Photo: BBC
This shift is particularly noticeable against the backdrop of changes in tax policy and investment migration programs across Europe, according to Euronews. While some countries are tightening their rules, others are offering investors more predictable conditions, and capital is following suit.
In the new capital attraction ranking, Cyprus took first place in Europe with a score of 73.5 out of 100. It is followed by the Netherlands (72.8), Portugal (72.5), and Italy (72.3). Switzerland scored 70.8 points, and Greece scored 70.5.
Where Are Wealthy Europeans Moving?
It should be noted that the study does not identify the leaders of the ranking, but rather the countries that benefit most from the redistribution of wealthy migrants.
For example, Italy attracts wealthy foreigners with a flat-rate tax regime for new residents, favorable inheritance tax rules, and access to the European Union market. Milan is an additional factor, as it is gradually strengthening its position as a financial center and a hub for family offices.
Greece has emerged as one of the main beneficiaries following Spain’s closure of its “golden visa” program and Portugal’s abandonment of its scheme for obtaining residency through real estate investment. Some of the demand that previously went to these countries is now shifting to the Greek market.
Switzerland continues to play its traditional role as a safe haven for large fortunes. Amid geopolitical instability, the country remains one of the most sought-after destinations for those seeking asset security and a predictable legal environment.
Why Millionaires Are Leaving Britain
Meanwhile, Europe’s largest economies are seeing growing interest in relocation among their wealthy residents.
The United Kingdom stands out the most. Henley notes that the number of inquiries from people with ties to the country rose by 15% between 2024 and 2025. In addition, over the past few years, the UK has become one of the company’s main sources of clients—previously, it ranked only around 20th. This is attributed to changes in the tax system: the abolition of the “non-dom” status, revisions to inheritance tax, the closure of the Tier 1 Investor visa, and general uncertainty in tax policy.
The situation is similar in Germany and France. The number of inquiries from German citizens has risen by 16% since the end of 2025. Over the past two years, France has joined the ranks of the top 15 countries from which relocation inquiries are most frequently received.
“These countries have not become unattractive, but they have lost some of the advantages that are important to internationally mobile capital, while their competitors have strengthened their offerings,” noted Günter Dobraus-Saladapenna, head of the European division at Henley & Partners.
The UAE Consistently Attracts Capital
According to Euronews, this trend is global in nature. The United Arab Emirates, with a score of 85.3 points, remains one of the most attractive destinations for high-net-worth individuals. Singapore topped the global ranking with a score of 79.5 points, while New Zealand took second place with 75.8 points.
The United States ranked surprisingly low. Despite its status as the world’s largest center for wealth creation, the country scored only 62.3 points. At the same time, the number of applications from Americans seeking residency or citizenship abroad doubled in 2025. Nearly half of these were for European programs.
The study shows that competition among countries is not only for investments but also for the investors themselves. And while the UK, France, and Germany are revising the rules of the game, some of the wealthiest individuals are already choosing other destinations.
