Why Crypto Millionaires Are Leaving the UK – And Where They’re Going 

The UK has long been a global financial powerhouse, but a growing wave of wealthy residents—especially crypto millionaires—are heading for the exit. The numbers don’t lie: in 2024 alone, a record-breaking 9,500 millionaires are projected to leave the UK, many of them digital asset holders and crypto entrepreneurs. 

This isn’t just a coincidence. It’s the predictable result of mounting fiscal pressures, regulatory burdens, and sweeping changes to the UK’s tax landscape. 

The Tax Tidal Wave That Sparked the Exodus 

It’s no secret: the UK’s finances are in dire straits. After nearly two decades of sluggish growth, the country is wrestling with soaring deficits and a government under pressure to plug fiscal holes without increasing base income tax rates. So where is the government turning? High earners, capital gains, and offshore wealth. 

In her 2024 Autumn Budget, the Chancellor rolled out several major changes that sent shockwaves through the high-net-worth community: 

• A significant increase to Capital Gains Tax effective October 2024 

• A rise in Employer National Insurance Contributions (NICs) 

• The complete abolition of the non-dom tax regime from April 2025 

These measures, while designed to rebalance the UK’s finances, are pushing wealth abroad faster than ever. As noted by the Adam Smith Institute, “Despite the predictions of some economists, plans to abolish the non-dom tax regime will almost certainly make this situation even more challenging for the country.” The UK is already in the midst of a “Wealth Exit” (WExit), with more millionaires predicted to leave the country during this Parliament than from any other developed nation. 

Crypto millionaires—who often hold mobile, borderless assets and favor nimble tax strategies—are leading the charge. 

Why Crypto Millionaires Are Especially Affected 

Heavy Tax Burden on Capital Gains 

Crypto assets are taxed as capital gains in the UK. With rising rates and a complex reporting environment, the cost of holding crypto in the UK is climbing fast. For investors who made early bets on Bitcoin, Ethereum, or altcoins, this makes remaining in the country financially unviable. 

The End of the Non-Dom Regime 

The non-dom regime was one of the UK’s most attractive features for foreign-born millionaires. It allowed individuals to live in the UK without paying tax on foreign income, under specific conditions. With this now being abolished in 2025, international crypto investors are rethinking their residency. 

Regulatory Ambiguity 

The UK has been slow and inconsistent in delivering a clear crypto regulatory framework. For high-net-worth crypto investors seeking stability, the uncertainty is a red flag. 

Where Are They Going? 

Crypto millionaires aren’t just leaving—they’re relocating strategically. Here are the top destinations: 

Dubai (UAE) 

• Zero personal income tax 

• A fast-growing crypto ecosystem 

• World-class lifestyle and infrastructure 

Singapore 

• Low tax on capital gains 

• Strong legal protections and crypto adoption 

• High quality of life and political stability 

Switzerland 

• Crypto-friendly cantons like Zug 

• Tax benefits through lump-sum arrangements 

• Respect for financial privacy 

Portugal 

• Historically lenient tax on crypto gains (though evolving) 

• Path to EU residency via Golden Visa 

• Appealing lifestyle and climate 

Malta 

• Known as “Blockchain Island” 

• Progressive crypto laws and European access 

How to Move Smartly as a Crypto Millionaire 

If you’re thinking of joining the exodus, here’s what to consider: 

1. Strategic Exit Planning 

You can’t just hop on a plane. Exit taxes, residency cut-offs, and domicile status must be navigated carefully to avoid surprise liabilities. 

2. Explore Residency or Citizenship Programs 

Many countries offer investment-based residency or citizenship programs, including: 

• UAE’s long-term residence visa 

• Portugal’s Golden Visa 

• Caribbean citizenship-by-investment programs 

3. Seek Crypto-Savvy Advisors 

A knowledgeable advisor who understands both international tax law and crypto asset classification is crucial. 

Final Thoughts 

The UK government may believe it’s shoring up finances with these changes, but for crypto millionaires, the message is clear: it’s time to move. 

In an age of digital wealth and decentralized assets, capital can move at the speed of a blockchain. The UK’s loss is proving to be Dubai, Singapore, and Switzerland’s gain. 

The “Wealth Exit” is real—and it’s just getting started. 

Want help planning your crypto-friendly relocation? I can help with that too. 

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DISCLAIMER

© My Accountancy Team 2025 All Rights Reserved – The above articles are provided for guidance only and may not cover your personal circumstances so you should not rely on them. It is important that you seek appropriate professional advice which takes into account your personal circumstances where you can provide the full facts of the case and all documents related to your case. My Accountancy Team Ltd t/a mycryptotax.co.uk, cannot be held responsible for the consequences of any action or the consequences of deciding not to act.