Figures recently released by the UK Home Office show that to then end of September 2019 number of UHNW Chinese, both from the Mainland and Hong Kong, has increased by 32% when compared to the same period in the previous year.
It is considered that the growth has been driven by growing US / Chinese tensions and unfavourable changes to the US visa migration rules that can result in applicants being required to wait many years for approval of their application under the US visa scheme.
In total the UK received 202 Tier 1 Visa application from Chinese nationals, with over 170 applicants from the Chinese Mainland an increase of 38% over the last year for which figures are available and 31 from Hong Kong a more modest increase of 7%.
It is widely expected that these figures may well continue to grow; with an increasing number of applications from Hong Kong should the disturbances continue to escalate in the coming months.
The UK is considered by wealthy Chinese nationals as a secure alternative to the US, with an impartial justice system that respects the rule of law, in particular the protection of an individual’s legally obtained wealth from state expropriation.
February 2020
November 2019:
Tier 1 Visa
While Brexit shenanigans are likely continue for some time yet, it seems likely that more non-UK nationals will be required to obtain a visa to live in the UK. The Tier 1 Visa is an excellent programme to reside in the UK whether as an Investor or as an Entrepreneur, with the opportunity to obtain citizenship in one of the world’s leading jurisdictions. For individuals considering making an application now may be the best time to pursue the application before the queue lengthens or changes are introduced to the rules.
EU Nationals in UK
Under the terms of an agreement between the UK and EU, the UK has confirmed that it will protect the rights of citizens of the EU, including Norway and Iceland and under a separate agreement citizens of Switzerland who are resident in the UK. Most of those resident will need to apply for leave to continue to live in the UK by applying under the EU settlement scheme.
For more information about Citizenship and Residence services in United Kingdom, or elsewhere please contact Simon Huxford: s.huxford@rosemont-mc.com or request or Citizenship and Residence e-brochure.
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