For decades, London, New York, and Hong Kong have been considered the default hubs for high-net-worth individuals (HNWIs). However, this structure is now undergoing a significant shift. According to the Henley & Partners – Private Wealth Migration Report 2025, approximately 128,000 HNWIs relocated in 2024, marking one of the highest levels ever recorded. This trend is expected to continue into 2025–2026, reflecting a structural transformation rather than a short-term movement.
Notably, several long-established economies are experiencing net outflows of wealthy individuals. The United Kingdom, following Brexit and the removal of the traditional non-dom regime, has seen thousands of millionaires leave within a single year. Key drivers include:
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Tightening or removal of tax advantages for non-domiciled residents
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Increased global financial transparency and asset reporting
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A less predictable regulatory environment
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Rising political and fiscal pressures post-pandemic
In response, the ultra-wealthy are shifting from a single-center residency model to a multi-jurisdictional wealth structuring strategy.
From single financial hubs to multi-jurisdictional strategies
Modern wealth strategies are increasingly structured around three distinct pillars:
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Business and investment hub
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Family residency base
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Long-term wealth preservation jurisdiction
The objective is no longer just tax efficiency, but also:
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Mitigating policy risk
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Diversifying currency exposure
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Optimizing legal structures and succession planning
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Enhancing long-term tax predictability
Within this framework, Greece, Portugal, and Panama are emerging as strategic components in global wealth restructuring.
Greece: Flat tax regime and Schengen access
Greece offers a Non-Dom tax regime (Article 5A) for individuals transferring their tax residency.
Key features:
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Flat tax of EUR 100,000/year on all foreign-sourced income
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Valid for up to 15 years
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Option to extend coverage to family members for EUR 20,000/year per person
This creates a significant advantage for individuals with substantial international income, as tax liabilities become fixed and predictable.
Additional highlights:
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Standard personal income tax can reach up to 44%, making the flat regime highly attractive
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Foreign income is not taxed beyond the fixed amount
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Greece Golden Visa requires EUR 250,000–800,000 investment (depending on location, post-2023 updates)
As a result, Greece serves as a strategic EU residency hub, combining Schengen access, competitive living costs, and lifestyle appeal.
Portugal: Legal stability and evolving tax incentives
Portugal remains attractive due to its stable legal framework, EU standards, and strong international ecosystem in Lisbon and Porto.
Tax incentives:
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The former NHR (Non-Habitual Resident) regime offered:
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20% flat tax for 10 years on high-value professions
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Significant exemptions on certain foreign income
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Since 2024, it has evolved into IFICI (often referred to as NHR 2.0):
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Maintains 20% preferential tax rate for eligible sectors (R&D, tech, innovation)
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Continued tax relief on foreign income under double taxation treaties
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General tax context:
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Progressive personal income tax: 14.5% – 48%
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Corporate tax: ~21%
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No broad-based wealth tax
Residency by investment:
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Portugal Golden Visa now focuses on:
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Qualified investment funds
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Innovation and research projects
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Cultural contributions
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Despite removing direct residential real estate options, the program remains one of the most attractive residency pathways in Europe.
Portugal is particularly appealing to investors relocating from the UK due to:
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EU-aligned legal system
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Clear citizenship pathway
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High quality of life
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Strong international community
Panama: Territorial taxation and USD stability
In the Americas, Panama plays a complementary role in global wealth strategies.
Tax structure:
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Operates a territorial tax system
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Only locally sourced income is taxed
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Foreign-sourced income is tax-exempt
Additional features:
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Personal income tax up to ~25%
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No broad net wealth tax
Stability factors:
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US dollar-based economy
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Established regional financial and logistics hub
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Transparent residency programs such as:
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Friendly Nations Visa
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Qualified Investor Program
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For investors seeking diversification beyond Europe, Panama offers a neutral, stable, and investor-friendly jurisdiction.
Why traditional financial centers are losing appeal
Wealth migration data highlights several key triggers:
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Abolition of non-dom regimes (e.g., UK)
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Rising top marginal tax rates
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Expanded global asset disclosure requirements
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Increasing policy and fiscal uncertainty
As predictability declines, wealthy individuals are prioritizing jurisdictions that offer:
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Fixed or predictable tax regimes
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Protection of international asset structures
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Flexible multi-generational residency planning
Countries like Greece (EUR 100,000 flat tax), Portugal (20% preferential tax), and Panama (territorial tax system) meet these criteria across different regions.
Conclusion: Wealth restructuring as a long-term strategy
The 2025–2026 wealth migration wave reflects a shift from “default locations” to a systematic global wealth strategy.
Today’s ultra-wealthy are not simply seeking lower taxes—they are prioritizing:
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Policy predictability
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Legal stability
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Geographic, monetary, and jurisdictional diversification
In an era of increasing economic and geopolitical uncertainty, restructuring residency and tax exposure is no longer a tactical move—it has become a core pillar of long-term wealth preservation and intergenerational planning.
