UHNW immigration: where, why and how?
Thoughts from UHNW immigration legal advisors on the pressing topic of global mobility
Immigration has become a difficult topic recently with visa programmes shutting down. However, options like Outstanding Individual and Tech visas are still possible. In this feature, Citywealth asks immigration experts what the current state of play is regarding UHNW individuals looking to immigrate. Where are doors opening and closing? What is driving the immigration of UHNWs and what avenues are they opting for to permit their immigration?
Where?
We asked where we are seeing growing jurisdictions for UHNW immigration, and where doors are closing. Jayesh Jethwa, Partner, Corporate and Private Client Immigration, Quastels LLP listed the UAE, Saudi Arabia and, for some clients particularly post-Brexit for industrial business clients, Germany and France as areas UHNWs are being attracted to. On London, he said: “London is still attractive, but on a macro and policy scale the routes of entry are far more difficult. The specific routes that are currently difficult are the Expansion Worker Route. The delays by the Home Office is affecting businesses ability to expand to the UK. In terms of policy, the general constriction of routes means that that there are less options available for individuals to relocate to the UK and therefore a greater need for clients to obtain legal advice at an earlier phase to understand the options that they have. On an economic scale, I imagine this is causing a reduction of foreign investment which is quite vital to assist in propping up the economy.”
Nicolas Rollason, Partner at Kingsley Napley said: “With the closure of the Investor visa, the UK appears to be closing its doors to UHNW individuals who are not interested in working in the UK or actively running a business here. Ireland has closed its Immigrant Investor Programme (IIP) and Portugal is in the process of narrowing its Golden Visa by restricting real estate investments. The UAE has seen a surge of uptake in its Golden Visa, with many Russians sitting out the storm of the ongoing war, along with a growing number of takers from Asia.”
Jurga McCluskey, Partner, Global Employer Services, Tax and Immigration, Deloitte said: “Citizenship and residence by investment programmes remain under scrutiny with the closure of the Tier 1 (Investor) programme in the UK in February 2022, followed by the closure of the Investor programme in Ireland in February 2023, along with changes to the Golden Visa programme in Portugal, limiting the qualifying investment options. However, there remains a global focus on attracting the best and brightest talent, with many countries offering enhanced immigration conditions, such as a fast track to permanent residence to those deemed as leaders and potential leaders in their field. Such categories remain attractive to UHNW individuals, who are often key operators in their field. In addition, many countries, such as Portugal and Spain have introduced Digital Nomad visas to formalise arrangements for remote working. In addition, countries such as Portugal, Ireland and France continue to offer residence permits for self-sufficient persons, which remains popular for those with properties in those countries.”
Marcia Longdon, Partner, and Tim Richards, Professional Support Lawyer, at Kingsley Napley commented on current conditions in the UK: “[A]s things stand, in the UK there are insufficient credible options. The UK is instead focusing more on innovation led options for international workers – with categories such as Scale-up, High Potential Individual and Global Talent taking more prominence than investment/wealth led visa schemes. If an UHNW individual is say a leading digital tech expert or has a degree from Harvard in the last 5 years they’ll have options, but if not the UK is currently not opening its doors wide open to such applicants. The High Potential Visa category should be expanded to include more universities as it would support the notion that we are open business and want to attract the brightest talent.”
Why?
Tax leniency, political stability, economic security and investment opportunities such as promising property markets are all tried and true reasons for UHNWs wishing to immigrate. We asked our experts what the current most common driving factors are.
Nicolas Rollason said: “As ever, we still find that political stability, personal security, a rules based system, an excellent education system, a fair tax system, a simple visa system with clear rules and increasingly a clean environment are the key deciding factors, often in that order. With more single-family offices making direct investments and second generations looking to get involved in angel type investments, a strong investment ecosystem is also an added bonus. Finally, how countries responded to COVID also plays a part as some mobile UHNW individuals are seeking to avoid a repeat of being locked in when the rest of the world opens up.”
Jurga McCluskey said: “The backdrop of geopolitical risks and economic instability is often a driver for UHNW individuals to seek security and stability for their own families and businesses. Lifestyle also continues to be a key driver when considering options, to include education, rule of law and climate considerations. Ease of travel and reduced administrative burden is also a priority for UHNW clients, with permitted duration allowance for business travellers becoming increasingly challenging.”
Marcia Longdon and Tim Richards highlighted the focus on family when making immigration decisions: “From our experience of advising UHNW individuals on their UK immigration options, often the primary concern and driving factor in their decision making is seeking out a safe and stable location for their family which provides opportunities. UHNW individuals want an option which is simple and flexible. They want to have certainty over when they will obtain indefinite leave to remain and what benefits it affords their family. What the country offers in terms of education options is very important – from schools to universities and then options for going on to work. In the UK, for children under 18 this is often fairly simple in that they can study in the UK and go on to obtain indefinite leave to remain. But for children who are 18 or over it can be more complicated. These children will not qualify as dependants and so will need a good immigration option on an independent basis. Again, this is often where the UK falls down. In the past Tier 1 (Investor) applications would be considered for the adult children and separately for the parents. Now what options are there for children? The track to indefinite leave to remain is important because it is that which often opens up the UK to the children – in terms of complete freedom to study and work as they choose. Indefinite leave to remain can also lead to British citizenship – providing more flexibility and opportunities for other countries, albeit no longer as a ‘passport to Europe’ following the end of free movement.”
