Dr. Akhtar Gulfam Editor-in-Chief, Daily Dawn, Director News Dawn TV
London/Dubai: After a possible increase in income tax rates in the UK, British wealthy individuals have started moving to the UAE to save taxes.
According to Gulf media, about 9,800 millionaires from around the world moved to the UAE, especially Dubai, last year, most of whom were British citizens. This move came after the Labour Party’s decision to abolish non-domiciled status.
Moreover, 691 British millionaires moved to the UAE this April after the implementation of tax reforms, which is 79% more than last year.
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