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The Henry Acronym And Its Relation to Investment Migration
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Meet Henry. Henry is not a person but rather terminology for a social grouping, business jargon coined in America that is slowly but surely spreading across the world. In this article, we will show how the Henry acronym applies to investment migration.
What Does the Henry Acronym Mean?
The Henry acronym is an amalgamation of the 5 following words:
- High
- Earner
- Not
- Rich
- Yet
However, it’s more commonly used to describe 2 interconnecting phrases:
- High Earner
- Not Rich Yet
The term originates in a 2003 Fortune article penned by Shawn Tully. Henry made a late entrance to a story about the Alternative Maximum Tax (AMT). Ostensibly though, this op-ed is a Dear Henry letter.
As Tully writes: “You account for a large portion of America’s most ambitious, productive people–you are executives, law firm partners, airline pilots, doctors. You’re not poor, of course. Even in places like New York City and San Francisco and Chicago, an income in the low to mid-six figures is hardly poor. But with high taxes and the all-around high cost of living, you certainly don’t feel rich either. Most of you are “Henrys”: High Earners Not Rich Yet.”
How Does Henry Relate to Investment Migration?
It’s more than 20 years on from Taxpayer, Beware! Washington will soon be taking back a good chunk of that new tax cut. How? By using the sneakiest trap it’s got: the Alternative Minimum Tax. In Tully’s original piece, he cites a real-life Henry, the 50something Bill Simmelink, a divorced engineer. These days, Henry has changed somewhat and is typically aged between late 20s and early 40s.
Investment migration is popular amongst High Net Worth Individuals (HNWIs). However, while the earnings of Henrys may be high, their net worth isn’t. Let’s consider some programmes that may be suitable to them.
Citizenship by Descent plays to Henrys’ low-risk strategy. If you’re lucky enough to be able to trace your ancestry to Austria, Italy, Ireland, Portugal, or Poland, there’s no investment to be made. You will merely have to pay your advisor who helps you cut through the red tape of the bureaucracy involved in the application process.
Then there’s Residency by Investment which ties in with those categorized by the Henry acronym being wary of dipping too heavily into their savings. This range of investment migration programmes starts at €150,000 and offers the chance to diversify and make potential tax savings.
The two lowest-priced of these will appeal most to Henry’s, namely the Anguilla Residency by Investment Programme and the Malta Permanent Residence Programme.
Citizenship by Investment isn’t out of reach of Henrys either and can help them get to a higher strata. Caribbean Citizenship by Investment, where you have to contribute at least €100,000, could be your gateway to 0% personal income tax.
Henrys, beware however, that you’re going to have to throw your natural caution to the wind as this minimum investment will double if you don’t apply before the end of June 2024.
When Henry Met Latitude
“We’ve all met a Henry,” claims our Executive Chairman, Eric Major. “Perhaps you encounter one daily, when you look in the bathroom mirror.”
“So, yes, I have had many clients who are Henrys. For me, though, the Henry acronym defines the very essence of investment migration. It’s all about striving to be better, to continue climbing, to get safely ahead.”
“Henrys are not standing still. They are looking to get a further foothold in life. And Citizenship by Descent, Residency by Investment, and Citizenship by Investment can help them establish themselves even more.”
Calling All Henrys
Is there a Henry in your life? Is it you? To better understand the investment migration solutions to your problems, you should get in touch with a leader in the field such as Latitude Group. So, don’t delay and contact us today.