Campaign group Foreign Investors for Britain (FIFB) is calling for the launch of an investor visa for the UK.<\/p>\n
FIFB estimates that an investor visa would raise \u00a3225 billion over a decade through a combination of a fixed annual charge of \u00a3200,000 and a minimum investment of \u00a32.5 million over the ten years.<\/p>\n
The group will make the case for a new visa at its Investment and Growth summit at the House of Lords on Thursday.<\/p>\n
Leslie MacLeod-Miller, chief executive of FIFB, said: \u201cThe closure of the Tier 1 Investor Visa in 2022 created a vacuum for productive foreign capital.<\/p>\n
\u201cAt the same time, the non-dom tax changes did not find the right balance for the UK to be internationally competitive to retain and attract foreign investment.<\/p>\n
\u201cThe Global Investor Visa is not merely a tool for attracting capital but a vital lifeline for securing Britain\u2019s economic future amidst fierce global competition for investment.\u201d<\/p>\n
Under the previous regime, non-doms could live in this country without paying UK tax on their overseas wealth. New residence-based rules were introduced in April that have a four-year time limit and mean overseas assets are subject to UK inheritance tax.<\/p>\n
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As a result, a large number of non-doms have left for countries including the UAE, Switzerland and Italy, though some have kept hold of their UK properties.<\/p>\n
The more hostile environment faced by wealthy overseas investors, which also includes increased stamp duty for additional homes, means prime property markets have slowed this year.<\/p>\n
Prices in prime central London fell 4% in the year to October, compared to average UK growth of 1.9%.<\/p>\n
The government recently lost \u00a32.5 million on a single deal thanks to the pre-Budget uncertainty, according to Stuart Bailey, head of prime central London sales at Knight Frank.<\/p>\n
Bailey said: \u201cWe\u2019ve lost transactions because buyers have believed some of the speculation and pulled out.<\/p>\n
\u201cOne of those transactions had two and a half million pounds of stamp duty attached to it. You can imagine how many millions the government has lost as a consequence.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Campaign group Foreign Investors for Britain (FIFB) is calling for the launch of an investor visa for the UK. FIFB estimates that an investor visa would raise \u00a3225 billion over a decade through a combination of a fixed annual charge of \u00a3200,000 and a minimum investment of \u00a32.5 million over the ten years. The group […]<\/p>\n","protected":false},"author":1,"featured_media":5418,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-5417","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n