Latest news with #Astons
Arabian Business
6 days ago
- Business
- Arabian Business
UK sees 40% surge in tax contributions from wealthy amid rising high-net-worth exodus
Wealthy individuals in the UK have seen their tax burden increase by nearly 40 per cent over the past four years, according to new analysis from investment migration advisory firm Astons. The findings come amid a growing trend of high-net-worth individuals (HNWIs) exiting the country, spurred by tighter non-domicile tax rules and increasingly unfavourable fiscal policy. In its latest analysis of HMRC tax receipt data, Astons reports that wealthy UK residents — defined by HMRC as individuals earning over GBP 200,000 annually or holding assets exceeding GBP 2 million — paid GBP 190 billion in tax during the 2023–24 fiscal year. That figure marks a 3.7 per cent rise from the previous year and a 39.8 per cent increase since 2019–20. Of that total, GBP 69.9 billion was paid through PAYE income tax and GBP 32.9 billion via self-assessment, both categories reflecting a more than 61 per cent increase over the four-year period. Capital gains tax receipts reached GBP 9.5 billion, with inheritance and stamp duties contributing GBP 3.8 billion and GBP 2.9 billion, respectively. The data further shows that wealthy individuals accounted for 88 per cent of all self-assessment income tax receipts collected by HMRC during the period, underlining the significant role HNWIs play in the UK's business and entrepreneurial ecosystem. Astons notes that the increase in tax receipts coincides with sweeping reforms to the UK's non-domicile (non-dom) tax regime, which took effect in April 2025. Under the new rules, aimed at enhancing fairness and transparency, it is estimated that 10 per cent of non-doms have already left the UK as of June, despite a four-year transition period granted to new residents. 'This huge increase in tax being taken from the UK's wealthy population over the past few years goes a long way towards explaining why so many are choosing to leave,' said Alena Lesina, Citizenship and Residency Consultant at Astons. 'There are countries around the world that take a far more supportive and encouraging stance towards wealth creation, recognising the value that high-net-worth individuals bring through job creation, business investment, and wider economic contribution.' Lesina cited Greece's Golden Visa as a standout alternative for wealthy individuals seeking more favourable tax treatment. The programme, which starts at a EUR 250,000 investment threshold, offers residency rights and includes a non-dom regime under which eligible participants can pay a flat annual tax of EUR 100,000 on global income, instead of standard progressive rates that can reach 45 per cent. 'Greek residency also comes with the added benefit of unrestricted travel across the Schengen Zone – a right UK nationals lost post-Brexit,' Lesina said. 'And uniquely, Greece does not require investors to live permanently in the country to maintain their Golden Visa status.'
Daily Mail
29-06-2025
- Business
- Daily Mail
Are Middle Class families fleeing Labour-run Britain for the Med? Spike in 'golden visa' applications in Greece and Portugal after Rachel Reeves' tax hikes
There has been surge in Britons applying for 'golden visas' in southern European countries following Labour's general election victory, it has been revealed. An analysis by Astons, a global investment immigration firm, showed there was an almost 50 per cent increase in applications to Greece from the UK since last summer. The country offers a five-year residency permit for those who invest from upwards of 250,000 euros in property. In the year to April, there were 626 applications to the scheme granted to people from the UK, the latest Greek government statistics revealed. That was up from 427 the year before – a 46.6 per cent rise – according to the Astons analysis. There were 389 applications from the UK in 2024 for Portugal's similar scheme, compared with 234 the year before - a 66.2 per cent increase. Alena Lesina, of Astons, said the firm had seen 'a clear uptick in interest from UK nationals exploring residency-by-investment programmes over the past year'. 'While the broader economic and tax environment in the UK is certainly a driver, what's notable is the evolving profile of applicants,' she told the Telegraph. 'These schemes are no longer the preserve of ultra-high net worth individuals alone. 'We're increasingly advising middle class families, remote-working professionals, and even retirees who are re-evaluating their lifestyle priorities post-pandemic. 'For many, it's about quality of life, future planning, and unlocking mobility in an increasingly uncertain global climate.' After winning power, Labour hiked taxes on businesses and imposed VAT on private school fees. And there are warnings of further tax raids to come at this year's Budget. Chancellor Rachel Reeves has been left with a hole in the public finances following recent U-turns on axing winter fuel payments for millions of pensioners, and on cutting benefits. Figures for other European countries showed the popularity of golden visas with Britons had been growing before Labour's election victory. For example, Spain had 3,601 applications from Britons in 2023 - a rise of almost 70 per cent on 2022. The country closed its golden visa scheme this April. Tory MP Andrew Griffith, the shadow business secretary, told the newspaper: 'It pains me that the young, ambitious, optimistic people our country needs are leaving because they think they can have a better life outside the UK. 'This just demonstrates the far-reaching consequences of Labour's punishing tax rises, which are wreaking untold damage on the economy. 'There is a real danger that Rachel Reeves' ideological war on aspiration will backfire and leave the state of the public finances even worse off. 'It wouldn't be a surprise if the OBR now forecasts lower tax takings in the autumn, leaving the Chancellor with an even bigger black hole to fill.' A Treasury spokesman said: 'Our tax system is fair and progressive, and keeps the UK an attractive place to live. 'The UK's main capital gains tax rate is lower than any other G7 European country, and we are committed to keeping taxes for working people as low as possible. 'That's why, at last autumn's Budget, we protected working people's payslips and kept our promise to not raise the basic, higher or additional rates of income tax, employee National Insurance or VAT.'
