The UK continues to lose millionaires. An influx of more than 3,000 millionaires is expected this year, double that of last year. This is evidenced by an annual report on the immigration of millionaires from the immigration consultancy Henley & Partners. Among the big “losers” are China, India and Russia.
For years, London in particular has attracted many foreign millionaires. But since the Brexit referendum, more wealthy people have left the UK than moved in. The uproar and controversy over a special tax base for Britons who earn their wealth outside the UK has also caused unrest among millionaires, according to the Henley report.
Tax benefits and golden visas
The fact that taxes could be an important reason for this move is also evident from the figures for Portugal. This country has been trying for years to attract wealthy foreigners with tax breaks and flexible visas for wealthy immigrants. In recent years, the country has become known as a tax-efficient workplace for digital nomads. The Portuguese tax authorities have also been very flexible for years to foreign retirees.
In addition, the country attracted wealthy people from outside Europe with “golden visas”. Since 2012, an investment of 1 million euros, for example, in a house has resulted in a permanent residence permit. thousands Chinese and Brazilians Take advantage of the recent years. With the flow came more and more criticism. Portugal has seen house prices soar and the European Union wants to get rid of golden visa member states. And so the program ends this year.
Henley predicts that this will reduce the flow of millionaires. Last year, 1,400 arrived in Portugal, and this year there will likely be “only” 800. In Greece, which still offers golden visas, the flow is increasing from 1,000 last year to probably 1,200 this year.
By the way, these are actual relocations, with the wealthy staying in their new home for at least six months a year.
Outside of Europe, Australia, the United Arab Emirates and Singapore are particularly popular:
The Netherlands also acquires some millionaires through immigration. The consultancy is estimated at about 200 this year, which tracks the immigration movements of about 150,000 millionaires based on its client base and statistics on real estate and visa applications. Last year there were also 200, it seems now. This is just under the 350 previously estimated.
Thus, immigration contributes to an increase in the number of millionaires in the Netherlands. Their number has also risen again in the latest figures released by the Central Bureau of Statistics, for the seventh time in a row. Statisticians calculated this spring that the Netherlands had 317,000 millionaires on January 1, 2021.
Unlike, for example, Greece and Portugal, the Netherlands has virtually no temptations. In theory, the Netherlands also has a golden visa, but due to all kinds of strict conditions, it has been rarely used for years. In practice, there is no “investment migration program in the Netherlands,” says Henley.
And you must know that company. Henley & Partners plays an important and controversial role in this sector. Investigative journalists discovered that the company assisted, among other things, known passport fraudsters OCCRP last year.
Earlier, leaked documents showed that the company arranged agreements between the then Prime Minister of Malta and several wealthy individuals to expedite their applications for a Maltese golden passport. Among them is a Saudi prince and the ex-wife of the Russian oligarch Roman Abramovich.
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