What Millionaire Migration Means For Families

Separate from what the rules are today is the question of whether they'll still apply tomorrow. As covered earlier in this series, the UK's rapid succession of tax reforms has made changing regulations, rather than the headline rates themselves, one of the biggest drivers of families reconsidering their position. Conversely, Italy's ascension among the ranks of desirable locations for internationally mobile wealth is partly due to the simplicity and predictability of its flat tax regime.

It is wise to remember however, that tax regimes are constantly evolving. A major shift in the Gulf is Oman’s introduction of personal income tax at 5% for high earners from 1st January 2028 - a first for any country in the Gulf Cooperation Council (GCC). Other states will undoubtedly be watching with interest as they look to diversify revenue beyond hydrocarbons. While the UAE has ruled out introducing income tax for now, no jurisdiction's tax position is permanently fixed. 

For families with young children, school access, and later university pathways, often outweigh almost every other factor. 

Access to a well-regarded international school can shape a family's choice of city as much as their choice of country. Established international school networks - offering curricula such as the IB, British, or American systems - tend to cluster in a relatively small number of global hubs, and places at the most sought-after schools can be genuinely competitive, with some families applying years ahead of when a child would actually start. 

Further education planning can also shape decisions years in advance - in the UK, for example, establishing residency status early enough to qualify for home fee status at university, rather than the substantially higher international rate charged to non-resident students, is a genuine factor in family relocation planning, well before any child reaches university age.

When considered as a factor in wealth migration decisions ‘education’ isn't just about which school a child attends today. It's about which country's job market, university system, and long-term opportunities that child will have access to once they're grown - which is precisely why decisions taken when children are young can end up shaping outcomes decades later.

For genuinely wealthy, internationally mobile families, succession planning is rarely a single-jurisdiction problem. When assets are held across several countries, each with their own inheritance tax rules which don't necessarily align with each other, succession planning becomes extremely complex. A structure that works cleanly in one country can create unexpected complications, delays or double taxation in another, particularly where succession law itself differs. 

While the UK and the US operate full testamentary freedom with heirs free to choose who inherits, other jurisdictions such as Spain and France impose ‘forced heirship’ rules dictating fixed shares for children or a spouse, regardless of what a will says. 

A jurisdiction's approach to inheritance tax has become a genuine driver of relocation decisions, rather than an afterthought to income tax planning. This is particularly true when wealth transfer becomes a priority. The jurisdiction that suited a family well during its wealth-accumulation years isn't automatically the one best placed to handle that wealth's transfer to the next generation.

New Zealand and Italy are examples of jurisdictions that are appealing from a succession planning perspective. 

Some residence and citizenship routes extend automatically to spouses, children and dependent parents; others cover only the primary applicant. 

Thailand's Long-Term Resident visa is an example of a programme that has moved deliberately in the more generous direction: it allows a legally married spouse and children under 20 to be included as dependents, with a four-person cap. The country seems to be expanding this further, with plans announced to remove the current four-person cap on dependents and add parents to the eligible dependent categories. 

Family inclusion is a key factor for multi-generational families. A programme that only covers the primary applicant can leave a family needing to navigate several separate visa routes at once - one for a spouse, another for children, another again for a dependent parent - each with its own requirements and renewal timeline. A single family application route removes that complexity entirely.

Another consideration for families is whether citizenship can be passed on to descendants, thereby creating a lasting legacy asset for the family.

Visa-free travel and physical connectivity offer practical value for international families with business interests, property or relatives spread across several countries. . A passport or residence permit that opens up dozens of countries without a visa saves real time and friction for families who travel frequently.

The UK's own post-Brexit experience is a useful illustration of what happens when that access is lost rather than gained. British nationals who bought second homes across the EU before Brexit, expecting to use them freely, now find themselves subject to the same 90-days-in-any-180-day Schengen limit as any other non-EU visitor - a rolling cap across the entire Schengen area, not per country.

Offering an accessible, cost-effective route to genuine EU residence rights is one reason for Latvia’s perhaps surprising entry among the jurisdictions classified by Henley & Partners as  Strong Wealth Mobility Jurisdictions. 