Telegraph
28-06-2025
- Business
- Telegraph
Middle classes flee Britain for the Med after Reeves tax raids
Countries in southern Europe have reported a surge in middle class families fleeing Britain for the continent since Labour's election victory last summer. New figures show that applications from the UK for golden visas in countries such as Greece and Portugal have risen sharply over the past year. It comes amid warnings that Rachel Reeves, the Chancellor, is readying another tax raid on businesses and workers in the autumn to plug holes in the UK's finances. Experts said there had been a 'clear uptick' in families looking to leave Britain and that sky-high taxes were 'certainly a driver' of the trend. Greece has become a popular destination, with golden visa applications from the UK having surged by almost 50 per cent since last summer. The country offers a five-year residency permit and a route to EU citizenship for people who invest as little as 250,000 euros in property. In the year up to April, there were 626 applications to the scheme granted to people from the UK, the latest Greek government statistics have revealed. That was up from 427 the year before – a 46.6 per cent rise – according to analysis carried out by Astons, a global investment immigration firm. Portugal also registered a sharp jump in the number of Britons applying for its golden visa scheme last year, either side of July's election. There were 389 applications from the UK in 2024, compared with 234 the year before – a 66.2 per cent increase. The country offers a similar route to permanent residency and EU citizenship as Greece, also for as little as a 250,000 euro investment. Alena Lesina, a citizenship, residence permit, and real estate investment expert for Astons said the firm had seen 'a clear uptick in interest from UK nationals exploring residency-by-investment programmes over the past year'. 'While the broader economic and tax environment in the UK is certainly a driver, what's notable is the evolving profile of applicants,' she said. 'These schemes are no longer the preserve of ultra-high net worth individuals alone. We're increasingly advising middle class families, remote-working professionals, and even retirees who are re-evaluating their lifestyle priorities post-pandemic. 'For many, it's about quality of life, future planning, and unlocking mobility in an increasingly uncertain global climate.' Figures for other European countries show that the popularity of golden visas with Britons had been growing before last year's election. Spain, which closed its scheme in April, attracted 3,601 applications from Britons in 2023, a rise of almost 70 percent on 2022. Outside Europe, there has also been a reported surge in Britons moving to the United Arab Emirates to take advantage of its lower cost of living. Interest in such visa programmes grew as taxes rose to record levels in the UK, a trend that began under the Tories and has continued under Labour. Andrew Griffith, the shadow business secretary, said: 'It pains me that the young, ambitious, optimistic people our country needs are leaving because they think they can have a better life outside the UK. This just demonstrates the far-reaching consequences of Labour's punishing tax rises, which are wreaking untold damage on the economy. 'There is a real danger that Rachel Reeves' ideological war on aspiration will backfire and leave the state of the public finances even worse off. It wouldn't be a surprise if the OBR now forecasts lower tax takings in the autumn, leaving the Chancellor with an even bigger black hole to fill.' Ms Reeves launched a raid on the wealthy in her autumn Budget, abolishing the non-dom status and tightening inheritance tax rules. But she is now looking at ways to backtrack on some of the changes after they sparked a flight of the rich, threatening to dent her tax takings. A Treasury spokesman said: 'Our tax system is fair and progressive, and keeps the UK an attractive place to live. The UK's main capital gains tax rate is lower than any other G7 European country, and we are committed to keeping taxes for working people as low as possible. 'That's why, at last autumn's Budget, we protected working people's payslips and kept our promise to not raise the basic, higher or additional rates of income tax, employee National Insurance or VAT.' Last week, a report by Henley and Partners warned that Britain was set to lose more millionaires this year than any other country. It predicted that 16,500 would emigrate, which would be the largest exodus any country has experienced over the last decade. Nigel Farage's Reform UK and Kemi Badenoch's Tories have both since unveiled policies designed to lure the wealthy back to the UK. Reform has said it would introduce a 10-year residency permit called a Britannia Card, which foreign businessmen could buy for £250,000. The permit would exempt them from having to pay UK tax on overseas income and assets. Meanwhile the Tories said they are looking at plans for a golden visa scheme that would include exemptions from Labour's inheritance tax on global assets.
