Why Monaco is the Preferred Destination for Britain’s Wealthy Elite

As the UK government adjusts its tax policies, Monaco is quickly becoming the favored haven for wealthy Brits seeking fiscal benefits, safety, and a luxury lifestyle. Property tycoon Giles Mackay, former resident of Chelsea, recently joined the wave of high-net-worth individuals relocating to the Principality. Following the £65 million sale of his London property to UAE President Sheikh Mohammed bin Zayed Al Nahyan, Mackay has settled in Monaco, a move reported by The Times on September 16.

Mackay’s decision is not an isolated case. The Times suggests that over 9,500 affluent Britons are expected to move abroad in 2024 alone, spurred by the UK government’s elimination of “non-dom” status and the potential for further tax increases, including capital gains. This policy shift is driving the elite to evaluate more tax-friendly locations, with Monaco topping the list alongside Dubai, Switzerland, and Portugal. Henley & Partners, a consultancy specializing in wealth migration, notes that Dubai has been a top choice for those seeking fiscal sanctuary; however, Monaco’s stability and long-standing appeal as a tax haven remain unmatched.

Monaco’s tax advantages are just part of its allure. The government actively works on initiatives to enhance Monaco’s attractiveness, offering secure living and high-quality education systems that make it especially appealing for families. With an established reputation as a safe, luxurious enclave, the Principality provides a stable, alluring environment for individuals seeking not only tax benefits but also an exclusive lifestyle.

Several high-profile British figures have already made Monaco their home. The British community in Monaco includes business titans such as Sir Stelios Haji-Ioannou, founder of easyJet, and Sir Jim Ratcliffe, the CEO of INEOS. Cultural icons like Dame Shirley Bassey and Ringo Starr have also settled there, alongside sports figures such as F1 drivers Lewis Hamilton, Lando Norris, and retired driver David Coulthard.

Monaco’s real estate market reflects this demand surge. As wealthy individuals relocate, high-end properties are experiencing a renewed interest, with demand pushing luxury property values up. Mackay’s former Chelsea mansion exemplifies the grandeur that these elite clients seek; located in the exclusive Boltons neighborhood, it has hosted notable residents including Madonna and Beatrix Potter and features a glass lift, a cinema, and a basement swimming pool.

The growing number of British expatriates in Monaco reinforces the Principality’s role as a premier destination for those seeking a blend of fiscal security and a refined lifestyle, positioning it as the ultimate residence for the UK's elite amidst shifting policies back home.