Wealthy British buyers looking abroad in 2026 are concentrating on a short list: Italy for its tax regime, Dubai for its scale, Switzerland and Monaco for stability, and Spain, Portugal and France for the life they offer. The reasons differ by country, and so does the strength of the evidence behind each.
First, what the evidence can and cannot tell us
The most quoted figures on millionaires leaving the UK come from Henley & Partners, a residence and citizenship adviser. Its estimates have been strongly challenged: Tax Policy Associates argued in July 2025 that the UK figure could not be relied on without an independent audit, and the Tax Justice Network calculated that the 9,500 millionaires reported as leaving in 2024 amounted to about 0.3% of the UK's millionaires. Henley's June 2026 report published a competitiveness score instead, which it says is not intended to measure migration flows; the UAE ranked first, with Portugal and Italy also in the top ten.
The more useful evidence comes from agents and market data. Knight Frank's Wealth Report, published in April, said the end of the non-dom regime "triggered meaningful wealth outflows to Europe", with Italy, Monaco and Switzerland among the destinations, and many moves going further afield.
Italy, Switzerland and Monaco: tax and stability
Knight Frank calls Italy "Europe's tax-led magnet", and its head of international, Mark Harvey, said in December that the highest level of transactions the firm was seeing in Europe was in Italy. The draw is the flat tax for new residents: a fixed annual charge on foreign income for up to 15 years. It was raised from €200,000 to €300,000 a year for people becoming resident from 1 January 2026, with €50,000 for each family member, so it now suits only the very wealthy.
Milan is the main beneficiary. Savills' May 2026 report puts prime prices at €16,260 per square metre at the end of 2025, stable on the year and 16% higher than ten years earlier, and expects momentum to strengthen following the end of the UK non-dom regime.
For buyers whose priority is predictability, Switzerland and Monaco remain the obvious names. Knight Frank reports that prime prices in Zurich rose in 2025, that activity in the Swiss Alps, including Gstaad and Verbier, was healthy, and that Monaco prices reached new highs. As Mark Harvey put it, countries offering stable tax regimes and predictable governance "continue to draw the most interest".
Dubai: the busiest market, now tested
Dubai was the world's busiest market for homes above US$10 million in 2025, with 500 such sales, and Knight Frank recorded prime price growth of 25.1%. British buyers were prominent: Anarock's analysis put them second among Dubai buyers in 2025, with 17%, behind buyers from India. The UAE levies no personal income tax.
2026 has been harder. The war involving Iran, which began in late February, has made buyers cautious. Cavendish Maxwell's figures, reported on 7 October, show Dubai home sales in the third quarter down 38% by volume and 47% by value on a year earlier, and S&P Global Ratings estimates prices fell between 5% and 15% from the end of 2025 to September, with luxury homes likely to be hit hardest.
Spain, Portugal and France: buying for the life
Further down the price scale, and for buyers who want a second home rather than a new tax residence, the Mediterranean still dominates. Knight Frank places Spain and Portugal among Europe's strongest-growing prime markets in 2025. Your Overseas Home's 2026 survey of 1,107 buyers, nearly two thirds of them living in the UK, found France and Spain almost level as the most popular destinations, at 25.4% and 24.8%, ahead of Italy and Portugal; most of those respondents were spending well under €500,000.
The incentives here have narrowed. Spain ended its residence-by-investment "golden visa" route in April 2025, and Portugal's replacement for its non-habitual residence regime is aimed at qualifying professional income, not pensions. At the top of the market, Knight Frank reported in December that stock was up by as much as 30% on the year and that buyers were offering 15% to 20% below asking prices for the most expensive homes.
Before buying abroad
A home abroad does not by itself change anyone's UK tax position. Residence is decided by the UK's statutory residence test, UK residents are generally taxed on foreign income, including rent from a property abroad, and each country has its own purchase taxes, ownership rules and legal process. The right sequence is local legal and tax advice first, then the property search.
Dolce Vita advises on sales and lettings across the UK from Mayfair, and helps clients buy abroad through partner agencies. If you are thinking of selling or letting a UK home before a move, Request a valuation; we acknowledge the same working day and return a written valuation within 24 to 48 hours.
Hanane Dawson, Founder
Sources: Knight Frank, The Wealth Report 2026: "Europe's prime markets in 2026" and "PIRI 100", 23 April 2026. Knight Frank, "The international property locations to watch in 2026", 19 December 2025. Knight Frank, "Italy flat tax 2026: who, what and how it works", 30 October 2025. Savills, "Milan city profile 2026", May 2026. Henley & Partners, Private Wealth Migration Report 2026, 19 June 2026 (via Relocate, 19 June 2026). Tax Policy Associates, analysis of Henley & Partners' millionaire migration reports, 27 July 2025. Tax Justice Network, "Millionaire exodus did not occur", 10 June 2025. Anarock, Dubai buyer analysis (via Khaleej Times, 19 July 2026). Cavendish Maxwell and S&P Global Ratings (via The National, 7 October 2026). PwC Worldwide Tax Summaries, United Arab Emirates, reviewed 9 September 2026. Your Overseas Home, annual buyer survey 2026, 22 September 2026. Barcelona City Council, "Spain to stop granting golden visas from 3 April", 10 March 2025. International Bar Association, "An overview of Portugal's new IFICI regime". gov.uk, "Tax on foreign income".