Exploring Golden Visas and the European havens of choice for affluent Brits
The United Kingdom has long been home to a thriving population of high-net-worth individuals (HNWIs). Yet in 2025, more of Britain’s wealthy are looking beyond their borders, not only for investment opportunities, but increasingly for retirement.
The appeal of warmer climates, favourable tax regimes, and long-term security is drawing British retirees to destinations such as Portugal, Greece, and Italy. At the centre of this shift are Golden Visa and residency programmes, which provide flexible entry routes, lifestyle advantages, and pathways to eventual citizenship.
Why UK Investors Are Looking Abroad
In 2025, the UK is projected to experience a record net outflow of 16,500 high-net-worth individuals (HNWIs), marking the steepest annual decline in a decade. This trend is particularly pronounced among British retirees, who are increasingly seeking more favorable living conditions abroad.
Factors such as recent tax reforms, including the abolition of the non-domicile (non-dom) tax status and inheritance tax changes, have made the UK less attractive for affluent retirees. These policy shifts, combined with rising living costs and concerns over the National Health Service’s capacity, are prompting many retirees to consider relocating to countries offering better quality of life, more predictable tax regimes, and robust healthcare systems.
Adding to the pressure is the decline of the London Stock Exchange, which has slipped to 11th place globally after decades of decline.
Popular Retirement Havens for UK HNWIs
Preferred destinations for departing UK millionaires range from tax-efficient enclaves to lifestyle-driven havens.
Italy: A Prestigious EU Foothold
Italy has emerged as one of the most attractive options for wealthy individuals seeking a European base. Italy Golden Visa offers non-EU investors residency through investments from €250,000, with visa-free access to 29 Schengen countries. Family eligibility includes spouses, children, and dependent parents, with permanent residency in 5 years and citizenship in 10 years.
British nationals considering this option are drawn to its flat tax regime, which allows new residents to pay a fixed €100,000 per year on all foreign income, regardless of amount, for up to 15 years. Family members can be included at an additional €25,000 annually, while foreign assets are excluded from inheritance and gift taxes and need not be disclosed. Beyond financial advantages, Italy appeals to those drawn to its cultural heritage, high-quality healthcare, and lifestyle prestige. A founding member of the European Union since 1958 and part of the Schengen Area since 1997, Italy offers both security and sophistication. It is little surprise that approximately 30,000 UK citizens currently reside in Italy, underscoring its growing popularity as a strategic Plan B for those seeking stability, access, and a European foothold.
Portugal: Europe’s Most Flexible Gateway
For British retirees, Portugal’s Golden Visa from EUR 200,000 offers an attractive and accessible route to EU residency and citizenship. Its key appeal is flexibility: applicants are not required to relocate permanently, and the minimal residency requirement makes it one of the few realistic paths to an EU passport without giving up life in the UK. This has fuelled soaring popularity, particularly among Britons, who now rank as the third-largest group of Golden Visa applicants after the U.S. and China, with more than 47,000 having reportedly settled in Portugal.
The landscape, however, is shifting. Portugal ended its popular Non-Habitual Resident (NHR) regime in 2024, replacing it with the IFICI programme, which grants a 20% flat tax on Portuguese employment income and limited exemptions on foreign income. Pensions are excluded, and eligibility is restricted to professionals in science, technology, and innovation who have not been tax residents in Portugal within the past five years. While this makes Portugal less appealing for retirees and passive investors, it remains highly advantageous for sector-specific professionals. With the government also signalling plans to tighten naturalisation laws, time is of the essence. For those considering Portugal as a strategic EU foothold, acting now may be the last opportunity to secure citizenship under the programme’s current favourable terms.
Greece: A Gateway to the Mediterranean
With a blend of tax benefits and the allure of Mediterranean living, Greece has emerged as one of Europe’s most attractive destinations for retirees and high-net-worth individuals alike. Retirees benefit from a 7% flat tax on foreign pension income, while wealthy investors can opt into the country’s non-dom regime, which applies a flat €100,000 annual tax on global income, provided at least €500,000 is invested in Greece over three years.
Greece Golden Visa offers British retirees a compelling pathway to EU residency through real estate investment starting at €250,000. Launched in 2013, the programme provides renewable five-year residency, visa-free travel across 33 European countries including Schengen zone, and extended stays in Greece, with citizenship eligibility after seven years for residents. Citizenship Invest ensures a smooth process with pre-approved properties and a 3-month processing.
Coupled with low living costs, a vibrant lifestyle, and attractive property opportunities, it has become a top choice for Britons seeking a holiday home or a retirement base in the sun.
The Bigger Picture
In 2025, second residency through European Golden Visas is emerging as the smartest strategy for those seeking lifestyle, financial benefits, and a legacy that extends beyond the UK.
At Citizenship Invest, we guide investors through the most attractive programs in Europe and beyond. Contact our experts to explore the best-fit options for you and your family.
