With the UK bringing changes to its immigration policies which will come into effect by April 1, 2019, wealthy Asians who have commercial properties in Canary Wharf and Russians acquiring mansions in Belgravia have been faced with the challenge of getting a domicile both for their assets and themselves.
UK 2 Million Visa Scheme Ended
The new visa policy will affect the £2 million visa scheme which is also referred to as the “golden visa.”
The former legacy policy demanded that holders of the visa proved that they had control over liquid assets worth £2 million for a 90-day period. The new policy, on the other hand, demands that investors provide proof that they control the same amount of £2 million but for a longer period of two years.
Switzerland in position to be an alternative
Most of what made London a choice destination for investors is now very much available in Zurich and Geneva. The features, ranging from the quality of life there, the political stability, the rule of law, and the high educational quality. To add icing on the cake, English is fast becoming a popular language in the country.
A banker who handles international clients remarked that Switzerland has always been a top destination for “safe money.” Investors looking to make some offshore investments to guard against domestic financial uncertainty have always turned to the West-Central European country. According to this banker, Switzerland is for the first time, becoming the top choice destination where the rich want to live.
He thinks there's a difference between the merely rich and those who are super wealthy. The former, unlike the latter, is for the first time, considering the country as a place where they could live with their family.
The cosmopolitan life Switzerland offers could be largely responsible for this revival, but then, there isn't much of an alternative for these investors.
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