Greece Could Benefit as Wealthy Individuals Consider Leaving UK Over Tax Reforms

Starmer’s tax overhaul aims to create a fairer system and fund public services, but critics argue it might drive international business owners away, damaging the UK’s reputation as a business hub.

Greece could see an influx of ultra-wealthy individuals as high-profile entrepreneurs like Bassim Haidar consider relocating from the UK due to proposed tax changes. Haidar, disenchanted with the rising costs and new inheritance tax revamp under British Prime Minister Keir Starmer, is eyeing Greece and Monaco for new residences.

Starmer’s tax overhaul aims to create a fairer system and fund public services, but critics argue it might drive international business owners away, damaging the UK’s reputation as a business hub. The Labour Party’s pledge to scrap the ‘non dom’ tax regime, which exempts wealthy individuals from paying taxes on overseas income, adds to the concern.Haidar, originally from Nigeria and holding Lebanese citizenship, suggests that a six-figure annual tax on net worths over £5 million would be a better solution.

He estimates a £150,000 levy could generate an additional £4 billion annually for the UK without prompting an exodus of the wealthy.