Report shows growth of Russian Non-Dom population in UK

A recent report by WealthInsight showed analysis of the nature and size of the UK’s non-dom population. A non-dom is defined as a non UK domiciled individual.

The non-dom issue has been a hot one for the UK media as many UK citizens feel that people of non-dom status, especially high and ultra high net worth individuals (UHNWI) receive unnecessarily generous tax benefits in comparison to regular UK residents. Additionally there is a worry that the rising influence of foreign culture is diluting traditional British values. On the other side of the equation, many have argued that UHNWI non-doms help lift the economy, especially via the housing market, as well as in the realm of philantrophy. Although most of the recent press have pointed to non-doms from Russia and the Gulf States, the report by WealthInsight shows that the USA, India and South Africa have the largest number of UHNWI non-doms in the UK. The report does show that in the past four years Russian and Indian UHNWIs have migrated at a faster rate than any other country, but the overall numbers show Russia to still be in the minority. The non-dom issue has been a hot one for the UK media as many UK citizens feel that people of non-dom status, especially high and ultra high net worth individuals (UHNWI) receive unnecessarily generous tax benefits in comparison to regular UK residents. Additionally there is a worry that the rising influence of foreign culture is diluting traditional British values. On the other side of the equation, many have argued that UHNWI non-doms help lift the economy, especially via the housing market, as well as in the realm of philantrophy.

Although most of the recent press have pointed to non-doms from Russia and the Gulf States, the report by WealthInsight shows that the USA, India and South Africa have the largest number of UHNWI non-doms in the UK. The report does show that in the past four years Russian and Indian UHNWIs have migrated at a faster rate than any other country, but the overall numbers show Russia to still be in the minority.

Source: Spear’s.