Brexit is going to make the world's richest foreigners stay in Britain

The richest people in the world are likely to either remain or flock to Britain in light of Brexit despite the government’s focus on curbing immigration as part of its Brexit deal.

That is according to the head of research at a global wealth intelligence and market research company New World Wealth, in a comment piece written for Knight Frank’s “Wealth Report 2017.”

Referring to ultra-high-net-worth individuals (UHNWIs) — those with $US30 million (£24.2 million) or more in net assets — in the report, Andrew Amoils said that Brexit will be of little concern to the world’s richest people.

“For many observers the UK’s decision in 2016 to leave the EU was a disaster both in broad economic terms and, more specifically, in terms of its ability to attract and retain wealthy residents,” said Andrew Amoils, head of research at New World Wealth.

“However, in our view, the forthcoming Brexit process will not result in an outflow of wealthy individuals from the UK; rather, it will mean that existing HNWIs will be more likely to remain and indeed to be joined by a growing list of new arrivals. This view is backed up by the fact that over the past few years many of the wealthy UK residents we have interviewed have voiced concerns over the UK’s open border policy with Europe, as well as wider issues relating to the euro and economic dislocation within the EU.”

On January 17, Prime Minister Theresa May outlined her negotiating stance for Brexit , which included a rejection of the single market and an end to the free movement of people, resulting in a so-called “hard Brexit.”

At the moment, nothing has actually changed because she still needs to trigger Article 50 to start the official two-year negotiation period for Britain leaving the EU. Britain is part of the EU still and has to abide by its rules.

The further restrictions on immigration, if there are any, will likely impact EU citizens the most because it will mean they would have to apply for coming to the UK, instead of freely being able to live and work in Britain as part of the EU.

For non-EU nationals, Britain has a two-tier skilled worker visa criteria already:

1. The migrant needs to have a graduate-level role.

2. The salary for the job must be more than £20,800. The earnings threshold increases though to £30,000 from April 2017.

For the world’s wealthiest, this would not be a problem.

“We anticipate that the UK’s traditional alliances with the US, Canada, Australia and New Zealand will all grow stronger post-Brexit. Specifically, we expect Britain to reintroduce two-year working visas for citizens from Canada, Australia and New Zealand in the next few years,” said Amoils.

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