Overview

• Shravin Bharti Mittal, heir to the $27.2 billion Bharti Group fortune, has shifted his residency from the UK to the UAE.
• Mittal has also registered an Abu Dhabi branch of Unbound, his investment firm originally founded in London.
• The move follows the UK's abolition of the non-domicile tax regime, which had previously allowed wealthy residents to avoid taxes on foreign income and assets.
• The UAE's tax-friendly environment, offering zero personal income tax and no capital gains or inheritance tax, has made it a preferred destination for the ultra-rich.
• Analysts warn that the UK's tax reforms could result in significant revenue losses as more high-net-worth individuals leave, joining a growing trend of relocations by figures like Nassef Sawiris and the Lazari family.