Portugal ranks as the preferred choice for nearly three quarters of respondents, with Brexit influencing almost two thirds.

, /PRNewswire/ - Taxation stands out as the primary issue for 82.6% of wealthy UK investors looking into second residency or citizenship, according to fresh findings from investment migration firm La Vida.

La Vida's 2026 UK Investor Survey polled investors who contacted the firm about residency or citizenship by investment programs. It examined the main drivers behind their interest in departing the UK and their intended destinations. The survey took place between 29 September and 8 October 2026.

"Tax remains the chief worry for affluent Brits planning to exit the UK, with more than 82% of those surveyed pointing to it as a key influence on their choices," noted Paul Williams, CEO of La Vida.

Wealth Tax Tops Concerns

Wealth tax ranked as the tax hike most likely to prompt respondents to leave the UK, ahead of rises in income tax and inheritance tax.

Political issues (56.5%) and living costs (52.2%) came next as leading reasons for considering relocation. Worry over crime and security dropped notably, from 59.3% in La Vida's 2025 survey to 37% this year.

"Respondents held average wealth of around 9 million pounds. That exceeds 20 times the national average and represents a notable tax shortfall for HMRC with each departure," added Williams.

"The top 1% of UK income taxpayers contribute roughly 30% of total income tax. The UK government must identify ways to retain such wealth and draw more of it into the country."

Portugal Surges Ahead While Dubai Interest Declines

Portugal was selected as a top-two destination by 73.8% of respondents, rising from 50.6% in 2025. Italy placed second at 26.2% and Greece third at 19%.

Interest in the UAE dropped from 13.6% to 2.4%, despite Dubai appearing often in reports on wealthy Britons departing the UK.

"Portugal attracts many clients. La Vida's customers have directed several hundred million euros into the Portuguese economy over the past decade via its Golden Visa program," said Williams.

Brexit Plays Significant Role

Brexit serves as a major factor for 63% of respondents and a minor factor for another 17%. La Vida included questions on Brexit for the first time this year, following a summer of extended queues for British travelers under the EU's new Entry/Exit System.

"Brexit stands as the sole reason I would seek a second residency," one respondent stated.

"I do not regret supporting Brexit yet it has complicated a straightforward move to Portugal," remarked another.

Backup Plan Rather Than Emergency Move

A Plan B or backup option was the most frequent objective, cited by 60.9% of respondents, followed by tax reduction at 58.7% and visa-free travel at 54.3%.

Backing for a UK Golden Visa

60% of respondents indicated the UK should launch a Golden Visa program to draw investment.

The Home Office ended the UK's Tier 1 (Investor) visa to new applicants in February 2022.

Still, both the prior Conservative administration and the current Labour government have signaled possible reintroduction of a Golden Visa in some format.

With Prime Minister Andy Burnham aiming to attract more investment, the idea may receive added backing ahead of this year's Budget and into 2027.

Notably, wealthy Brits support the concept. Half of respondents said they were unsure who they would support if a general election occurred today.

"The UK is falling behind not just among its own citizens but also against rivals in attracting global wealth," said Williams.

Notes to Editors