Thank you Prime Resi Journal for the opportunity to take part to this article What does the end of non-dom status mean for the prime property market?
I was recently interviewed by Prime Resi Journal to share my insights on a key question shaping the property world: What does the end of non-dom status mean for the prime property market?
With changes to the non-dom regime set to impact international buyers and investors, this is a pivotal moment for the UK’s high-end property sector. In the interview, I discussed what these changes could mean for demand, investment strategies, and the long-term outlook for prime real estate.
As Britain’s 225-year-old ‘non-dom’ tax regime faces abolition, Prime Resi Journal asked prime resi insiders about the potential impact on the property market and their businesses.
In this article, my comments on the subject were as follows:
“In my opinion, abolishing the non-dom tax benefits is likely to dampen demand from international buyers and investors, particularly within the Prime Central London market. This potential outflow of wealth could have ripple effects across the UK’s prime and super prime property sectors, impacting property values and market dynamics. However, it is very difficult (and too early) to predict what effect it will really have and to what extent.
“Historically, London has been renowned for being one of the top destinations in the world for the super wealthy to park their wealth by acquiring prestigious assets. Non-doms have avoided paying UK tax on their foreign income and capital gains, provided that money is not brought into the UK. This system has particularly benefited wealthy individuals with international ties, enabling them to significantly reduce their tax liabilities while living in the UK.
“The abolition of these tax advantages could mark the end of a chapter, and some experts predict that the abolition of the non-dom status will prompt a significant exodus of HNWIs from the UK to jurisdictions offering more favourable tax regimes, such as Dubai, Switzerland, and Singapore – all known for their low-tax environments and supportive policies for business growth and wealth preservation.”
Being featured in Prime Resi Journal was a great opportunity to contribute to the ongoing conversation about how policy changes affect the property market. The end of Non-Dom status is likely to reshape buyer behaviour, but it may also open up new opportunities for those who understand the shifting landscape.
You can read the full piece in Prime Resi Journal to explore more expert perspectives on this important topic: https://primeresi.com/talking-heads-what-does-the-end-of-non-dom-status-mean-for-the-prime-property-market/
For more information about Domus Holmes Property Finder, please contact:
Jerome Lartaud: jerome@domusholmes.co.uk or follow Jerome on LinkedIn
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