The Conservative Party is developing plans for a new investment visa aimed at luring wealthy individuals back to the UK, in a bid to counter the exodus of high-net-worth individuals following Labour’s tax reforms.
Shadow Business Secretary, Andrew Griffith announced the proposal during a speech at the Prosperity Institute, describing it as part of a “world-beating offer for wealth creators.”
Griffith criticised Labour’s decision to abolish the non-domiciled tax regime and extend inheritance tax to global assets, arguing it has driven entrepreneurs, investors, and top talent away from the UK. “Instead of increasing wealth, Labour has attacked those who create it, shooing away the golden geese,” he said, noting that “too many of our best and brightest” are choosing destinations like Dubai, Miami, and Lisbon over London and Manchester.
Research has suggested that up to 16,500 high-net-worth individuals may leave the UK in 2025 as a result of Labour’s tax changes. In response, the Conservatives are considering a new visa scheme that would offer residency in exchange for multimillion-pound investments in UK businesses.
Griffith stressed that the UK currently has no such visa route available, despite the potential economic contributions of wealthy investors.
The plan may also include restoring a form of non-dom status for those entering under the new investment visa reviving a policy that Chancellor Rachel Reeves recently abolished. Griffith also criticised Labour’s global inheritance tax policy, calling it “out of kilter with other global jurisdictions.”
The move follows a similar proposal from Reform UK leader Nigel Farage, who earlier this week announced plans for a £250,000 Britannia card that would allow wealthy foreigners to live in the UK tax-free on global assets. While Farage claims the scheme would help fund social security, critics estimate it could cost the Treasury £34 billion in lost revenue.
Griffith also suggested modernising the London Underground with autonomous, round the clock trains similar to systems in cities like Paris. “The Government talks about autonomous driving in cars, but ignores the opportunity under our feet,” he said, blaming union influence for stalling such reforms.
