Good transport links, political stability, quality schools and lifestyle are becoming just as important as tax when the world’s wealthiest choose where to live, according to a Jersey investment firm – as thousands of former “non-dom” residents leave the UK.

New figures from His Majesty’s Revenue and Customs show that around 9,000 people either left the UK or changed their tax status following the abolition of the non-dom tax regime.

Rathbones Investment Management International said its clients’ priorities had shifted.

“Clients expect a well-regulated international finance centre, but what often matters just as much is connectivity, schools, safety, lifestyle and access to high-quality professional services,” the firm said.

It added that Jersey was attracting more entrepreneurs, business owners and investment professionals looking for a long-term home where they could raise families while maintaining internationally focused careers.

The UK’s non-dom regime allowed some UK residents whose permanent home, or “domicile”, was considered to be overseas to avoid paying UK tax on certain foreign income and gains.

The system became increasingly controversial in recent years, with critics arguing that it gave wealthy individuals an unfair tax advantage.

It attracted widespread attention after it emerged that Akshata Murty, the wife of former Prime Minister Rishi Sunak, claimed non-dom status.

The scheme was abolished on 6 April 2025 and replaced with a new system that offers tax relief to new arrivals during their first four years of UK residence.

Marc Nightingale, senior investment director at Rathbones, said Jersey was well placed to benefit from the change. The Island offers qualifying residents preferential tax rates through its High Value Residency scheme.

So far this year, 18 high-net-worth individuals moved to Jersey, while three have left. That compares with 29 arrivals and 11 departures during 2025.

“The end of the UK’s non-dom regime has sharpened conversations about mobility, but tax is only one part of the decision,” Mr Nightingale said.

He added that wealthy families were increasingly looking for “resilience, optionality and where they can build a secure base for themselves and their families”.