Nigel Farage has defended Reform UK’s controversial proposal to attract wealthy individuals to the UK with a £250,000 residency fee and preferential tax treatment, prompting Labour to brand the scheme a billionaires bonanza.
At a press conference in London, the Reform UK leader said the plan is designed to reverse the trend of high-net-worth individuals leaving the country, arguing that their presence could boost spending and job creation. Under the proposal, wealthy foreigners would pay a one-off £250,000 fee for 10 years of residency in the UK and receive exemptions from taxes on international income and inheritance.
Reform UK estimates that approximately 6,000 of the world’s richest individuals would take up the offer, generating significant revenue. Farage pledged that the proceeds would be redistributed to support lower-income workers, including a proposed £600 annual dividend for the lowest paid.
The plan marks one of Farage’s clearest attempts yet to assert Reform UK’s economic vision in traditional Labour strongholds, positioning the party as a populist challenger in the so-called “red wall” seats ahead of the general election.
Farage also weighed in on international affairs, backing recent US and Israeli airstrikes on Iranian nuclear facilities. He said he supported their efforts to dismantle Iran’s nuclear programme, calling it a justified attempt to prevent a future threat.
In a sharp rebuke of the UK government, Farage criticised Attorney General Richard Hermer for brokering an agreement to transfer sovereignty of the Chagos Islands to Mauritius while leasing back the military base. Farage claimed the move undermined the U.S. mission in Iran and labelled Hermer’s actions as frankly bordering on treacherous.
When asked if the UK should participate in any future military action against Iran, Farage responded, “I doubt they’re going to ask for our help, but they could do with our support.”
