High-net worth individuals are referred to as HNWIs, they are entitled with this topic because they have high net worth assets. These assets can be fine art, jewelry, properties, luxury vehicles and all those that are counted as luxury assets in the United Kingdom. If you are a non-UK HNWIs you will have to implement luxury asset management in the UK to save unnecessary taxes. Since, this country itself is a mecca of luxurious assets and life, in the UK luxury assets are counted in your wealth portfolio and it can be a complex task to manage your assets in the UK. However, with right management, expert financial planning, and selecting a right visa route can make it easier for you. Although, there are certain specific visa routes that are offered by the UK visa and immigration such as UK self sponsorship visa, skilled worker visa, global talent visa, etc. Here in this specific article, we have mentioned an extensive guide that can help you with UK luxury asset management. So what are we waiting for? Let’s dig into this specific article to know more about it.
What is UK Luxury Asset Management?
UK luxury asset management is required for non-UK high-net worth individuals when their luxury assets extend beyond the limit of buying or selling. These assets are meant to be expensive and the UK government asks you to pay a viable amount to become the owner of such assets. Luxury vehicles, properties, jewelry, fine art items and other luxurious products counted as luxury assets in the United Kingdom. The UK government is very particular when it comes to paying taxes. That’s why it is crucial to have efficient management that can ensure you to save unnecessary expenditure. You must know that the UK luxury asset management is highly influenced by global economic factors. In such a scenario asset management becomes essential and it is highly recommended to manage your assets thoughtfully to avoid any consequences while you stay in the United Kingdom.
Follow These Steps For a Robust Asset Management in The United Kingdom
There are certain steps that can help you with asset management in the United Kingdom. One of those essential steps is choosing the right visa route. For non-UK high-net-worth individuals it is essential to choose the right visa path which can be a UK Self-sponsorship visa route. Taking this route can help with eliminating the requirement of asset management in the United Kingdom. Now to know how it can be possible you have to read out the following pointer. Let’s get started.
- Becoming a high-net worth individual can be an easier task but it can be more fruitful if you first register your company in the United Kingdom under a sole trader, partnership or limited private company. It is essential to register your company first in terms of obtaining a self-sponsorship visa.
- Since the self-sponsorship route is a combination of sponsor licence and skilled worker visa. It is crucial that you must obtain these immigration variations valid in the United Kingdom.
- Apply for the sponsor licence and issue yourself a certificate of sponsorship. A CoS will help you to sponsor yourself through. Once you receive this certificate you will be able to apply for the skilled worker visa. To apply for this visa route you can go to the official website of the UK government.
- To apply for this visa route it is crucial that you must attach all the important documents such as a copy of your original passport, educational certificate, residential proof, contact number, business registration number, VAT certificate, Certificate of english language proficiency. These documents should be attached along with the visa application.
- To obtain this route it is crucial to meet all the eligibility criteria set by the UK Home Office. You must have a viable business which is ready to be expanded in the United Kingdom. If you are an entrepreneur it is essential that you must have a viable and successful business plan. A sustainable business plan is essential to have if you want to run your business smoothly in the United Kingdom.
You must know that the UK Self sponsorship visa is not only for the entrepreneurs but is essential for the high-net-worth individuals as well. This visa category allows you to live in the United Kingdom for a period of four years if you successfully be able to run your business through this time period. Once you live in the country for four years you will be able to apply for the permanent residency and after that for the British citizenship. A citizenship can help you abundantly to manage UK luxury asset management. This is because UK citizens do need not to pay a heavy amount for managing luxury assets while being in the United Kingdom. If you choose visa routes other than self-sponsorship you might not be able to manage your luxury assets in the United Kingdom.
Conclusion
In conclusion, we can say that managing assets can be difficult in the United Kingdom if you are a non-UK citizen. It is essential to take the right visa route to minimise the necessity of paying over taxes to the UK government. UK self-sponsorship route it is crucial to obtain if you really want to survive in the UK while being a high-net-worth individual. The UK government always welcomes global citizens to set up their business business but it should be viable with the potential of future success and a good return on investment. However, to obtain the self-sponsorship route you should seek help from immigration firms such as A Y & J Solicitors. They have worked with more than 6000 individuals to help you establish your business in the UK. They can help you with the entire application process and minimise the complexities that may restrict the path of your business establishment in the United Kingdom. Contact A Y & J Solicitors today and take your first step towards setting up a business in the UK and ultimately becoming a UK resident.
