Chase Buchanan Note Sustained Growth in Demand for Financial Advice Driven By Professional Visa Programmes

Chase Buchanan, a long-established provider of regulated financial advisory and wealth management services for expatriates, has highlighted a dramatic rise in demand for their services, linked closely with spikes in application volumes for digital nomad and professional visas.

Over the post-pandemic period, more than 50 countries have introduced a digital nomad visa or a similar scheme to attract skilled professionals. These initiatives have far surpassed those previously seen and are driving the need for independent wealth management assistance for the millions of expatriates handling their affairs from overseas.

The Worldwide Rise in Digital Nomad Visa Scheme Applications

The primary contrast between a digital nomad and a comparable visa, such as an entrepreneurial work permit, is that the former doesn't often mean visa holders become full residents.

Instead, these visas typically provide the right to live and work in a country for a finite period, with conditions around the proportion of a professional's work or income that must arise from outside the country.

For many, the appeal is the ability to live in a warm, welcoming climate, carry on a remote profession without needing to go through the more rigorous processes of applying for longer-stay visas and the flexibility to travel without compromising on their income or standard of living.

This complex tax position can mean that the usual steps to manage tax efficiencies may not apply since a digital nomad may have clear tax liabilities in two places, be considered a tax resident in a place of residence while remaining a taxpayer in another and need to ensure they are handling their affairs correctly to avoid non-compliance or overpayments.

Understanding the Higher Demand for Overseas Visas and Permits

Lee Eldridge, Group CEO and Head of Investment Advisory at Chase Buchanan notes that the steep increases in digital nomad scheme applications aren't solely due to lifestyle aspirations or the approximately 58 schemes that are now open in regions as diverse as the Caribbean, southern Europe, and South America.

He notes that the political elections in both the US and the UK and the sweeping reforms introduced thereafter have also prompted many higher-income professionals to consider the benefits of an overseas relocation.

Lee says, ‘Following the change in government here in Britain back in July, we saw a sudden shift in movement, particularly for ‘non-doms' and those with high net worths who could see that tax reforms would be unfavourable for them – and sought to relocate to protect their wealth well before anticipated legislation and regulation changes.

We've seen this borne out, with demand for advice around achieving overseas residency status or applying for varied visas, often from families and affluent business owners who recognise that tax-efficient planning can make a substantial difference to their long-term wealth.

Likewise, after the announcement of the outcomes of the presidential elections in the US, online searches for information about work visas and routes to overseas residency surged by an extraordinary 170%, showing that the digital nomad visa trend is far from exclusive to the UK.'

Impacts of Higher Professional Visa Applications on Requests for Independent Financial Guidance

Lee goes on to explain why interest in international visas has had a knock-on effect on demand for financial planning assistance, saying, ‘For us as a team of wealth managers, tax advisers, pension specialists and financial planners, this has led to a sustained need for independent, reliable guidance, whether around structuring assets and wealth, selecting an optimal visa scheme, or safeguarding finances from unnecessarily heavy tax burdens.

We've responded by extending our teams and recruiting skilled colleagues to reinforce and widen our capacity. We've subsequently opened new offices in prime locations where expatriates often find themselves without the right support on hand.

Our teams also share free, downloadable resources to help the tens of thousands of people and families considering a relocation understand the areas of planning that will make the most difference to their finances and long-term tax exposure in the years to come.

We'd advise anyone thinking about becoming a digital nomad or applying for another visa category to take the time to speak with an accomplished wealth manager since there are numerous potential strategies and steps we can take to streamline the relocation and ensure you make informed decisions throughout.'

Chase Buchanan has 11 offices across Europe and North America, supported by a UK Administration Centre. The group offers prospective clients the opportunity to book an adviser call online via the company's website.

Read more about Chase Buchanan - Chase Buchanan Wealth Management Advises Expats Moving to Spain to Review Plans Amid Golden Visa Scheme Reforms

About Chase Buchanan Private Wealth Management

Chase Buchanan is a highly regulated wealth management company that specialises in providing global finance solutions for those with a global lifestyle. We are global financial advisers, supporting expatriates around the world from our regulated European headquarters, and local offices across Belgium, Canada, Canary Islands, Cyprus, France, Malta, Portugal, Spain, UK and the USA.

Chase Buchanan Ltd is authorised and regulated by the Cyprus Securities and Exchange Commission with CIF Licence 287/15.

Media Contact:

Chase Buchanan Ltd
+357 2501 0455

Release ID: 1353425