How?
So we know what is driving UHNW individuals to immigrate, but how are they choosing to do it? Jayesh Jethwa answered: “Innovative businesses, expansion of companies / existing entities and global talent visas. There are more obscure visas such as the HPI and work permits for C-Suite level hires.”
Nicolas Rollason said there is a “definite shift” away from passive residence by investment programmes to more investment and business based programmes, like we’ve seen from the UK, Ireland and Portugal in the last 18 months. He added: Clients are being more careful about obtaining second citizenships in countries on the AML “grey list” due to the potential impact on their own profile for banking and investing purposes. Clients are exploring wider options all options including Global Talent for successful Tech founder and investment and employment based sponsorship. The recent decision of the UK Government to take Dominica and Vanuatu off the UK’s visa free list may act as a warning the countries selling second passports to up their due diligence game.”
Jurga McCluskey said citizenship and residence by investment programmes remain popular with UHNW individuals clients, “particularly for those succession planning for future generations, seeking options that permit ease of travel and security.”
Marcia Longdon and Tim Richards commented: “In the UK, until the closure of the Tier 1 (Investor) category the favoured approach was the relatively modest £2 million investment which gave a good degree of flexibility. The applicant could work in the UK if they wished but they did not need to. They had to concentrate on the residency requirements in order to qualify for indefinite leave to remain but other than that only had to ensure their investment was managed properly. In our experience that is what UHNW applicants are looking for in a visa programme – simplicity, certainty and flexibility. Options to go on to become a British citizen are also often of primary concern – especially if there are children in the family. A favoured, but limited category is Global Talent as it does, after three allow one to apply for indefinite leave to remain, assuming the residency requirement is filled. Under the Arts Global Talent category it is limited in scope to the talent required. It does not go far enough in recognising though who are talented and experience but may not have won eligible rewards. It requires review.”
What else?
Finally, we asked our experts what is currently top-of-mind for immigration advisors working with UHNW individuals. Marcia Longdon and Tim Richards commented on the situation close to home: “Top-of-mind for UK immigration advisors working with UHNW individuals is probably the lack of credible visa options the UK currently offers. Previously, the go-to category for UHNW families was Tier 1 (Investor). However, this route was closed in February 2022 to first-time applicants (it still remains in place for those seeking to extend their visa or apply for indefinite leave to remain). This left a blackhole in the UK immigration system for UHNW individuals and their families. The government spoke of an expansion to the Innovator category which would be ready to use by Autumn 2022 yet there is no sign of it. The Home Secretary said at the time: ‘This reformed offer will make provision for overseas nationals who can show they are skilled and experienced professional business angel investors, with a track record of founding and investing in innovative businesses overseas, along with access to a minimum level of funds and credible plans to engage in similar activity in the UK. The proposed future scheme will no longer focus exclusively on having cash in the bank and making passive investments. It will instead be focused on attracting the brightest and best through a rigorous assessment of an applicant’s business background, skills, and investment plans.’”
“There may be existing options for those UHNW individuals who have an overseas business and are interested in setting up a UK branch/subsidiary – if they wish to work within that UK business – via a UK Expansion Worker or, depending on the circumstances, potentially a Skilled Worker application.”
Jurga McCluskey said: “Geopolitical risks, economic instability and emerging technologies continue to impact UHNW families and their business operations. Such families need to be internationally mobile, which requires increased flexibility as immigration laws and processes change, at times with little to no advance notice. In addition, the immigration process is increasingly becoming digitalised. Some countries have implemented or announced electronic visas, or electronic travel authorisation systems to more effectively manage and monitor exit and entry of travellers. The UK’s Electronic Travel Authorisation (ETA) scheme is due to start its phased launch in October 2023, and the European Travel Information and Authorisation System (ETIAS) is expected to start from 2024. This means an additional step for business travellers, and greater oversight of travel records by the authorities.”
Jayesh Jethwa listed the development of custom routes for UHNW individuals and the logistics of their residency against tax considerations and residency in other countries, the delays that can occur on the part of the Home Office, and providing certainty of outcome insofar as it is possible as current crucial considerations.
Nicolas Rollason answered: “At present the closure of the Investor visa category in February 2023 is creating new challenges in advising UHNW individuals and their families wanting to move to the UK. Rather than the off-the-shelf solution Investor which we could deliver with support from our Private Wealth Group, we are looking at solutions through corporate structures and looking more closely at the client’s career background and work and business plans to determine the most suitable route for them to take. Political upheavals also tend to generate interest in mobility, and we have seen increased interest from clients in Israel and some US citizens worried about the possible outcomes of next years’ election.”
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