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Is the UK losing its shine as a destination for the UHNW community?

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When considering the attractiveness of the UK as a destination for the ultra-high net worth individuals, has the UK government effectively pulled up the drawbridge or is it business as usual? Potential deterrents include the abolition of the UK tier 1 investor visa; the imposition of sanctions on certain Russian oligarchs and entities; and the introduction of measures in the Economic Crime (Transparency and Enforcement) Act 2022, including the new register for overseas entities. Attractions include the remittance basis of taxation for resident non-doms, and the significant reliefs within the remittance basis framework that facilitate potentially significant investment in the UK by them, and the UK’s extensive double tax treaty network. The UK boasts a very deep bench of wealth management expertise, with some of the best experts in the world on international tax and investment management.

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