Brexodus to New Zealand?
Google searches for “How to move to New Zealand” have become a Google trend, following the results of the United Kingdom’s recent Brexit referendum.
Immigration New Zealand has also announced that its website received an exceptional rise in traffic from the United Kingdom for three days following the Brexit vote. In excess of 5500 visits from the British people were received per day, more than doubling the typical 2000 visits. But will these virtual hits translate into an increased exodus of United Kingdom migrants to New Zealand?
The vote to leave the European Union (EU) creates an additional strong push factor for migrants in the United Kingdom to come to New Zealand over and above fear of terrorist activity in the region, because of the uncertainty regarding the generalperformance of the economy and political environment in a post EU world. However, on the other hand, the devaluation in the British Pound against the New Zealand Dollar means that it will be less affordable for the very same migrants to liquidate their assets and migrate across the other side of the world, at a time where an exit from the EU suggests an ability to isolate themselves, to the extent possible, from the escalation in terrorist activity currently taking place in Continental Europe.
While it is evident that there is currently significant interest from Brits to move to New Zealand, we predict there will be two distinct trends in the short term. First, Brexit will equate to lower numbers of trade/skilled related occupational visa applications from the United Kingdom because of affordability issues related (primarily) to currency devaluation. Second, on the other side, a greater influx of high net worth individuals who will react to the same push factors, although they will have sufficient funds to absorb the currency “loss” and will also value safety and a stable political and economic environment over and above currency issues/loss.
For us, the interesting look at this will be the medium to long term, due to the potential for currency recovery and a realisation of what an exit from the EU really means for the very citizens of the United Kingdom who voted themselves out of it.
For further information or assistance with emigration please contact Mark Williams of Lane Neave Lawyers on + 64 3 3793 720 or email email@example.com.