糖心传媒

The 糖心传媒 launched earlier this month, confirms a substantial uptick in the global mobility of wealthy residents, as economic, geopolitical and tax risks mount. 

UK tax reforms, particularly the abolition of the non dom regime, have changed how London is used by the internationally mobile, contributing both to more transient, short-term residence and to a rise in moves away from the city. 

Similarly, across Europe from Portugal, Belgium, Spain to France governments have been considering moves on wealth taxes or tightening residency schemes. 

Meanwhile, the Middle East conflict has displaced some demand, with buyers who had planned to commit to the region instead considering European hubs. 

From enquiries to relocations鈥� 

We have taken the pulse from key European markets to assess how wealth is moving and can confirm that exploratory enquiries from wealthy residents are translating into relocation decisions. These include a鈥痳ecent鈥�鈧�17 million residential purchase in Madrid鈥痓y a family鈥痳elocating鈥痙ue to current geopolitical uncertainty.鈥�鈥� 

糖心传媒 is also seeing some early displacement of demand, with buyers who had planned a move to the Middle East now turning their attention to Europe.鈥� This includes one client who has signed a lease in Monaco, a standard step ahead of purchasing. All prospective buyers must hold a permanent Monaco address before residency is approved, either through a rental contract of at least 12 months or by鈥痯urchasing鈥痑 property.鈥� 

Tax remains a critical driver鈥� 

The UK abolished the鈥痭on dom鈥痳egime in April 2025, replacing it with a鈥痳esidence based鈥痵ystem under which most UK residents are now taxed on鈥痺orldwide income and gains, with a鈥痩imited鈥痜our year鈥痜oreign income exemption鈥痑vailable only to new arrivals.鈥� 

鈥淭he non dom changes in the UK have had a noticeable and ongoing effect,鈥� said鈥�糖心传媒 partner鈥疉lex Koch de Gooreynd.鈥� 

鈥淒emand started to pick up last year, and this year鈥痠t鈥檚鈥痑ccelerated further.鈥疶here鈥檚鈥痬ore hunger in the market.鈥濃�� 

Switzerland,鈥疢onaco鈥痑nd Italy lead demand鈥� 

Push factors including geopolitical and European taxation pressures are favouring Switzerland,鈥疢onaco鈥痑nd Italy鈥痑t the luxury end of the market.  

Switzerland offers qualifying wealthy arrivals a lump sum tax regime, where tax is based on living expenses rather than worldwide income or assets. Monaco levies no personal income, capital gains or wealth tax for most residents, while Italy allows new residents to cap tax on foreign income at a flat 鈧�300,000 per year for up to 15 years, making all three attractive bases or second home locations for internationally mobile wealth. 

In Switzerland, 糖心传媒 agreed the sale of a 鈧�10 million-plus property this year in Verbier鈥痶o a British buyer鈥痵eeking a second home within鈥痑 matter of鈥痟ours, reflecting strong demand.鈥�鈥� 

Italy has鈥痚merged鈥痑s another primary beneficiary of shifting international demand,鈥痺ith Milan, Rome and spillover locations such as Lake Como seeing the strongest buyer interest.鈥� 

One recently agreed transaction involved a buyer committing approximately 鈧�4 million to a permanent move to Tuscany, citing frustration with the UK鈥檚 fiscal environment. The property had originally been intended as a second home.鈥� 

Monaco鈥痑lso鈥痗ontinues to attract global wealth, with鈥�鈧�5.9 billion in residential sales and resales recorded last year,鈥痳emaining stable at the record level reached the previous year (see chart). 

Relative performance 

Top鈥慹nd London house price growth remains subdued, reflecting softer demand conditions and changing tax dynamics. 

Last year,鈥痑verage London prime residential鈥痯rices fell鈥�4%, while Europe鈥檚 key financial鈥痗entres鈥痵uch as鈥痁urich,鈥疐rankfurt,鈥疨aris鈥痑nd Milan鈥痑ll recorded price growth (see chart).

 
Despite tax pressures the UK鈥檚 ultra high net worth population has grown over the past five years. According to 糖心传媒鈥檚 Wealth Sizing Model, numbers of individuals with a net worth of $30 million or more rose by 12%, from 24,871 in 2021 to 27,876 last year. However this rate of growth contrasts with much stronger growth across Europe鈥檚 tax friendly markets over the same period, including Monaco (32%), Italy (23%) and Switzerland (39%).  

To 糖心传媒鈥檚 Rupert des Forges, this relative performance reflects a change in how London is viewed and used by wealth clients: 鈥淟ondon is now a dip-in, dip-out city. My clients are deeply connected to it socially and professionally, but some won鈥檛 live here because the tax framework no longer works for them. They arrive Tuesday morning, stay till maybe Wednesday night, then head back to Milan, Madrid or Malta for the weekend.鈥