China’s Richest Start Leaving As The Trade War Escalates
The number of Chinese millionaires coming to the U.K. has gone up by nearly 50%, latest figures from the U.K. Home Office show.
With £2 million ($2.5 million) needed to secure a Tier 1 Investment visa, only millionaires need apply to the scheme that enables residency in the U.K.
In recent years, the Tier 1 visa has proved increasingly popular with Chinese millionaires. Last year just under half of all the issued visas went to Chinese individuals.
But between the last quarter of 2018 and the first quarter of 2019, the number of Chinese receiving one soared by 45%. A total of 67 were approved in the three months to April, more than half of all those issued.
It’s not just that over half these visas went to Chinese millionaires, but they far outstrip any other nationality. The next largest nationality buying up the Tier 1s are Russias, who took 7% of the last year’s investor visas.
But why are China’s millionaires so keen to get their hands on a U.K. visa?
Education is the main reason, according to a survey conducted by Shard Capital of Tier 1 applicants. Over 80% said education was their main reason for applying. A similar percentage of Chinese cited the same reason for leaving the country in the first place, according to the annual Hurun Report of China’s richest.
Published: 28 May 2019