According to specialist wealth advisory firm Berkeley Law, the main concern for many of Europe’s HNWIs is to relocate their families out of the troubled Eurozone.

In the eyes of many of Europe’s HNWIs, Switzerland is no longer seen as a haven for wealth, as it has been racked by issues pertaining to tax evasion and bank secrecy and, in the process, has lost some of its status as an island where the wealthy can seek refuge.

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At least some of Switzerland’s safe-haven status has been transferred to the UK, which also benefits from a stable currency and a solid prime property market.

According to Alex Ruffel and Nick Rucker, founding partners of Berkeley Law, "The UK is emerging as a safe haven in the turbulent seas of the global economy."

According to a report by Knight Frank Residential Research, HNWI fleeing the feared economic ravages facing the Eurozone are not the only ones seeking safety in the UK. Greeks and Russians see London as a safe haven and account for about 1.5% of all London property sales that go for more than GBP2 million, up from the typical level of 0.5% seen previously. Russians account for 6.5% of property purchases worth more than GBP2 million in London.

The other factors contributing to the UK’s safe haven status include its liberal financial markets, stable government, stringent measures to reign in its sovereign debt and put its fiscal house in order, a well developed infrastructure and favorable settlement rules for wealthy individuals and families.

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In an attempt to attract HNWIs, the government has proposed further liberalization which will see the removal of the tax liability that is sometimes triggered by transferring foreign investment to UK investments.

There are also favorable investment rules in the UK for foreign HNWIs. According to the Berkeley Law advisors, "Wealthy individuals and families who invest in or relocate to the UK can ring-fence their non-UK assets from UK tax."