After the UK abolished its Tier 1 Investor Visa for wealthy foreigners over three years ago, reports indicate that the government under Sir Keir Starmer is now contemplating a new initiative aimed at attracting individuals who wish to invest in key sectors. This suggests that the “Golden Visa” market continues to evolve.
Amid various jurisdictions either cancelling or being pressured to discontinue such programs, reports indicate that the UK may launch a new scheme aimed at foreign investors contributing substantial capital to industries deemed strategically important, such as artificial intelligence, clean energy, and life sciences. The proposal is still in its early stages and may undergo adjustments.
The UK’s potential reintroduction of an investment visa program comes as the country grapples with negative perceptions surrounding its treatment of wealthy individuals. The government’s new tax increases and wider work permit restrictions have been met with criticism. Additionally, economists warn of a potential loss of billions in revenue as high-net-worth individuals leave the country.
The previous Tier 1 Investor Visa program, which was open to individuals investing at least £2 million ($2.65 million), was scrapped in February 2022 following Russia’s invasion of Ukraine, as Russian nationals were significant participants in the scheme.
While several countries have discontinued or scaled back their “Golden Visa” programs—Spain has canceled it, Portugal has reduced its scope, and Canada has paused its initiative—the debate over such visas continues. Proponents argue that these programs provide vital revenue for small countries, despite concerns over potential risks to financial integrity.
As demand for these programs rises, a range of consulting companies like Bartra Wealth Advisors, Henley & Partners, and Apex Capital Partners have emerged to cater to the sector’s needs.
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