Britain considers launching 'invitation-only' visa for wealthy investors

The UK is considering launching a new visa for wealthy investors, Bloomberg reports. Holders of such a visa will be entitled to a three-year stay in the country in exchange for an investment of £5 million ($6.7 million).

Entrepreneurs and other wealthy foreigners will be required to invest money in "priority" areas, such as fast-growing British companies, according to documents that officials have sent out to wealth management consultants. The program will operate on an invitation-only basis, and applicants will be subject to enhanced vetting. After three years, holders of this type of visa will be eligible for permanent residency, according to documents seen by Bloomberg.

"We are making every effort to attract investment to the UK," a representative of the British government told the agency. According to him, the Global Talent Taskforce is considering all options to find and attract talented people from all over the world.

The initiative is being discussed against the backdrop of Britain's attempts to restore its attractiveness to international investors, Bloomberg notes. The country's reputation among wealthy foreigners deteriorated after the tightening of the tax regime for wealthy residents with permanent residence abroad. The legislative changes were passed last year by the government of Keir Starmer. One of the world's largest shipowners, Cypriot billionaire John Fredriksen, Egyptian billionaire Nassef Sawiris and Swiss Guillaume Poussa, founder of fintech company Checkout, left the country after the reform.

In 2022, the UK also closed the main "golden visa" program, which allowed foreigners to receive the right of residence in exchange for investments over £2 million. At the time, the authorities explained the decision by the need to limit the influence of Russian capital. After that, it became more difficult for wealthy foreigners to move to the country, while such global centers of capital attraction as Dubai, Milan and Abu Dhabi became more attractive for wealthy investors.

Details of the new program were sent to private investment consultants in early Ma before the ruling Labor Party failed in local elections, Bloomberg writes. It is still unclear what stage the draft visa program is at and whether it will remain in place in the event of a possible change in government leadership. Some of Starmer's critics within the ruling party also oppose other initiatives linking permanent residency to income level, the agency notes.

This article was AI-translated and verified by a human editor