There’s been much in the news about the predicted exodus of High-Net-Worth individuals leaving for pastures new. The reasons for these relocations vary from the possibility of higher personal and corporation tax to the effects on their personal lives here in the UK.
According to research conducted by Henley & Partners, around 128,000 of the world’s millionaires are projected to migrate to a new country in 2024. The US and UAE being top of their list of destinations. The UK is estimated to lose over 9,000 millionaires with the UAE being the main beneficiary of their economic investments. This is more than double the number that left in 2023.
While higher taxation may be a trigger for considering the benefits of relocating, it is not the sole deliberation for this group of individuals. Other factors are also important in making the decision to uproot their family and business. Some of the other reasons why they may choose to relocate are:
- Safety and security
- Financial concerns
- Retirement plans
- Work and business opportunities
- Lifestyle factors, including climate, nature, and scenery
- Schooling and education opportunities for their children
- Healthcare system
- Standard of living
- Or a combination of the above
Relocation considerations
Part of the consideration for High-Net-Worth individuals is whether to relocate to a new location. These families often have unique relocation needs and requirements with potential multiple homes, high-value belongings, and limitation on their time to coordinate such a move.
With these unique set of requirements, a customised service solution is needed. This can take the form of tailored packing requirements and communication protocols with the family’s support team. At this level every detail must be meticulously planned to ensure the delivery of an exceptional service.
This requires the chosen service partner to have an exceptional level of skill and experience. From detailed planning, providing expert advice to foreseeing every eventuality that arises. And being able to manage every aspect of a high-level service. This may entail attending personally to certain aspects of the family’s service or the provision of a “concierge” service where the individual needs are catered for.
Speaking to relocation experts early in the planning stages can often save time, effort and unnecessary delays and frustrations. The ability to understand the relocation process ahead of time can provide comfort that every aspect of the move is under control.
These families should engage with a relocation specialist as early as possible so they can utilise their expertise, plan their own schedules over the moving period and negate all the stresses associated with moving to a new country.
At BTR we have a track-record of organising successful relocations around the world and a comprehensive service offering across six critical steps. Our balance of a tight-knit and nimble team, with a completely global reach and network, guarantees a meaningful partnership and an intricate and unique relocation plan.
If you’re looking for advice on relocating anywhere in the world, please speak to Barrie Gilmour +44 (0) 07437 192119 or email at barrie.gilmour@btrinternational.com.
