The largest number of high net worth individuals (HNWI) relocating to the UK last year came from China, according to private wealth law firm Boodle Hatfield.
It analysed 2019/20 financial year data from HM Revenue & Customs (HMRC) which found that 650 non-domiciled individuals moved to the UK from China.
HNWIs from Hong Kong (SAR) represented the second biggest group of HNWIs moving to UK with 620 non-doms relocating to the UK last year.
This was followed by Spain in third place with 470 HNWIs.
Boodle Hatfield said that Chinese investors continue to view the UK as one of the “most secure jurisdictions in which to hold assets” due to its “stable political environment, rule of law and track record of protecting investors from state seizures of assets”.
Source: Boodle Hatfield
Despite Brexit
Kyra Motley, partner at Boodle Hatfield, said: “Despite all the uncertainties created by covid and Brexit, more wealthy individuals from China are taking the opportunity to make their move to the UK and start a new life for both themselves and their family.
“Foreign nationals contribute huge amounts to the UK’s tax take whilst providing capital for UK businesses. As a result, these individuals will be instrumental in helping the country get back up on its feet following covid.
“Overseas HNWIs coming to the UK have been faced with two major obstacles – Brexit and a less favourable tax regime. In spite of this, the UK remains an attractive location to relocate to and expand their wealth.”
