country.
The latter has already faced significant push-back from business leaders who say imposing a tax on assets left in the UK would be “reckless and self-defeating”.
According to one recent report, the UK has already seen an exodus of millionaires as a result of the Labour administration’s sweeping tax changes, among them hikes in capital gains tax and changes to inheritance tax laws.
Data drawn from the UBS Global Wealth Report 2025, suggests the UK has already seen the steepest drop in millionaires globally – down 14.3% in the past 12 months.
Many HNWIs are now looking at Golden Visa programmes – such as Portugal’s hugely popular scheme which has already seen €9 billion of direct investment into the country since it launched in 2012.
A recent report by the World Digital Foundation suggested the actual benefit to the country was closer to €54 billion in economic benefit, in addition to supporting tens of thousands of jobs.
Portugal’s Golden Visa residency-by-investment programme requires €500,000 be invested in a qualifying alternative investment fund.
Citizenship can be achieved after the qualifying period.
But the allure of Portugal’s 300 days of sunshine, vibrant culture, top quality healthcare and respected international schools is making many wealthy Brits consider it a sensible investment.
The Golden Visa is open to non‑EU/EEA/Swiss citizens and offers access to the 29 European countries which form the Schengen area. A minimum stay of just seven days a year is required.
Explains Paul Stannard, founder and chairman of Portugal Pathways: “The economic situation is bleak in the UK with all the speculation suggesting the Chancellor will further hammer the wealthy as she seeks to generate revenues to balance the books.
“Is it any wonder so many affluent individuals and their families in the UK are looking elsewhere? The Portugal Golden Visa puts them on a path to citizenship and gives them access to the Schengen area for business or pleasure.
“We have seen a rise in interest from those wanting to start the process and if the Budget is as feared, we expect that to surge yet further.”
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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