United Kingdom Overview
The UK is one of the most attractive places in the world to live and to do business. It is also an attractive base for wealthy individuals and families, due to the preferential tax treatment available to those who are not deemed to be domiciled here.
Economic heart of the world
London is a leading global city and the world’s most influential financial centre, alongside New York. It is a cosmopolitan city and caters for every taste and culture. London has the highest GDP of any city in Europe and is home to the corporate headquarters of numerous multi-national corporations, financial institutions, professional firms and other major organisations. The time zone falls between the US and Asia and therefore is an ideal location in the globalised business world.
Political stability and safety
The UK is internationally renowned for having a stable democratic government. It has a respected system of law which has been adopted by many countries across the globe including Australia, Canada, India, Malaysia, New Zealand and the US. London has its own elected Mayor and Assembly dealing exclusively with improving the city.
Ease of travel and mobility
In this time of increased globalization, the UK is one of the best places to be located for travel and mobility. London has high-speed rail links to Paris, Brussels, and onwards to the rest of Europe, as well as mainline links to the rest of the UK. London is the busiest airport city in the world, boasting five international airports: Heathrow, Gatwick, London City, Luton and Stansted.
The UK is home to some of the best educational institutions, from pre-school to university.
Leading global universities, such as University College London, London Business School, Imperial College, London School of Economics, and King’s College, all have an excellent international reputation and are based in London. These institutions of academic excellence attract students from across the world. Henley & Partners, in collaboration with one of the leading education consultants in the UK, can assist our clients to find the best schools for their children.
Ownership of property
The registration of land title in the UK is established and land title is guaranteed. When one purchases a property in the UK, the conveyancing is done by Solicitors regulated by the Solicitor’s Regulation Authority (SRA). Funds used to acquire properties are held in designated and separate client accounts of nominated solicitors of the Royal Institution of Chartered Surveyors (RICS) Accredited surveyors are used to value and survey all properties prior to exchange of contracts. Property in the UK can be held as freehold or leasehold.
Tax liability is based on residence and domicile. Importantly, the UK Resident Non-Domiciled Individual (Non-Dom) status offers very attractive benefits to high net worth individuals. The UK thus remains an attractive option for tax residence.
UK Non-Doms are only taxed on UK source income and capital gains as and when they arise. Tax on foreign source income and capital gains occurs only when ‘remitted’ (i.e. brought into the UK), so if a foreign national coming to the UK only remits ‘clean capital’, he will not be taxed. An initial tax consultation is included in our service, however we strongly advise that each individual obtains comprehensive tax advice. Tax planning should be structured prior to the investor arriving in the UK.
The UK is well known for its National Health Service (the NHS) which provides excellent free healthcare. However, it is also recommended to take out personal health insurance with a reputable company to cover costs of private medical care. The UK boasts some of the best medical care facilities in the world.