UK needs competitive tax regime alongside any revived investor visa, says Utmost

The UK will need to pair any revived investor visa scheme with a more attractive tax regime if it wants to compete for globally mobile wealthy individuals, according to wealth solutions provider Utmost.

The comments follow reports in the Financial Times that ministers have discussed reintroducing a “golden visa” route for wealthy investors, four years after the previous scheme was scrapped over concerns it could be exploited by individuals linked to illicit wealth.

Under the reported proposals, people investing £5m into British businesses could become eligible for UK citizenship after five years.

Mark Jephcott, senior relationship manager at Utmost, said the proposal could help strengthen the UK’s appeal to high net worth individuals, but argued that immigration policy alone would not be enough to encourage relocation.

Jephcott said: “While a revamped investor visa to attract globally mobile wealthy individuals would be welcome, ultimately, for the UK to capitalise on interest from HNWs looking to relocate and invest, it needs to offer a far more attractive tax regime alongside this, which plays a central role in relocation decisions.

“This is particularly important as the battleground for global talent and HNWs is fierce, with jurisdictions such as Italy and Switzerland successfully attracting global wealth by offering competitive tax regimes.

“In contrast, the UK’s appeal among the wealthy has waned following the abolition of the non-dom regime in the Autumn 2024 Budget, alongside the ever-expanding scope of inheritance tax.”