London Offers More than Tax breaks to Overseas Rich

The expected pre budget report has stimulated media debate on whether to tax the rich at 75%, if this will drive them out of the country so reducing the overall tax revenues, or if a new surge of rich immigrants will simply replace those leaving. Immigration lawyers servicing rich visa applicants also report growing demand, with no noticeable drop in inquiries since the government revealed plans to hike tax rates.

It seems the UK tax laws are still attractive enough to lure a new surge of rich immigrants, arriving from the booming economies of Asia. Bond Street jewellers and West End Estate Agents report that the Chinese in particular have overtaken the Arab and Russian super spenders this year. But London offers more than tax breaks and shopping opportunities. London is the city of choice for overseas university students and the UK in general is first choice for private schooling of pre university children.

While commercial links with the USA means it becomes the destination for Business type degrees, London is chosen for its history and cultural benefits, for its creative, diverse multi-cultural educational sector. The Studyinlondon website describes London University life thus; “London is one of the most cosmopolitan places in the world. Where else can you order breakfast in Farsi, book a taxi in Urdu, ask for afternoon coffee in Arabic, and spend the evening chatting to your friends in Cantonese”

London is the city everyone wants to spend some time in and is seen as safe and secure for families and students to move to. Throughout 2009 it has become the emerging market for the overseas property investor, with reduced property prices and a weak pound; even as a short term investment a central London property for the duration of a degree course, could pay the overseas student tuition fees, student accommodation and living expenses. Although money is not the barrier for the new super rich immigrant, a good investment is always a bonus.