LONDON: The UK stands at a critical juncture. Recent shifts in global wealth dynamics, coupled with domestic policy changes, have prompted an unsettling exodus of high-net-worth individuals (HNWIs) from our shores, many of whom once contributed significantly to the British economy through investment, innovative businesses that created jobs and philanthropy. As millionaires migrate to jurisdictions offering more favourable investment incentives, Britain must consider its stance on attracting and retaining global wealth. 

This drain of capital and talent is not merely a statistical anomaly; it represents a tangible threat to the UK’s economic vitality, its business ecosystem and its standing as a global financial hub. 

However, within this challenge lies a profound opportunity: the strategic introduction of an “Entrepreneur and Investor Golden Visa” program, meticulously designed to reverse this trend and attract significant foreign investment and potentially contribute over £6 billion annually to the UK economy. 

The previous Investor Visa scheme, while well-intentioned, suffered from a lack of rigorous oversight and misuse. Its closure, spurred by concerns over illicit finance and limited due diligence, was a necessary correction. But its demise created a vacuum, leaving the UK less competitive in the global race for capital. Now, with the benefit of hindsight and a clear understanding of past shortcomings, the time is not just right, but critical, for a reimagined investor visa program just like America.

The economic headwinds are undeniable. Recent data indicates a net outflow of over 10,000 millionaires from the UK in 2024 alone, one every 45 minutes. Some reports suggest around 100,000 thousand millionaires are planning to leave the UK, a stark increase from previous years. 

This exodus is driven by a confluence of factors, including rising taxes, the phasing out of non-domicile tax status and a perception of diminishing global competitiveness. These departures carry a significant fiscal cost, as HNWIs contribute disproportionately to the tax base, bring innovative ideas to the country and build Britain’s trade bridges with nations around the world.

Attracting new wealth is not merely about replacing what’s lost; it’s about stimulating growth, creating jobs and bolstering public finances. Without an alternative to attract and retain foreign wealth, Britain’s economy risks stagnation.

A carefully constructed “Entrepreneur and Investor Golden Visa” offers precisely this solution. It provides a direct conduit for foreign direct investment (FDI) into the UK economy, targeting not just passive wealth but active capital geared towards driving innovation and productivity. According to recent reports, Britain lost its millionaires to destinations such as the UAE, Switzerland and Singapore, all of which offer structured investment-based visas. 

The program would immediately reposition the nation as a prime investment hub. The benefits extend far beyond immediate financial injections. HNWIs often bring with them invaluable entrepreneurial spirit, global business networks and a deep understanding of international markets.

Their presence can facilitate knowledge transfer, directly boost Britain’s financial sector, technology landscape and international commerce, and ultimately enhance the UK’s competitiveness on the world stage.

While some critics may argue that a golden visa primarily benefits the ultra-rich, the reality is quite the opposite. Increased foreign direct investment (FDI) means greater job creation, enhanced infrastructure and improved public services funded by substantial private-sector capital.

Each visa ensures meaningful economic contributions, from job creation to direct spending in industries such as retail, venture capital, manufacturing and renewable energy.

The UK visa programs for mass import of unskilled labour from third world countries pushes the poorest in our society to the brink, creating resentment and xenophobic backlash against immigrants in remote parts of the country. It is time to welcome the entrepreneurs and investors to help us make Britain Economically Great Again with opportunities for all and highlight the positive contributions of immigrants to British society. 

A successful Golden Visa scheme must appeal to a wide range of investors, ensuring both accessibility and economic contribution. The government must introduce a multi-tiered program, designed to cater to varying levels of investment while ensuring clear economic benefits and genuine commitment to the UK:

• £1 Million Entrepreneur Visa: This tier would target active innovative entrepreneurs looking to establish or invest in UK start-ups and small businesses. A key differentiator here would be stringent English language requirements, a clear business plan demonstrating job creation and a normal route to citizenship, emphasizing genuine integration and contribution over a longer period similar to people on Skilled Worker Visa. This fosters home-grown innovation and employment.
  
• £3 Million Golden Investor Visa: Designed for those seeking a more direct investment route, this visa would require a substantial investment in qualifying UK assets (excluding residential property, focusing on strategic sectors like AI, life sciences, green energy or infrastructure projects). Citizenship could be granted after a proven five-year residency, coupled with English language proficiency. This tier balances significant capital injection with a commitment to residency and language acquisition.
  
• £5 Million Accelerated Investor Visa: This premium tier would appeal to investors seeking faster pathways to citizenship, achievable within three years. Crucially, this level would mandate a minimum stay of over 90 days per year and a direct requirement to employ at least five British citizens within a UK-based enterprise but no professional language proficiency needed. This ensures not only significant investment but also direct job creation and a tangible presence in the UK.
  
• £10 Million Platinum Investor Visa: This top-tier option would be for ultra-high-net-worth individuals seeking the swiftest route to UK citizenship, potentially within two years. To justify this accelerated timeline, the investment threshold is considerable and to accommodate their global mobility, it would carry no English language or minimum stay requirement. However, the expectation would be that such substantial capital would be directed into large-scale, high-impact projects (e.g., major infrastructure, cutting-edge R&D facilities) that demonstrably generate significant economic activity and prestige for the UK. The emphasis here is on attracting truly transformative capital, regardless of direct residency or language proficiency, leveraging their international networks for UK benefit.
  

The potential economic contribution of such a program is immense. Based on past investor visa contributions and the proposed increased thresholds, an annual intake of even a few hundred investors across these tiers could easily generate well over £6 billion in direct and indirect investment.

This capital can be strategically directed to fund critical infrastructure, accelerate technological innovation and stimulate regional economic growth in areas where the UK currently faces significant investment gaps.

Furthermore, the benefits are not solely financial. High-net-worth immigrants frequently act as catalysts for international trade, leveraging their existing networks and business relationships to open new markets for British goods and services.

They can bring diverse perspectives, foster cultural exchange and enrich the UK’s global talent pool. This “soft power” effect can be invaluable in a competitive global landscape.

The argument is clear: the UK needs to be proactive in attracting global capital and talent. A thoughtfully reimagined “Entrepreneur and Investor Golden Visa” program, with rigorous due diligence, clear investment criteria and tiered pathways to integration, offers a potent tool to reverse the millionaire exodus, attract significant investment, enhance trade potential, and ultimately, benefit every British citizen through a stronger, more dynamic economy. 

It is time for strategically investing in the future prosperity of the United Kingdom. The time for hesitation is over; the time for a bold and decisive launch of the “Entrepreneur and Investor Golden Visa” program is now.

Dr Mohammad Hotak is the chairman of UK Asia Trade & Investment Council and Association of Asian Chambers of Commerce & Investment (AACCI). 

Disclaimer: This article does not necessarily reflect the opinions UKATIC