Nigel Philpott, director of high-value residency at Economic Development, says that although there has been an increase in inquiries from potential 1(1)k residents, the economic downturn is putting obstacles in their way.
‘The wish to do it is increasing, but the ability has decreased,’ said Mr Philpott, pointing to the slowdown in the housing market in the UK.
Last week UK Chancellor Alistair Darling announced a punitive 50% tax on earners with annual income of £150,000 or more, with speculation in the national media that those who could afford to would take their business elsewhere and concerns that entrepreneurship would be stifled as a consequence.
