The trade war is driving high-net-worth individuals from China to drop their plans to emigrate to the US and seek alternative destinations in Europe, particularly the UK, the latest data suggests. Applications for Tier 1 Investor Visas by Chinese high-net-worth individuals jumped 54% between Q4 2018 and Q1 2019, according to Growthdeck, a private investment platform for high net worth individuals. There were 73 applications from mainland China and 10 from Hong Kong during the first quarter of the year, compared with a total of 54 in the final quarter of 2018. It represents the highest figure for a quarter since Q4 2014.
The trade war between the US and China, along with the recent protests in Hong Kong (in response to a proposed law that would allow people to be extradited to Mainland China for trial) have meant that, for many of its high-net-worth citizens, the political unease and lack of security and stability are now influencing in a very real way how they decide to channel their fortunes to and from the south-eastern city-state.
China and the UK have enjoyed a strong relationship for many years. It has and continues to survive diplomatic bumps in the road. It’s perhaps not therefore surprising that the UK can offer attractive lifestyles for investors seeking an international base from which to house their families and conduct their professional lives.
With the uncertain future, high-net-worth individuals from China and Hong Kong are looking for new homes to house their fortunes, and with the reputation of the UK for its rule of law and education system established around the world, the UK remains a stable destination for international wealth and business to thrive. Not even Brexit appears to dent the appetite of many to seek residency here. The reasons are clear then but the numbers prove the point. The number of Chinese and Hong Kong nationals applying for a Tier 1 Investor Visa have jumped by 54 per cent, according to Growthdeck, meaning they make up just under a third of all Investor Visa applicants.
Stable legal residency and citizenship are fundamental requirements for anyone seeking to establish their family home elsewhere but they can often be complex goals as political situations continue to evolve and individual circumstances change. UK Welcome, as part of Knightsbridge Wealth, has teamed up with a significant team of exceptional accountants and lawyers to ensure Tier 1 Investor Visa applicants receive the best advice, based on their unique circumstances.