There has been an “untold increase” in the number of high net worth Brits paying to become EU citizens post-Brexit, wealth experts have told The Telegraph.
Expat advice firm Henley & Partners says it has seen unprecedented demand for so-called ‘golden’ visas and citizenships in countries like Latvia, Greece, Malta, Austria and Portugal.
The firm has recorded a 344 per cent increase in applications for its EU programmes from UK citizens between 2020 and 2021 in the wake of Brexit.
The interest dipped 22 per cent between 2021 and 2022, but applications have now skyrocketed again by 250 per cent in the second quarter of 2023 versus the first quarter as the reality of Brexit bites.
Stuart Wakeling, a managing partner at Henley, said: “We’ve got more British clients than ever before. [We have seen an] untold increase in demand in what we do from Brits because they are not happy about being outside the EU.”
He added: “There are big drivers for millionaires to move, tax is always going to be one of them. Whether you’re American or British.”
Last year 557,000 British passport holders emigrated, official figures show.
It comes as Brits face more restrictions on their ability to live and work on the continent.
From 2024 visitors from the UK must pay for the European Travel Information and Authorisation System, which is valid for three years and allows stays of up to 90 days within any 180-day period.
The net outflow of high net worth citizens from the UK, who are classed as having investable assets of $1 million or more, surged to 4,200 in 2017 following the Brexit referendum.
The figure is now climbing again to 3,200, beating Russia’s 3,000, and making the UK the third biggest loser of millionaires globally after China and India, according to Henley’s data.
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