For years, the idea of leaving France as a high-net-worth individual (HNWI) was something you might consider but rarely act on. It wasn’t common. It wasn’t necessary. Most people built their lives and businesses locally, navigated the tax code as best they could, and got on with things.
But that’s no longer the case.
Take one of our clients: a 49-year-old French entrepreneur who recently relocated with his family. After years in Paris, he concluded that France no longer aligned with the lifestyle or the long-term future he wanted. With €5 million in liquid assets and €3 million in real estate, he wasn’t looking for an escape, he was looking for a plan.
We helped him obtain citizenship in Saint Kitts and Nevis through their Citizenship by Investment programme. His application was approved in five months, with no physical residency requirement. The move gave him something crucial: an exit strategy from Europe and a safety net in case of political instability.
To formally end his French tax residency, we helped him eliminate his ties to France, restructured his holdings under a Luxembourg-based entity, and established him as a non-tax resident in France.
For our client, this wasn’t about avoiding tax, it was about ensuring clarity and control in an increasingly uncertain environment.
The broader shift
This case isn’t unusual. At Savory & Partners, we’ve supported over 180 French clients through second residency or citizenship planning since 2016. The recent spike in interest hasn’t been driven by panic or politics, but by a quiet recalibration. People are planning more seriously for what lies ahead.
This year alone, France is projected to see a 6.7% increase in millionaire outflows. On its own, that’s a modest figure. But taken in the context of the last three years, it reflects a growing pattern of reconsideration.
The policies shaping the mood
France’s fiscal trajectory is part of what’s driving these decisions. The wealth tax on real estate (IFI) applies to property valued above €1.3 million. Inheritance tax can reach up to 45 percent. More recently, there’s been growing momentum behind a proposed 2 percent minimum tax on individuals with over €100 million in assets.
It’s not the rates themselves that are most concerning. It’s the tone and trajectory. There is ongoing discussion about introducing a citizenship-based tax regime, similar to the one in the United States. If adopted, it would mean that even individuals who leave France could still be taxed on their worldwide income, unless they renounce their citizenship entirely.
These proposals may not all pass. But the fact that they’re under serious consideration is enough to change behaviour. For many clients, the core issue isn’t taxes. It’s strategic planning. They’re asking whether the systems they rely on today will still serve them ten years from now.
Where people are going
The destinations that come up most often are consistent. Dubai, Lisbon, and Singapore each offer something different, but they all share a few key features: political stability, economic opportunity, and predictable regulatory frameworks.
Dubai, in particular, has become a focal point. After securing his second citizenship and restructuring his affairs, our client relocated to the UAE with an investor Golden Visa. There, he became a tax resident. In Dubai, he benefits from zero income tax, no capital gains tax, and no inheritance or wealth tax. The country’s financial ecosystem is highly international, efficient, and increasingly trusted by global investors looking for long-term clarity.
Lisbon continues to appeal to those seeking a European base with more predictable policies. Singapore attracts those with global exposure and a need for operational reach across multiple markets.
London, by contrast, has lost some of its appeal. Changes to the non-domicile regime and broader uncertainty around the UK’s fiscal direction have made it a less obvious choice for relocation.
A broader rethink of citizenship
There’s a growing recognition among globally mobile individuals that citizenship is no longer just a matter of nationality. It’s also a financial and legal construct. And for those with business interests or family across multiple countries, flexibility matters.
Acquiring a second citizenship or residency is often part of a larger strategy, one that includes asset protection, estate planning, and mobility. These are not emotional decisions.
They’re logical ones, taken well in advance of any crisis.
If France were to move forward with taxing citizens abroad, we would likely see an increase in renunciations. This is where our client is already prepared, having a second passport. Surrendering their original nationality is not something people do lightly. But it’s increasingly part of the conversation.
The choice ahead
France has a proud tradition of enterprise, creativity, and cultural influence. But if the environment becomes one in which those who contribute the most feel the least confident about their future, something will eventually give.
It’s entirely possible to design a tax system that is both fair and competitive. That rewards success while maintaining a strong social model. But doing so will require a more predictable framework, and a clearer message about what the future holds.
From what we’re hearing, many of France’s wealthiest families are not waiting to find out. They’re taking steps now, not because they’ve given up on France, but because they want options. And increasingly, they feel that’s a responsibility, not a luxury.
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Featured Photo: Nice, French seaside city and France’s most expensive one © Unsplash