Travel Daily News
28-05-2025
- Business
- Travel Daily News
Piraeus tops Greece's property investment growth with 28% surge
Piraeus leads Greece's property market with 28% annual growth, highlighting top Golden Visa investment opportunities across high-demand regions. New analysis by Astons, a leading international firm specializing in real estate, residency, and citizenship through investment, highlights which regions of Greece currently offer the strongest investment opportunities, as annual property price increases reach up to 28%. Greece remains one of the world's most attractive Golden Visa destinations, offering foreign investors the opportunity to secure residency through a three-tier investment system. Tier A covers Greece's most sought-after locations – including Athens, Thessaloniki, and the islands – where the minimum investment is set at 800,000 euros (approximately $867,000). Tier B applies to other areas of the country with a lower threshold of 400,000 euros (approximately $435,000). Tier C, meanwhile, is designed for those investing in the conversion of commercial properties into residential use, requiring just 250,000 euros (approximately $278,000), regardless of location. According to Astons' data, no region has shown stronger annual price growth than Piraeus in the Attica region, which also leads in demand from Golden Visa investors. Between Q3 2023 and Q3 2024, average property prices in Piraeus surged by 27.8%, increasing from 2,000 euros per square metre to 2,556 euros per square metre. This puts the average price for a 120-square-metre property at 306,720 euros – well below the 800,000 euros Tier A minimum, requiring investors to carefully plan their acquisition strategies. Kavala Prefecture in Eastern Macedonia and Thrace follows closely, registering a 20.9% price increase over the past year, with average prices now at 1,630 euros per square metre. In a Tier B zone, this translates to an average property value of 195,600 euros, against a minimum investment requirement of 400,000 euros. Other notable regions showing double-digit annual growth include Chios Prefecture (20.6%), Sporades (19.9%), Grevena (17.5%), Lakonia (14.6%), Chalkidiki (14%), Messina (13.4%), Achaia (13.2%), and Zakynthos (11.5%). Alena Lesina, citizenship, residence permit, and real estate investment expert at Astons, emphasized that local market performance is key when evaluating investment opportunities: 'As with all countries, Greece's property market consists of many local markets, each performing differently in terms of price growth. Investors should consider two main factors: the potential return on investment based on local price trends, and the investment tier classification, which dictates minimum thresholds.' Lesina also pointed to a rising trend among developers focused on Tier C opportunities, particularly in regenerated areas of Attica such as Piraeus, Vouliagmeni, and Glyfada. These projects often involve converting older commercial properties – such as hotels and office buildings – into modern, eco-friendly residential units specifically designed for Golden Visa investors. Astons' findings suggest that while major cities and islands remain premium markets, evolving opportunities in regeneration projects and Tier C conversions are increasingly attractive for investors seeking flexibility, sustainability, and long-term growth potential in Greece's real estate landscape.
NDTV
15-05-2025
- Automotive
- NDTV
Apple CarPlay Ultra Debuts In Aston Martin With Improved Car Integration And More
Apple has introduced the biggest update to the native infotainment system called CarPlay Ultra. With this latest iteration, the tech giant has liberated phone mirroring tech from the centre infotainment screen and given it the power to take over interface duties on the digital gauge cluster screen to operate most of the car's major functions. However, this power can only be used by manufacturers by directly working with Apple. Car Brands With Apple CarPlay Ultra The new system has made its debut with Aston Martin and, in the future, will be seen in the cars of brands like Porsche, Genesis, Hyundai, and Kia. The consumers ordering Aston Martins from the USA and Canada will get Apple CarPlay Ultra compatibility. Meanwhile, the owners of older MY2025 Astons and 2024 Aston Martin DB12s have the option of getting an upgrade after a visit to their dealer. Apple CarPlay Ultra: Interface, Functions The CarPlay Ultra gets a familiar interface when compared to CarPlay, with a few changes. The well-known home screen, featuring navigation and media options, stays in place. However, Ultra brings in a new widgets page, which can be accessed by swiping right from the home screen. This customizable page enables users to showcase a few essential insights, such as information related to time and weather. With a left swipe on the home screen, the user is taken back to the CarPlay compatible apps, but with Ultra, there is a trio of new widgets that were not available in the standard version: Climate, Radio, and Vehicle. It allows one to remain in the CarPlay environment while adjusting the applications. Apple performs many of these functions directly on the device (instead of reflecting them from the phone) with the help of the car's integrated processing capabilities, ensuring a mostly seamless user experience. However, certain functions still use the original UX and UI. Moreover, there's no requirement to leave CarPlay Ultra, look for a specific tool within the original infotainment system, make adjustments, and then find a specific widget to return to CarPlay. Instead, you simply locate the menu in CarPlay, make any necessary changes on the overlaid page from the native system, and then exit that page to get back to CarPlay. Apple CarPlay Ultra: Instrument Cluster A similar function can be seen in the gauge cluster as well, where specific native menus and displays are layered over the Apple-style graphics. While the font and aesthetic of the cluster visuals have a clear Apple influence, the overall design incorporates various automaker-specific elements to maintain the unique identity of the particular auto brand utilizing CarPlay Ultra. Apple CarPlay Ultra: Siri It also gives more power to Siri. For instance, now Siri can execute commands like changing the temperature or radio station in the car.
