Monaco a winner as Brexit fears bite

Photo: Wikimedia
Photo: Wikimedia

Monaco is one of the top three destinations for non-doms leaving the UK, according to research by Moore Stephens.

The firm said that the number of those thinking of leaving Britain permanently rose from 37 percent this time last year to 47 percent now. Ten percent have already departed.

The most popular destinations for those who have already left were the USA (29 percent) and Monaco (14 percent). Among those considering leaving, Switzerland was the most popular, with 14 percent, followed by the USA, 10 percent, and Monaco, seven percent.

Moore Stephens said that the main reasons for the exodus were higher taxes and the uncertainty caused by Brexit, especially the fact that the UK will no longer serve as a gateway to Europe.
Non-doms pay up to £90,000 in annual charges if they wish to be taxed on a remittance basis.

The firm said that Inland Revenue figures showing that UK non-doms contributed £9.3 billion in tax and national insurance payments in 2016, adding that the UK government stands to lose £5 billion in revenue as a result of the exodus.

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