Taxation is the leading concern for 82.6% of wealthy UK investors considering a second residency or citizenship, according to new research from investment migration firm La Vida. The survey reveals that tax pressures outweigh political and lifestyle factors in driving potential emigration.

The La Vida 2026 UK Investor Survey polled individuals who have enquired about residency or citizenship by investment. Conducted between September 29 and October 8, 2026, the study highlights a significant shift in destination preferences and motivations among high-net-worth individuals.

Top motivations for leaving the UK

Beyond taxation, political concerns were cited by 56.5% of respondents, while cost of living affected 52.2%. Notably, concerns regarding crime and security dropped sharply to 37%, down from 59.3% in the previous year’s survey.

Paul Williams, CEO of La Vida, noted that wealth tax was the specific tax increase most likely to push respondents out of the country, ranking ahead of income tax and inheritance tax fears. The average net worth of respondents stood at approximately £9 million, a figure more than 20 times the national average.

Portugal overtakes UAE as preferred destination

Portugal has emerged as the dominant choice, named a top-two destination by 73.8% of respondents, up from 50.6% in 2025. Italy followed with 26.2% interest, and Greece secured 19%.

In contrast, interest in the United Arab Emirates fell dramatically to 2.4%, down from 13.6% in the prior year, despite frequent media coverage of British expatriates moving to Dubai.

Brexit remains a key factor

For the first time, the survey assessed the impact of Brexit on migration decisions. 63% of respondents identified Brexit as a major factor, while an additional 17% cited it as a minor factor. This correlation coincides with increased travel friction under the EU’s new Entry/Exit System.

One respondent stated that Brexit was the sole reason for seeking a second residency, noting that while they did not regret the vote, it had complicated their ability to move to Portugal easily.

Policy implications and support for Golden Visa

A backup plan or Plan B was the most common goal for 60.9% of respondents, slightly ahead of tax reduction at 58.7% and visa-free travel at 54.3%. Interestingly, 60% of those surveyed believe the UK should reintroduce a Golden Visa program to attract investment, despite the Home Office closing the Tier 1 (Investor) visa route in February 2022.

With both the Conservative and Labour governments indicating potential openness to such schemes, and Prime Minister Andy Burnham seeking to draw further investment, the proposal may gain traction ahead of the upcoming Budget.

What the Numbers Show

The data reveals a divergence between perceived security risks and actual migration drivers. While crime concerns plummeted by over 22 percentage points year-on-year, taxation remained the overwhelming primary motivator at 82.6%. Furthermore, the sharp decline in UAE interest (from 13.6% to 2.4%) alongside the surge in Portugal’s popularity (up 23.2 percentage points) suggests a strategic pivot toward EU-based residency options, likely driven by the desire for visa-free travel within Europe rather than just tax efficiency.