Wealthy Britons step up citizenship shopping as Brexit deadline looms

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Wealthy Britons step up citizenship shopping as Brexit deadline looms

Fretting what could be the worst fiscal holocaust for the United Kingdom in many decades followed by a likely no-deal Brexit after December 31 deadline, a number of Britons had been swamping to secure a citizenship from other EU countries offering visa-free access to the European Union.

In point of fact, according to a slew of investment migration firms, the number of wealthy Britons seeking to “purchase” citizenships in other EU countries which would allow them visa-free access into the 27-member bloc, rose sharply over the recent past, as possibilities of a Brexit trade deal between UK and other EU nations had been darkened sharply amid a pandemic outbreak at large.

Investment immigration firms witness a strident rise in UK clients

In tandem, while an investment immigration firm Astons was quoted saying that it had been witnessing a roughly 50% to 30% rise in interests from the clients seeking Cypriot or Greek citizenship compared to the same time a year earlier, another London-based global citizenship firm Henley & Partners had also said that it had been experiencing a mass-scale step-up in requests for advice on investment immigrations for Malta, Portugal, Austria alongside multiple Caribbean islands which usually offer a visa-free access to the eurozone and citizenships for the investors.

Nonetheless, latest media headlines revealing an intransigent pick-up in investment immigration requests came forth a couple of days after the UK Government had raised an alarming bell saying that the UK logistic businesses should brace for at least 7,000 trucks at the border queues on January 1, since a majority of UK-based logistic businesses would not have the necessary permits for visa-free travels following a no-deal Brexit.

Meanwhile, adding that the number of wealthy Britons seeking investment citizenships in other EU countries had been much-higher at this standpoint than the figures recorded immediately after the 2016 UK election when 48 per cent UK citizens had voted in favour of a Brexit, Henley & Partners Director Paddy Blewer said over the weekend, “This isn’t about tourists.

This is the UK high net worth community that have a constant need to travel to and spend significant time in the EU. This is investment migration as a volatility hedge and a component in a high net worth portfolio value defence strategy.