The Americans are coming
While not shown in today’s data release, we have seen a significant increase in interest from Americans wishing to migrate to the UK under the Investor category, I envisage this to be reflected in Q4 ’20 / Q1 ’21 stats. Shard Capital has recently launched LeifBridge, our specialist wealth management solution for US persons residing in the UK.
Rafael Steinmetz Leffa commenting on the UK’s BN(O) decision:
Contrary to the belief of most, we would expect the number of Hong Kong Investor Visa applicants to remain steady and neither spike nor plummet, today’s figures prove this theory. Although the number of Hong Kong S.A.R. passport holders has for the first time surpassed the number of applicants from Mainland China, it has remained steady with only nine families in the second quarter of 2020 applying for the Tier 1 (Investor) Visa.
Tier 1 (Investor) Visa applicants play a vital role in UK foreign direct investment, I expect the BN(O) offering to be more attractive to families that have a lesser interest in the Chinese economy. Several recent reports of record number of property acquisitions in the UK from investors from that region are perfectly understandable. In addition, there have been a record number of overseas properties shows in Hong Kong, and the UK Government has made efforts to make the market more attractive with the Stamp Duty cut.
In my opinion, the only factor that may hold back investors and BN(O) passport holders alike is the fact that there is still some uncertainty towards schools reopening and the recent problems that came from examinations results. Education plays a crucial role in the decision-making process of investors moving their families and wealth to the UK, this factor may be more relevant than some would like to admit.
What a momentous quarter it has been, the migration statistics released today covered the UK’s COVID-19 lockdown period and the statistics clearly reflect that which comes as no surprise to regular readers of our quarterly circular. There is certainly a shift in migration habits due to the virus, and what we have found interesting is the shift in priorities for migrants, as different nation’s handling of the virus, and the strength of their respective healthcare systems, has become more of a focus. As previously highlighted, we expect pent up demand to filter through, followed by a slightly higher new mean average of Investor Visa applicants post Brexit.
27 August 2020
Q2 2020: The UK Issued 23 UK Tier 1 (Investor) Visas to main applicants during the COVID-19 lockdown quarter
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