Matthew Braithwaite
- Partner
- Private Client
Welcome to the May 2025 edition of Globally Speaking, our international e-bulletin for private client, family office, and trustee clients and contacts.
As the global private wealth landscape continues to evolve, this issue explores the shifting tax, legal, and geopolitical dynamics shaping cross-border planning. From the UK’s sweeping “non-dom” reforms — now fully implemented — to the ripple effects of political change in the US, we examine how these developments are influencing international mobility, structuring strategies, and investment decisions.
We also spotlight the growing importance of the Middle East as a private wealth hub, where regulatory tightening is being balanced with tax efficiency and economic opportunity. Our team’s recent visits to the region offered valuable insights into how clients are navigating succession planning, UK property investment, and the complexities of multi-jurisdictional estates.
Whether you’re advising globally mobile families, managing international structures, or planning your next move, this edition offers timely guidance and practical takeaways, as well as demonstrating the capabilities of our expert team. I hope you enjoy the read.
In this issue…
- Navigating the new “non-dom” tax reforms – now that the reforms to the UK tax regime are in effect and advisers adjust to the new regime, we provide a high-level summary of the key rules and changes.
- Will the UK trump the US following the April 2025 “non-dom” reforms? – the new residency-based tax rules offer a planning opportunity for US nationals who are considering a move to the UK. With Donald Trump’s re-election, there has been a significant rise in Americans coming to the UK, and the new four-year tax regime for UK arrivers fits neatly with the duration of Trump’s second term.
- The battle for sunken treasures: restitution’s next frontier – shipwrecks in the Caribbean and South America, filled with valuable cargo, remain unclaimed or are salvaged by private companies, with former colonial powers often asserting ownership. Why is the restitution of underwater cultural heritage so far behind that of land-based artefacts? We explore the complexities of this issue.
- Shari’ah, and an introduction to Islamic inheritance law – the word “Shari’ah” sparks curiosity and sometimes misconceptions. Shari’ah is a comprehensive system of ethics, law and guidance in Islam. One such law is the Islamic law of inheritance which seeks to create a balanced, fair, harmonious and just system for the devolution of property. This is the first article in a series on Islamic inheritance law and explores the implications under Shari’ah law for those with assets in England or Wales.
Jurisdiction Focus: Middle East
Our international private client team frequently travel to key locations in the Middle East, including UAE, Saudi Arabia, and other strategically important countries. In the spring of 2025, Camilla Wallace, Sanjvee Shah, Kate Johnson, Clare Armitage and Tom Allfree visited the region. This regular engagement allows us to stay connected with our clients and understand their evolving business and family circumstances. While the recent “non-dom” changes have arguably made the UK less attractive from a tax perspective for those already living in the UK, there is now quite a generous four-year income and capital gains tax regime available for new arrivers, alongside a ten-year inheritance tax regime. Feedback on the ground also indicates that the UK is currently still perceived as economically more favourable compared to the US. There were conversations on how to assist clients thinking of relocating or returning to the UK and how to estate plan with UK assets, particularly those with UK property interests, as the UK property market remains a lucrative option for overseas investors due to its stability, high rental yields, and diverse investment opportunities.
The Middle East is seen as a private wealth hub due to its favourable tax system and has been tightening regulations to improve transparency and compliance. We understand that navigating complex legal and regulatory frameworks can be daunting, especially where children are studying or working in the UK, adding complexities to worldwide estates. Wedlake Bell offers expert legal advice on UK wealth structuring, estate planning and succession matters for its global client basis, including in the Middle East, as well as acting on behalf of UK property investors in these and many other jurisdictions.
If you would like to know more about how we support clients in the Middle East or any other regions, please contact us.
In the press…
- Matt Braithwaite was quoted in The Telegraph discussing the exodus of millionaires from London, in light of recent “non-dom” reforms. Read more here.
- Matt Braithwaite commented for eprivateclient on the “non-dom” issues raised in the Chancellor’s Spring Statement including how the government will have to factor in that many new arrivals who are attracted to the new regime are only likely to stay for four years. Read more here.
Meet the team: