Reform UK Unveils £250k Residency Scheme for Wealthy Foreign Investors

LONDON – Reform UK has unveiled a controversial immigration proposal offering 10-year UK residency permits to wealthy foreigners for £250,000, coupled with exemptions on overseas wealth taxation. The "Britannia Card" directly challenges Labour's abolition of non-domiciled tax status, which has triggered an exodus of high-net-worth individuals (HNWIs) from Britain.

Key Policy Features

• £250,000 fee: Grants 10-year renewable residency
• Tax exemptions: No UK taxes on foreign income or assets
• Redistribution mechanism: 100% of fees directed to lowest-earning 10% of full-time workers
• Economic goal: Aims to reverse HNWI departures while increasing work incentives for low-income Britons

Migration Context

2023-24 Data:

• 10,800 HNWIs left the UK
• Projected 2025 exodus:
  • Government (OBR): 1,000 non-doms (with "substantial uncertainty")
  • Private forecast (Henley & Partners): Net loss of 16,500 millionaires – potentially the largest single-year outflow ever recorded

Fiscal Impact Disputes

Political Reactions

Criticism:

• Rachel Reeves, Chancellor: "A tax cut for foreign billionaires reminiscent of Truss's disastrous mini-Budget."
• Labour Analysis: Links policy to potential austerity measures for public services

Silent Shift?:
Bloomberg reports Labour may introduce its own sector-targeted investor visa for AI/clean energy, signaling bipartisan recognition of capital flight risks.

Policy Differentiation

Unlike traditional "golden visas", the Britannia Card uniquely:

1. Explicitly ties immigration to wealth redistribution (vs. general treasury funds)
2. Focuses on retention amid record HNWI departures
3. Offers tax exemptions as competitive leverage