Spain 'a preferred destination' for UK's wealthy

A study of high-net-worth individuals in the UK has discovered that over half have considered moving out of the country, with Spain cited as one of the most popular destinations among this group.

The Skandia Millionaire Monitor Report noted that eight per cent of those surveyed are in the process of moving away from Britain.

Better weather, more favourable taxation and the perception of a higher standard of living are the main reasons cited for such people to leave the UK.

And buying a property in Spain appears to be a popular choice among respondents.

Skandia representative Jo Rimmer commented: "Our survey seems to indicate that the UK's wealthiest really are saving for a rainy day and will seriously consider moving to sunnier climes if storm clouds gather in either economic or meteorological terms."

Last week, Tinsa published its monthly Spanish Property Market Index for June, which recorded a 6.6 per cent drop in real estate values compared to the same month in 2010.

Lower house prices in Spain may act as an added incentive for those thinking of making a property investment abroad.
 

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