United Kingdom Country Profile

Passport Ranking
37/198
Passport Score
172.7
Visa-free Countries
158
Show More
Region
Europe
Capital City
London

Largest City
London
Currency
Sterling

Languages
English, regional languages
Population
67.1 million

Life Expectancy
81.9 years
GDP (nominal)
$3.2 trillion

GDP/Capita
$47,681
Cost of Living
Climate
Safety
Pollution
English Proficiency
Expensive (5/7)
Comfortable (2/5)
Very Safe (2/7)
Clean (2/5)
Native

Taxation Type: Residence-based

Non-citizens will be taxed on their worldwide income only if they remit it to the UK, OR if they are "domiciled" there. Foreigners generally become domiciled after being residents in the UK for at least 15 out of the 20 tax years.

Sovereign Research's take:

Ireland and the UK form the Common Travel Area (CTA), allowing their citizens live and work in either country.
June 23, 2016 will go down as one of the most important dates in modern British history. That’s when the country voted to leave the European Union. 

As with any divorce, this breakup has been painful, to say the least.

Finally, after years of negotiations and extensive back and forth, on December 31, 2020, the UK severed all ties with the European Union.

The imminent economic disaster, predicted by many, has not happened. The UK’s economy has largely hummed along, and the pound even appreciated against the euro.

But what happens next is the big question: Does the UK become the next Singapore, or rather another Italy?

The UK enjoys enormous advantages. Its standard of living is very high, its workforce is educated, and. it is the nation that invented the English language – the planet’s main language of business, commerce, science, diplomacy, etc. 

London, particular, is a global hub for human capital. It’s unlikely that all the bankers will leave the City and move to Frankfurt or Luxembourg; London will remain one of the world's primary financial centers.

And many successful people are still trying to immigrate to the UK. The country’s domicile concept allows most foreigners to avoid taxation on their worldwide income for many years – even if they live there full-time.

However, there are problems too. Britain today is still too much of a nanny state. While they did get rid of EU regulations, they didn’t stop producing heaps of their own.

As for living there, Britain offers a life that is culturally and historically very rich. Your life there can be both tranquil (in the countryside) and exciting (in London). 

Just keep in mind that the cost of living is high, and the weather is rainy and gloomy.

The country’s world famous, top quality universities are, of course, another key drawcard. Oxford and Cambridge are not any worse than American Ivy League schools, and may perhaps be even better.

And while English universities tend to be relatively expensive, the total cost is still significantly lower than in the US. Hence, studying in the UK may be a very smart choice for students hailing from the US, in particular..

Service Providers available in United Kingdom in Sovereign Research's Rolodex:

  • Tax advice (attorneys and/or accountants)
  • Corporate services (company formation, etc.)
  • Citizenship by Ancestry
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