A new report by New World Wealth has examined and revealed the top beneficiaries of high net worth individuals (HNWIs) between 2003 and 2013. The report shows that global millionaires are responding to a number of economic factors, including lower tax rates – with the United Kingdom, Singapore and the US being ranked as the top destinations. London has the most US dollar millionaires of any other city, with 339,300, followed by New York (300,100) and Tokyo (226,500).
New World Wealth Report: UK Top Destination For Migrating Millionaires
International consultancy New World Wealth, gathered its information from a database on 120,000 affluent individuals from around the world. The United Kingdom was found to be the top destination for migrating millionaires since 2003, with a net inflow of 114,100 millionaires. Most of these wealthy migrants were from Europe, China and India.
Singapore ranked second, which has seen a net inflow of 45,000 millionaires since 2003. Third place went to the USA, with a net inflow of 42,400.
Chinese millionaires topped the migration list, with most of them migrating to the United Kingdom, Hong Kong and Singapore.
“It is rather difficult to flaunt your wealth in China, so many wealthy Chinese choose to migrate,” Andrew Amoils, senior analyst of the New World wealth report, told RT. “Many go to Hong Kong, but since the special administrative district is still controlled by China, many opt to go elsewhere, often times to the United Kingdom.”
Advantages of UK Tier 1 Investor Visa
The UK continues to be an attractive destination and a safe haven for global millionaires due to historical links and benefits of a stable, liquid economy, political stability and being largely free from government interference in private individual assets.
The UK Tier 1 Investor route has become attractive due to the fact that the applicant does not need to show evidence of maintenance nor demonstrate that they meet the English language requirements.
The visa can be granted for three years and individuals can switch into this category whilst already present legally in the UK. If an applicant is successful under the points-based system, they are allowed to bring dependants (children under 18 years of age, a husband, wife, civil partner, or unmarried or same-sex partner) to the UK, as long as they are given entry clearance or permission to stay (known as ‘leave to remain’).
Home Affairs Committee: Suspend Tier 1 Investor Visa Route
On 25 February 2014, the Migration Advisory Committee (MAC) published a report on the Tier 1 Investor visa route in which it outlined several options for reform of the investor’s route. These included raising the minimum investment threshold from £1 million to £2 million, widening the investment options to encourage alternatives to gilts and removing the ability of the investment funds to be raised by way of a loan.
The Home Affairs Committee have now considered these submissions and have recommended the Home Office suspend the Tier 1 Investor visa route and seek to petition to the European Commission about the practice of EU member states “selling citizenship”.
Successful Tier 1 Visa Applications for High Net Worth Migrants
Our team of experienced and professionally qualified solicitors and barristers will be able to guide you through the process of making a Tier 1 Investor Visa application, Tier 1 Entrepreneur Visa application or Tier 1 Exceptional Talent Visa application step by step and limit the possibility of failure by complying with the strict letter of the law. Please contact us so that we can review your case and provide you with an assessment of your case.