Defying Brexit
Brexit, it would appear, has not diminished London’s status and appeal abroad. With the pound beginning to drop slightly, investors are continuing to see the potential the UK still has to offer. The capital has continued to dominate the European housing and wealth market, defying any Brexit concerns from those coming from abroad.
London has now held the Knight Frank’s top wealth spot for over five years, competing against other rivals, which include the Asian powerhouses of Tokyo, Hong Kong, and Singapore. No other European city has come close to London’s place and it doesn’t look like it will in the coming months, despite any Brexit fears.
This month, data from the Office of National Statistics (ONS) showed Britain had the largest number of Tier 1 Investor Visa applications since the threshold was raised to £2 million ($2.6 million) in 2014, proving the stability and appeal London and the rest of the UK has on the rest of the world.
“The results show that London has shrugged off concerns regarding Brexit to retake the top spot from New York,” said the Knight Frank Wealth Report.
The UK’spopularity is unlikely to fade soon according to Knight Frank. “Data from our Attitudes Survey indicates that 36 percent of UHNWIs already hold a second passport, up from 34 percent last year, with 26 percent planning to emigrate permanently, up from 21 percent.” Many of those looking to emigrate would choose the U.K. over any other country, the data shows, defying any Brexit worries.
In the foreseeable future, London will continue to remain a top global city for international investors. It will continue to be attractive as a destination for the global elite. Moreover, with the pound continuing to drop ahead of the final Brexit negotiations, there isn’t a better time to secure your Tier 1 Investor Visa to the UK. Contact us for more information and help.