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The latest analysis from Astons reveals that 1 in 10 High Net Worth Individuals (HNWIs) plan to leave the UK by gaining residency or citizenship to another country, but while obtaining the relevant visa or paperwork is seen as the biggest obstacle to achieving this ambition, barely a quarter have considered the option of a residency by investment programmes.
Aston’s has surveyed High Net Worth individuals in the UK* and found that 1 in 10 plan to emigrate from the UK.
8% of them plan to leave within the next 12 months, but the majority (72%) plan to leave in the next five years.
When asked why they are keen to leave the UK, 38% said they think they can improve their quality of life by living in another country; 25% said they want to move in order to improve their health and lifestyle; while a further 23% are looking to relocate for their retirement.
52% of HNWIs who have plans to leave the UK say they will be relocating to another European nation, while 16% want to move to the USA or Canada.
When asked what they see as being the biggest obstacle to their emigration ambitions, respondents highlighted issues like career stability (10%), financial security (14%), and securing a place to live (19%), but by far the most common challenge is cited as being obtaining the relevant visa or paperwork required to settle in another country (43%).
Despite this, barely a quarter of emigrating HNWIs (24%) have considered taking advantage of the residency by investment programmes, often referred to as Golden Visa programmes, through which a number of nations will grant residency to people who invest money into the local economy.
Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, commented:
“There are a number of countries that are far more attractive to HNWIs than the UK currently is. We’re seeing a huge surge in interest, for example, in Greece, where UK expats can get renewable five-year residency for the whole family for a minimum investment of €250,000 into Greek real estate.
The quality of life that Greece offers, alongside its favourable tax regime, great investment opportunities, economic prosperity, political certainty and, of course, access and free movement of the European Union, are all things that the UK struggles to contend with. And that’s before we consider the benefits that Greek citizenship offers to expat retirees with its flat 7% tax on foreign pensions income.
But be warned, rumours are circling that Greece, much like Spain, is planning to close its Golden Visa programme soon, which means 2025 might be the last opportunity UK HNWIs have of accessing such a fabulous opportunity in the Mediterranean for such a low asking price.”
Survey results |
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Notes to Editors: –
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