Marketing campaign group Overseas Buyers for Britain (FIFB) is asking for the launch of an investor visa for the UK.
FIFB estimates that an investor visa would increase £225 billion over a decade by means of a mixture of a set 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 government of FIFB, mentioned: “The closure of the Tier 1 Investor Visa in 2022 created a vacuum for productive international capital.
“On the identical time, the non-dom tax adjustments didn’t discover the proper steadiness for the UK to be internationally aggressive to retain and appeal to international funding.
“The World Investor Visa is just not merely a instrument for attracting capital however a significant lifeline for securing Britain’s financial future amidst fierce world competitors for funding.”
The non dom departure
Underneath the earlier regime, non-doms might reside 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, a lot of non-doms have left for international locations 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 extra houses, means prime property markets have slowed this 12 months.
Costs in prime central London fell 4% within the 12 months to October, in comparison with common UK progress of 1.9%.
The federal government just lately misplaced £2.5 million on a single deal due to the pre-Finances uncertainty, based on Stuart Bailey, head of prime central London gross sales at Knight Frank.
Bailey mentioned: “We’ve misplaced transactions as a result of consumers have believed a few of the hypothesis and pulled out.
“A type of transactions had two and a half million kilos of stamp responsibility connected to it. You may think about what number of tens of millions the federal government has misplaced as a consequence.”
