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Wealthy Brits look to flee abroad to escape high taxes, crime and rain

07 August 2012   (0 Comments)
Posted by: SAIT Technical
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By Louisa Peacock (The Telegraph)

DeVere Group said the number of enquiries it has received about living abroad from people with savings and investments over £250,000 has shot up almost two fifths year-on-year.

Between January and June 2012, 841 Brits asked the company for advice on leaving the UK compared to 614 in the same period last year, the group said.

Nigel Green, chief executive of the deVere Group, said: "Against a backdrop of increasing taxes, a perceived social disorder, and yes, the weather, we've seen that high-net-worth individuals are increasingly likely to consider moving abroad and it is a trend which we fully expect to continue through 2012 and beyond.”

He added: "Wealthy Brits say they are looking to leave the UK as they believe crime and anti-social behaviour is soaring and they are seeking a higher quality of life in countries which boast a safe, family-orientated lifestyle.”

The most popular destinations for young people, between the ages of 35 and 40, include Dubai and Abu Dhabi, Mr Green said. British City professionals under the age of 45 are also looking at Hong Kong and Tokyo for their next "five-yearcareer stint”, taking advantage of the tax regime, he said.

Retired Brits looking to escape a rain-soaked UK for a life in the sunshine were increasingly asking about Cyprus, he added. Fewer older people appeared to be considering a move to Spain, he said, potentially because of the country's economic woes.


Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.


The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

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