One in 10 high net worth individuals (HNWI) are planning to leave the UK by gaining residency or citizenship in another country, analysis from Astons has revealed.

Just 8 per cent of those looking to emigrate were planning to do so within the next 12 months, but 72 per cent expected to leave in the next five years.

More than a third (38 per cent) were leaving because they felt moving to another country would improve their quality of life, 25 per cent wanted to move to improve their health and lifestyle, while 23 per cent were planning to relocate for their retirement.

Over half (52 per cent) of HNWIs planning to leave the UK were relocating to another European nation, while 16 per cent wanted to move to the US or Canada.

The most common challenge to emigrating was obtaining the relevant visa or paperwork needed to settle in another country, cited by 43 per cent of HNWIs planning to leave the UK.

Despite this, less than a quarter (24 per cent) had considered taking advantage of the residency by investment programmes, also known as ‘golden visa’ programmes.

Other challenges cited were securing a place to live (19 per cent), financial security (14 per cent), and career stability (10 per cent).

“There are a number of countries that are far more attractive to HNWIs than the UK currently is,” stated Astons citizenship, residence permit, and real estate investment expert, Alena Lesina.

“We’re seeing a huge surge in interest, for example, in Greece, where UK expats can get renewable five-year residency for the whole family for a minimum investment of €250,000 into Greek real estate.

“The quality of life that Greece offers, alongside its favourable tax regime, great investment opportunities, economic prosperity, political certainty and, of course, access and free movement of the European Union, are all things that the UK struggles to contend with. And that’s before we consider the benefits that Greek citizenship offers to expat retirees with its flat 7 per cent tax on foreign pensions income.

“But be warned, rumours are circling that Greece, much like Spain, is planning to close its golden visa programme soon, which means 2025 might be the last opportunity UK HNWIs have of accessing such a fabulous opportunity in the Mediterranean for such a low asking price.”

---