Relocate Global have published an article on the migration of high-net-worth (HNW) individuals, which is expected to reach new heights in 2024, with an estimated 128,000 millionaires projected to relocate globally. This trend reflects a diversification in destination preferences beyond the traditional allure of the United States.
Fran Rance, Managing Associate and Knowledge Lawyer at Mishcon de Reya, provided insights into the changing landscape of immigration for the wealthy.
She commented: “While the UK remains one of the world's top destinations, the available immigration pathways have shifted in recent years. Various changes in government policy have resulted in a more restrictive landscape and have enhanced the need for careful planning around all aspects of an individual’s move. Following the closure of the Tier 1 Investor route (the UK's golden visa) in February 2022, there has been a move towards routes which require active engagement with a UK business and, in many cases, endorsement (or pre-approval) by a third-party organisation. This has had an impact on high-net-worth migration to the UK, as well as developments in other areas of government policy.”
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