With the US election looming in November 2024, the stark policy differences between the two parties are bound to have profound political, economic, and market implications. Attempting to foreshadow what each victory could mean for business owners and HNW individuals, Gherson offers its expertise to assist those considering moving to the UK.
Biden’s economic agenda includes a proposed “billionaire tax,” a 25% tax on Americans with a wealth of more than $100 million. This tax will have a broad base, targeting assets, cash, jewellery, and property. Additionally, Biden is likely to allow the 2017 Tax Cuts and Jobs Act to expire in 2025, a policy highly valued by HNW individuals. Critics argue that Biden’s re-election could result in a wealth exodus, pushing affluent individuals toward tax havens and turning their attention to Europe and Asia.
In contrast, Trump has made his desire for much lower interest rates clear. Critics have suggested that his approach to monetary policy may lack full independence, potentially causing markets to lose confidence in US monetary policy and resulting in very high inflation. Maurice Obstfeld, a former chief economist of the IMF, argues that numerous of his policies would revive the 1970s style inflation. He directly points at Trump’s desire to increase presidential oversight of federal interest-rate decisions and rulemaking, and his proposed policy for weakening the US dollar to reduce US trade deficit.
If you are thinking about moving from the US to the UK amid the current political and social uncertainty, there are several visa options which may be open to you. One appealing route is the Innovator Founder visa, perfect for entrepreneurs with a groundbreaking business idea. Your concept needs to be new, innovative, viable, and scalable, and you will need to demonstrate that you have the relevant skills to implement it successfully. First, you must secure an endorsement from a Home Office-approved body by presenting a detailed business plan. Additionally, you will need to meet the English language requirement and prove you have enough funds to support yourself and your family. Once you have received the endorsement, you may then submit your visa application to the Home Office.
For professionals in the tech and creative sectors, the Global Talent visa offers a fantastic opportunity. This visa has two sub-categories: ‘Exceptional Talent’ for leaders in their field and ‘Exceptional Promise’ for emerging leaders. Each field has its own endorsing body, from which you must obtain an endorsement. This route allows you to work in your field without needing specific job sponsorship, offering greater freedom to work in your area of expertise. As with the Innovator Founder route, after securing an endorsement t you will then apply for the visa itself. This route can lead to settlement in the UK after three to five years, depending on the specifics of your endorsement.
Alternatively, the Skilled Worker visa is a solid pathway for those with a job offer from a UK employer. Your employer must sponsor your visa, and the job must meet certain skill and salary thresholds. This visa can lead to permanent residency after five years, making it a reliable option for long-term relocation.
Whether you are an entrepreneur, tech expert, or skilled professional, the UK has a wide range of visa options to make your move possible.
How Gherson can assist
Gherson’s Immigration Team are highly experienced in advising on UK visa matters. If you have any questions arising from this blog, please do not hesitate to contact us for advice, or send us an e-mail. Don’t forget to follow us on X, Facebook, Instagram, or LinkedIn to stay-up-to-date.
The information in this blog is for general information purposes only and does not purport to be comprehensive or to provide legal advice. Whilst every effort is made to ensure the information and law is current as of the date of publication it should be stressed that, due to the passage of time, this does not necessarily reflect the present legal position. Gherson accepts no responsibility for loss which may arise from accessing or reliance on information contained in this blog. For formal advice on the current law please do not hesitate to contact Gherson. Legal advice is only provided pursuant to a written agreement, identified as such, and signed by the client and by or on behalf of Gherson.
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