So you think you want to be an expat?

As more Londoners flee Labour's policies, these tax-friendly countries beckon

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The millionaires are on the move, one leaving the UK every 45 minutes according to analytics firm New World Wealth, a stark 157 per cent year-on year increase in numbers departing in 2024. Add in recent figures from Currencies Direct indicating that 23 per cent of all UK adults, and 38 per cent of the 25-34 age group, are considering moving abroad at some point before 2029. With the proportion of 25-34-yearolds still living in their parents’ home up by a third since 2006, it’s perhaps no surprise that across the financial spectrum, affordable overseas locations beckon.

“Owning a home abroad continues to be alluring from a financial and lifestyle standpoint,” says João Richard Costa, CCO at Ombria Algarve. “We’re seeing steady demand from British buyers with interest boosted further after Spain’s plans to increase taxes or ban non-EU citizens from purchasing property.”

So where should be on your radar?

FRANCE

Why go: For the glorious historic cities and scenic countryside, an easy-going lifestyle based on culture, food and wine. In the south-west, Daniela Harris at Savills associate Beaux Villages Immobilier says you can still enjoy a three course meal with wine for €20 (£16).

“A two-bedroom apartment in Carcassonne, needing work, can be less than €100,000,” she says. “Towns within 30 minutes of the coast are around 25 per cent more. The Aude, inland, remains affordable compared to Provence.” Why not: The French, understandably, like to speak French so language could be a barrier, especially for work. Bureaucracy is testing, income tax tops out at 45 per cent and the laid-back, closed-for-lunch lifestyle — a major reason to live there — may baffle Londoners. Visa rules: The VLS-T long-stay allows stays of up to six months, or the renewable VLS-TS long-stay visa (€225) can lead to permanent residency after five years.

PORTUGAL