Channel Islands draw wealthy UK families after UK non-dom tax change

The United Kingdom’s abolition of the non‑domestic tax status has prompted high‑net‑worth families to reconsider where they base their personal and professional affairs. HMRC data show the number of non‑domiciled and deemed‑domiciled taxpayers fell to 81,900 in the 2024/26 tax year, while combined tax and National Insurance liabilities rose 9% year‑on‑year to £13.6 billion. Wealth manager Rathbones reports that around 6,000 entrepreneurs left the UK between 2024 and 2026, with many turning to the Channel Islands as a “near‑shore, offshore” base.

Jersey is positioning itself as a destination for these families through its High Value Residency programme, which evaluates applicants on financial background and broader economic and social contributions. Marc Nightingale, senior investment director in Jersey, said the end of the UK’s non‑dom regime has accelerated wealth‑mobility conversations, but families also seek legal certainty, political stability, connectivity and quality of life. Rob Broughton added that clients expect a well‑regulated international finance centre, top‑tier schools, safety and access to professional services, making the Channel Islands an attractive long‑term base.