Some of the wealthiest people in Britain are considering moving overseas to enjoy better tax breaks, according to new research.
The deVere Group, which is one of the largest independent international financial consultancies in the world, reported that during the first half of 2012, it has experienced a significant rise in the number of affluent people seeking advice on heading abroad.
Statistically speaking, in the first six months of the year, deVere observed a 37 per cent spike in the number of high net worth individuals keen on finding out what benefits would come from quitting the UK, compared to the same period last year.
Nigel Green, chief executive of deVere, said: “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.”
Money isn’t the only reason for relocating to a foreign country, deVere found, with wealthy professionals – those considered as having savings and investments worth more than £250,000 – citing concerns over the state of British society.
According to Mr Green, because of a real unease about the perceived rise in crime and anti-social behaviour, this demographic is looking for countries that can offer a high quality of life and “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,” the expert added.
Over $8 billion (approximately £5.1 billion) of funds are under advice and management at the deVere Group, comprising 60,000 clients in 100 different countries.
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