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High UK taxes and crime forcing wealthy Britons to leave

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06/08/2012
High taxes and concerns over crime is forcing wealthy Britons to start thinking about moving their assets overseas, according to a leading financial advisory firm.
High UK taxes and crime forcing wealthy Britons to leave

According to deVere Group, there has been a 37% increase in enquiries from people with savings and investments worth more than £250,000 who are considering living abroad, compared to the same period in 2011.

Nigel Green, chief executive of the deVere Group, says: “During the first six months of this year, our advisers in the UK have reported a significant hike in the numbers of high-net-worth individuals seeking advice on moving their funds out of Britain.

“The vast majority of these people tell us that they want to maintain their lifestyle in retirement and protect their current level of wealth and that the most effective way to do this is to move themselves and their funds out of the UK to a jurisdiction where they will be taxed considerably less.”

deVere also point to social issues as another key reason for high-net-worth Britons considering a move overseas.

Green added: “Wealthy Brits say they are looking to leave the UK as they believe crime and anti-social behaviour is soaring and they are seeking a higher quality of life in countries which boast a safe, family-orientated lifestyle.

“Of course, this year’s dismal weather has also been a contributing factor to the growing numbers of Brits thinking about quitting a rain-soaked Britain for a life in the sunshine,” comments Mr Green.

deVere say that they expect this trend of high-net-worth individuals to want to leave the UK to continue through this year and beyond.

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