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.'
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