Where is a millionaire to go these days? Spain is nixing its property-linked “golden visas”, joining Portugal and Ireland. The UK is scrapping its 100-plus-year-old “non-dom” regime enabling wealthy foreigners to skip tax on overseas income. The opposition Labour government vows it would crack down on non-doms even harder.

Sovereigns used to see selling residency or citizenship rights as a way to attract foreign investment. Island nations were early proponents, with St Kitts and Nevis offering citizenship via investment in 1984. In Europe, countries including Greece, Spain and Portugal joined the club about three decades later, in some cases to prop up flagging property markets.

But unintended consequences have come to the fore in recent years. As Spain and Portugal discovered, influxes of foreign money distort property markets, edging out domestic buyers and tenants.