Marketing campaign group International Traders for Britain (FIFB) is looking for the launch of an investor visa for the UK.
FIFB estimates that an investor visa would increase £225 billion over a decade via a mixture of a hard and fast annual cost of £200,000 and a minimal funding of £2.5 million over the ten years.
The group will make the case for a brand new visa at its Funding and Progress summit on the Home of Lords on Thursday.
Leslie MacLeod-Miller, chief govt of FIFB, mentioned: “The closure of the Tier 1 Investor Visa in 2022 created a vacuum for productive overseas capital.
“On the similar time, the non-dom tax modifications didn’t discover the suitable stability for the UK to be internationally aggressive to retain and appeal to overseas funding.
“The World Investor Visa shouldn’t be merely a software for attracting capital however an important lifeline for securing Britain’s financial future amidst fierce world competitors for funding.”
The non dom departure
Beneath the earlier regime, non-doms may dwell on this nation with out paying UK tax on their abroad wealth. New residence-based guidelines had been launched in April which have a four-year time restrict and imply abroad belongings are topic to UK inheritance tax.
In consequence, numerous non-doms have left for nations together with the UAE, Switzerland and Italy, although some have stored maintain of their UK properties.
The extra hostile setting confronted by rich abroad buyers, which additionally consists of elevated stamp responsibility for added houses, means prime property markets have slowed this yr.
Costs in prime central London fell 4% within the yr to October, in comparison with common UK progress of 1.9%.
The federal government lately misplaced £2.5 million on a single deal due to the pre-Price range uncertainty, in line with Stuart Bailey, head of prime central London gross sales at Knight Frank.
Bailey mentioned: “We’ve misplaced transactions as a result of patrons have believed among the hypothesis and pulled out.
“A type of transactions had two and a half million kilos of stamp responsibility hooked up to it. You may think about what number of hundreds of thousands the federal government has misplaced as a consequence.”
