Traditionally, wealthy individuals from Spain might've travelled to the City of London but Spain is now emerging as a go-to destination for wealthy individuals fleeing the UK, with Spanish law firms reportedly capitalising on an exodus of high-earners leaving the country.
The exodus of executives, entrepreneurs and wealthy individuals from the UK, especially London, is growing.
Spain has emerged as one of the favourite destinations, Spanish daily El Confidencial has reported, namely for "the tax advantages of the Beckham Law for expatriates and the Mbappé Law for investors in Madrid."
READ ALSO: Income tax - Is Madrid's 'Mbappé Law' really worth it?
"Spanish law firms are strengthening ties with City [of London] boutiques to work together with these profiles," it adds.
Some wealthy individuals are leaving the UK due to increased tax commitments, or, in some cases, the closure of tax loopholes.
They may have decided to leave after Sir Keir Starmer's Labour government abolished the non-domiciled tax regime, under which they were only taxed on their UK income and wealth.
There are also reportedly British citizens leaving following the rise in the top rate of capital gains tax from 20 percent to 24 percent.
According to a study by the Financial Times based on data from Companies House, 3,790 executives left the UK between October 2024 and July 2025, compared to 2,712 departures the previous year.
Dubai is usually the preferred destination, with Spain emerging as the second. As a result, El Confidencial reports that Spanish law firms are spending more time in London visiting potential clients and British firms without a presence in Spain with whom they can collaborate.
Medium-sized Spanish law firms, some larger ones without offices in London, and smaller 'boutique firms' that specialise in tax are opting for this strategy, notably Chevez Ruiz Zamarripa, Zadal and Gentile Law.
"Collaboration between British and Spanish law firms has been common and frequent in relation to the movement of professionals. This collaboration continues to exist, but with a clear change in the direction of movement," Anna Roig, partner at Chevez Ruiz Zamarripa, told El Confidencial.
In 2026, it seems wealthy individuals are only going in one direction.
High-earning clientele
Last year, there were more than 100 arrivals in Spain from the City of London, according to research by the Financial Times in the summer.
"There is movement. We see two main types of clients. The first type are those who are retired or about to retire and want to live in Spain, and their main concern is the taxation of their pensions and wealth tax," Sergi Garcés, partner at IppaiLaw, told El Confidencial. "The second type of clients are executives awaiting carried interest, who have moved to Spain to take advantage of the change in the UK's carried interest regime and have opted for the Beckham Law, allowing them to reduce their tax burden substantially".
So, some high-value individuals are swapping the UK for Spain in order to minimise their tax receipt. Compared to overall migration figures, however, these are very low numbers.
Between 2021 and 2024, according to data from the UK's Office for National Statistics (ONS), 992,000 British citizens left the country.
Nonetheless, those leaving the UK likely do so to take advantage of the Beckham Law.
READ ALSO: What foreigners in Spain should know about the 'Beckham Law' tax regime
The Beckham Law was first introduced in 2004 to attract talent and highly qualified workers to Spain with tax breaks. It was nicknamed after the footballer David Beckham because he was the first one to take advantage of it when he moved here to play for Real Madrid.
It essentially allows those who have not resided in Spain for at least the last five years to pay a flat rate of 24 percent on their income up to €600,000 per year.
Nevertheless, Spain's Beckham Law has had some bad press recently. In fact, the Spanish Tax Agency has been vilified in paid advertisements taken out in renowned newspapers in both the United Kingdom and the United States, with claims that the Beckham fiscal regime is a “tax trap” that "pickpockets" foreigners.
READ ALSO: The legal alternatives to Spain’s Beckham Law tax regime
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