The UK has seen a record 14% drop in millionaires — the sharpest of any major economy — as tax reforms push high-net-worth individuals to seek alternative residencies via European Golden Visa programs. Greece is leading the rush, but Portugal’s regulated investment fund route is drawing more structured, compliance-driven investors.
Recent UK fiscal changes — including increased Capital Gains Tax, inheritance tax reforms, and the overhaul of the non-domiciled regime — have triggered one of the largest wealth outflows in Europe. According to UBS and Astons data, millionaire numbers in the UK fell 14.3% year-on-year, pushing many toward alternative residencies.
Astons’ analysis highlights Greece as the fastest-growing European destination for Golden Visa applications. With accessible thresholds and Schengen access, it attracts HNWIs seeking a quick relocation solution with lifestyle appeal. Yet, its real estate-centric model exposes investors to local market volatility and evolving EU scrutiny.
As other countries tighten real estate options, Portugal’s Golden Visa fund route remains one of the few fully regulated frameworks within the EU. Investors can gain residency through participation in CMVM-supervised investment funds, offering transparency, diversification, and clear governance.
While Greece leads on volume, the trend underlines a broader shift: wealthy individuals are prioritising structured, compliant jurisdictions for diversification. Portugal’s blend of lifestyle, EU access, and regulated fund frameworks continues to attract strategic investors.
Disclaimer: Residency and citizenship rules change frequently. This article is for general informational purposes only and should not be treated as legal or investment advice. Verify all details with qualified professionals and updated legislation.
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André Bandeira
ab@explorerinvestments.comMaria Campos Silva
mcs@explorerinvestments.comCopyright © 2025 Explorer Investments
It is recommended to consult Chapter V of Decree-Law nº 162/2014, of October 31st, published in the Official Gazette, as well as its revision by Law nº 2/2020, of March 31st. The information included here is of a general nature, and therefore each potential investor should seek independent advice (e.g., legal, financial, tax, etc.)