The number of high net worth individuals (HNWI) and ultra-high net worth individuals (UHNWI) applying to come and live in the UK on investor visas rose by 46% to 405, compared to the previous 12-month period ending March 2017.
Commenting on the Home Office data, private client law firm Collyer Bristow many HNWIs, particularly from emerging markets, still regard the UK as one of the most secure countries in which to hold their assets.
Investor visas enable those with at least £2m ($2.6m, €2.3m) to invest in the UK to enter and remain in the country for three years before ultimately applying for citizenship.
For the 12 months ending March 2016, 193 investor visas were issued.
This trend comes in the face of a tougher UK visa regime and contradicts other analysis that suggests rich people are looking to move away from Britain.
Global political uncertainty
Visa applications from Turkey increased 85% (from 13 to 24); Russian applications rose by 46% (from 34 to 52); and 26% more successful investor visa requests came from China (from 98 to 123).
Collyer Bristow, which obtained the information through a freedom of information request, expects many HNWIs may be increasingly looking to the UK rather than the US, which has seen its similar EB-5 investor programme coming under growing political pressure.
Despite an extension of the programme until 30 September, Donald Trump’s administration has urged the US Congress to eliminate or reform the programme in the long-term.
James Badcock, partner at Collyer Bristow, said: “Despite Brexit uncertainty, the UK is attractive to many HNWs as a place to live and invest in.
“For many overseas investors the UK offers an international platform from which to grow their investments or businesses on an international stage. In addition to the financial and investment opportunities, the strong cultural appeal of the UK and London as well as its private education system attracts many overseas high net worths.
“With political uncertainty surrounding investor visas in the US, a growing number of HNWIs are looking to move to and invest in the UK. However, some high net worths may have concerns that the government could tighten visa rules after the formal Brexit date in March 2019 and may be looking to enter before then.”
