An upcoming London-based event will also give those exploring a move the chance to put their questions directly to experts and better understand their options.

Although media coverage often overstates the idea of a “millionaire exodus”, there is solid evidence pointing to a growing movement among wealthy Britons to diversify internationally, placing Portugal firmly in the spotlight.

Recent wealth migration data indicates the UK experienced a net outflow of approximately 16,500 millionaires in 2025, the highest figure recorded globally. Even when taking a more cautious view, earlier estimates suggested that between 7,500 and 10,800 millionaires left the UK in 2024 alone.

While this equates to less than 1% of the UK’s overall millionaire population, the real significance lies not in the proportion, but in the trend itself and the type of individuals choosing to leave.

A number of factors are influencing this shift, with the UK’s changing tax environment at the forefront.

Reforms to the non-domicile regime, increases in capital gains tax, and the extension of inheritance tax to worldwide assets have all contributed to a growing perception that the UK is becoming less attractive for wealth preservation.

Research shows that more than a quarter of UK millionaires are now considering changing their tax domicile, rising to nearly one in three among those with over £5 million in investable assets.

By comparison, Portugal offers a highly appealing alternative. Over the past decade, the country has actively positioned itself as a destination for international investors and affluent expatriates.

Its IFICI (Tax Incentive for Scientific Research and Innovation) regime provides eligible individuals with a flat 20% tax rate on certain Portuguese-sourced employment and self-employment income.

Credits: Supplied Image; Author: Portugal Pathways; An increasing number of HNW Brits are looking to Portugal amid uncertainty in the UK

Subject to meeting the criteria, individuals with IFICI status may also benefit from exemptions on some foreign-source dividends and royalties, as well as certain foreign capital gains, including those linked to property and movable assets.

Alongside this, property prices remain relatively competitive when compared with London and the South East, creating both a financial and lifestyle opportunity.

Quality of life is another major draw. Portugal consistently ranks highly for its climate, safety, healthcare, and overall living standards.

Areas such as the Algarve, Lisbon, and Madeira are home to well-established expatriate communities, helping to ease the transition for British nationals. Portugal already hosts one of the largest British populations in Europe, with tens of thousands of UK citizens living there.

Investment opportunities also continue to attract UK capital. Portuguese real estate, private equity funds, and alternative assets connected to residency programmes remain popular among investors.

Although property investment is no longer a qualifying route for Portugal’s Golden Visa programme, alternative investment funds have become a preferred option for HNWIs seeking access to the European Union.

There is also a strategic consideration at play. Since Brexit, UK nationals no longer benefit from automatic rights within the EU.

Credits: Supplied Image; Author: Portugal Pathways; Portugal Pathways will be at the Moving to Portugal Show in London to support those looking to relocate to or invest in Portugal

As a result, securing residency, or simply maintaining flexibility through a ‘Plan B’ such as the Golden Visa, in an EU country like Portugal has become increasingly valuable, particularly for internationally mobile families.

For those considering a move or investment, the upcoming Moving to Portugal Show in London offers a useful starting point.

Taking place at the Pestana Chelsea Bridge Hotel on Thursday, 26 March, the free event will give attendees the opportunity to speak directly with experts, including Portugal Pathways, about visa options, the property market, taxation, and more.

Paul Stannard, chairman and founder of Portugal Pathways and the Portugal Investment Owners Club, said: “We’re looking forward to seeing our community in London at the Moving to Portugal Show.

“It’s always a great event and an ideal place for those interested in moving to or investing in Portugal to get a better understanding of the process. Whether you’re just starting to explore Portugal for your future or ready to take the leap, we’ll be on hand to support you.”

Interested participants can register to attend and explore their next steps.