Insights on the ‘Super Election Year’

2024: The Most Notable Election Year to Date: UK focus

 
In an unprecedented political climate, 2024 has earned the designation of a “Super Election Year,” with major elections taking place in over 60 countries, including the United States, the United Kingdom, Russia, Mexico, India, and Indonesia. In light of these significant political events, The Global Intelligence Unit by Global Citizen Solutions has released its latest insights on the potential ramifications of these pivotal elections and their impact on migration trends.  One important topic of the report is the upcoming elections in the United Kingdom, taking place next month.

The monthly briefing released by the Global Intelligence Unit on the “Super Election Year” of 2024 provides critical takeaways for investors, analyzing the potential impacts of upcoming elections across over 60 countries. In the case of the UK, the paper analyse the perspective on the political preferences of high-net-worth individuals (HNWIs) and how the election results can impact the UK Non-Dom policy.

Keir Starmer’s Labour Party has maintained a consistent lead in the polls since early 2022, following 13 years of Conservative governance. This political shift in the UK offers an overview on the political inclinations of HNWIs. A recent survey conducted by wealth management firm Saltus reveals a surprising preference among British HNWIs, those with assets exceeding £250,000, for the Labour Party over the Conservatives in the upcoming general election. The data shows nearly 27% favoring Labour compared to 16% for the Conservatives, challenging the stereotype of wealthy individuals’ political leanings. According to the study, contrary to the common belief that HNWIs predominantly support right-wing ideologies, the political diversity among these individuals is far more nuanced. They support a range of parties and policies that reflect diverse priorities and values, including economic, social, environmental, and governance issues.

Global Citizen Solutions’ CEO, Patricia Casaburi points out one of the Labour’s proposals that could potentially impact individuals’ decisions on relocation: “One of the Labour Party’s proposals is the reform of the Non-Domicile (Non-Dom) tax status. These reforms could significantly impact HNWIs, potentially altering their decisions on relocation and investment migration. By tightening the qualifications for Non-Dom status and increasing taxes, the UK may become less attractive to HNWIs seeking tax-efficient jurisdictions. This potential policy shift could lead some HNWIs to reconsider their residency status and look to relocate to countries with more favorable tax regimes.”

According to Global Citizen Solutions’ Intelligence Unit, the top destinations for HNWIs include Australia, the UAE, Singapore, the USA, Switzerland, Canada, Spain, Greece, France, Portugal, and New Zealand.

“The outcomes of these elections could result in increased demand for second citizenships and residencies, and in response to these policies other countries might adjust their tax policies to attract HNWIs displaced from the UK, creating a competitive landscape among jurisdictions vying for these individuals’ residency and investments. observes Patricia Casaburi.

As nations like the United States and United Kingdom are preparing for pivotal votes, individuals must consider how shifts in political climates and policy reforms could affect global mobility trends. Global Citizen Solutions Intelligence Unit Research Lead, Dr. Laura Madrid Sartoretto points out: “This briefing will equip investors with insights into emerging opportunities and challenges. As we navigate through this transformative year, our analysis aims to inform and guide the industry in anticipating and responding to the evolving global landscape.

For more information on the latest insights from the Global Intelligence Unit and to access our comprehensive report on the super election year, visit our website at www.globalcitizensolutions.com/intelligence-unit