Wealthy people like to have options, and investor migration to different countries for residency, wealth planning or tax purposes, for example, is accelerating at an unprecedented rate,
In searching for a better quality of life for themselves and their families, or for a new location to do business to benefit from global opportunities, Dominic Volek, managing partner and head of Henley & Partners in South-east Asia, says HNW and UHNW individuals often see other countries as offering a better living environment in terms of climate, personal security, healthcare and transport systems, among other factors.
Many wealthy individuals are also increasingly attracted to the concept of relocating for the sake of their children, he adds, in terms of getting access to higher-quality education.
Further, and a more and more popular driver for looking at other ‘safer’ countries, says Volek, is the search for personal security. This can also be in terms of more privacy.
Meanwhile, as the global tax environment gets more transparent and complex, Volek says relocating might be an effective way for someone to do more effective tax planning, and in a legal way.
In addition to a new permanent residency, wealthy individuals are also looking for citizenship in some countries. Getting the passport of a particular country can be appealing to people from South-east Asia, explains Volek, since the passports of many countries in this region offer relatively limited visa-free access to other parts of the world.
To facilitate new passports, many countries have implemented policies that allow foreigners to gain citizenship via investments or significant capital contributions, and without the need to physically move there.