"Easy access to Eurostar links to Continental Europe, cheaper rents than London, "and a very nice area" have all attracted Europeans crippled with debts to settle in Kent, with many choosing Tunbridge Wells.
As long as a person has lived in Britain for six months, they can be declared bankrupt in a British court, writing off their debts just one year later. This compares to a wait of seven or even nine years in Germany.
And with any EU national allowed to live in Britain, accountants said they were not surprised that Europeans had discovered a quirk in the legislation which allows them to wipe out debts incurred in Italy, Austria or Germany in a British court.
Mark Sands, the head of bankruptcy at Tenon accountancy, said: "It's an obvious move to make if you are German. As long as you can show you have lived here for six months you can declare yourself bankrupt and pop on a plane to go home.
"The European directive was designed to allow multinational companies to settle their debts, not individuals. I suppose it is a law of unintended consequences that individuals have taken advantage of it."
Last year he advised a German pilot with debts of £100,000 to move to Britain to clear his debts.
Tunbridge Wells has proved particularly attractive thanks to a specialist company, run by a German, setting up shop in nearby Erith. Insolvenz Agentur, run by Marcus Kray, advises German and Austrians how best to take advantage of British bankruptcy laws, as well as help with relocation and finding a job. The fee is €7,000 (£6,323).
His company's website promises bankruptcy tourists "Get rid of the rest of your debts in England after just 12 months".
He said: "Tunbridge Wells is near the Eurostar terminal in Ebbsfleet, which allows you to go to Continental Europe very easily. Kent is a nice area, the garden of England, and Tunbridge Wells is a very nice town. Also the rents are cheaper than in London."
He said most of his clients were successful professionals, including doctors, dentists and accountants. "None of them is taking Jobseeker's Allowance," he said, though one or two are retired and living off their European pensions.
One of his clients, an Austrian management consultant, managed to accumulate debts of £16 million, which were completely cleared by a British court.
He said: "The majority of my clients are German or Austrian – they have realised it is so much easier in the UK to have their debts cancelled so they come here.
"I spotted the gap in the market because many Germans have to wait for up to nine years to become bankrupt.
"It is a process that takes far too long. But in the UK you can be declared bankrupt in under a year and then go home after six months. It is a very attractive solution."
Many stay on for longer, he added. "They like the quality of life and the low taxes in England."
If you have debts then you may like to consider an IVA as a legal and government approved method of resolving debt that avoids the consequences of bankruptcy. If you owe over £15,000 to three or more creditors and can't afford to meet the repayments then you may be eligible for an IVA.
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