Physical connectivity matters just as much - direct flight access, transit hub proximity and the practical ease of getting in and out of a country regularly all play a part in the relocation decision-making process. The UAE’s strategic location as a gateway to Africa, Asia, and Europe has been a key factor in its ascension as a leading destination for millionaire migration.

Tax efficiency is desirable, but it won’t compensate for a day-to-day family life that isn't actually enjoyable. There's little point relocating to reduce a tax burden only to find the climate is one you can't stand, a language barrier makes daily communication difficult or you are on the other side of the world from elderly relatives needing regular assistance. These practical considerations are easy to overlook on a spreadsheet but can quickly become problematic after a move. 

Jurisdictions ranked highly for lifestyle factors in the Henley & Partners’ report include the UAE, Greece and Portugal. 

Access to world-class healthcare increasingly features explicitly in how internationally mobile families choose where to settle. This matters particularly as individuals age. 

One example of this is how the cost of private healthcare in the US is driving wealth migration towards countries with lower health insurance premiums and easy access to specialised private care. France has seen a marked rise in interest from Americans attracted by French universal health coverage combined with tax advantages. This influx has even triggered an amendment to French law, with the government introducing a minimum healthcare contribution for foreign retirees.

Strong institutions, independent courts and clear property rights matter to families structuring genuine long-term wealth.

Singapore is a good example of how these factors feed into a country’s overall appeal. Its strong rule of law is cited as a contributing factor to its position as a leading destination for international wealth. Another is political stability. 

Recent events have brought geopolitical risk to the forefront of the minds of many internationally mobile families. The disruption seen in the UAE at the outbreak of the Iran war is a stark demonstration of how quickly even a well-established, highly rated jurisdiction can find its stability tested, and why families increasingly build resilience against that risk into their planning rather than assuming it away.

The resilience of a country’s financial system including currency stability, the strength and reputation of the local banking sector, protection for deposits and freedom from capital controls that could restrict a family's ability to move or access its own money when it needs to are also important considerations, particularly over a long time horizon. 

A currency that devalues steadily, or a banking system prone to instability, can quietly erode decades of accumulated wealth. It's part of why jurisdictions like Switzerland have built such an enduring reputation among wealthy families as a genuine store of value, built on currency stability and a long-standing, well-capitalised banking sector. 

It's also why capital controls - restrictions some countries impose on moving money in or out, particularly during periods of economic stress - are watched closely by advisers working with internationally mobile families, since a jurisdiction that looks attractive on every other measure can still leave a family's wealth harder to access, or move, than they'd assumed.

For entrepreneurial families, business considerations such as access to capital, the depth of the local investor and talent pool, ease of setting up and running a company and the quality of the surrounding business infrastructure are factors to consider when relocating. 

The UAE's continued appeal to entrepreneurs and investors, discussed earlier in this series, is a clear example of a jurisdiction built deliberately around meeting this need.

But the calculation rarely stays fixed. The country that offered the best conditions for launching a business a decade ago may not be the best base for scaling it, exiting it or handing it on to the next generation to run differently.

Wealth mobility decisions driven by business considerations tend to need revisiting as a business changes shape. 

Younger generations in particular are bringing environmental and ethical considerations to the table when deciding how - and increasingly where - wealth is directed. A structure or jurisdiction chosen by one generation isn't guaranteed to reflect the next generation's values, let alone its practical needs.

UBS's Global Next Generation Report 2026, surveying inheritors ahead of an estimated $83 trillion set to change hands globally over the next two to three decades, found that impact and sustainable investing now resonates more strongly with younger wealth holders than newer, higher-profile asset classes like cryptocurrency. 30% of the Next Generation surveyed are interested in sustainable and impact investing.

The implications go beyond investment choices alone. A family structure, jurisdiction, or governance arrangement built around one generation's priorities - tax efficiency and capital preservation, say - may sit uneasily with a next generation more focused on impact and responsible stewardship. Given the scale of wealth about to transfer, this is quickly becoming an increasingly important planning question which impacts wealth migration.