Chancellor John Healey is weighing a fresh way for high net worth immigrants to settle in the UK as part of this month's budget, according to people familiar with the talks. The concept echoes the investor visa that Boris Johnson's government scrapped in 2022 over concerns that some applicants, notably from Russia, used it to clean dirty money. The Home Office declined to comment, and the Treasury did not immediately respond.
Healey's team is looking at several pitches. The Institute for Public Policy Research proposes a program requiring £5 million over five years to be invested in a vehicle overseen by the state owned British Business Bank. The pooled capital would be steered into innovative, high growth sectors and deliver a set return "significantly lower than market rates."
Another proposal from lobby group Foreign Investors for Britain would require a minimum £2.5 million into qualifying assets, potentially including BBB vehicles, with the choice to remit a fixed £200,000 in tax each year for as long as 15 years. The group estimates the model could draw more than £225 billion of inbound capital across ten years. Separately, the Office for Investment has floated an invitation-only £5 million track, which Sacha Wooldridge of Birketts cautioned might look nepotistic.
Immigration lawyers say closing the investor visa left a hole that blocks people who could boost growth. "Unless you have a spouse visa or some other connection to the UK, it is really a closed door," said Wooldridge, head of immigration at Birketts. "The entrepreneur visas and business-related visas don't adequately match the market demand." She estimates the UK has turned away wealthy migrants in the low thousands since 2022, and says interest from Americans in moving abroad has climbed with the start of US President Donald Trump's second term.
This collides with politics. Prime Minister Andy Burnham's government says growth is the priority, but pressure to cut immigration has so far stopped any new wealthy route. At the same time, people with a combined $160 billion have left the UK in the past two years, fueling the narrative that policy is pushing rich residents out. For now, even well off or entrepreneurial migrants must squeeze through strict existing categories.
David Livitt, who leads the UK Global Mobility Tax Team at Blick Rothenberg, wants "more clarity or thought around how to make it a bit more attractive to come here and invest." His blunt question: "What is the incentive for coming over?" He says the current visa landscape from a tax angle does not really distinguish between people who just want to work here a little and those who are true entrepreneurs.
For Douglas, a serial US entrepreneur, the lack of a clear path is baffling. "I'm not gonna take a job from a Brit, and I'm gonna spend money and I'm gonna invest and I'm gonna build a business," he said. He would pay £10,000 for a visa and commit to hiring without asking for extra tax breaks.
He first looked at the Global Talent Visa, but his last successful exit was eight years ago, which fell outside the recognition window. He is now targeting the Innovator Founder Visa, but first needs endorsement from one of three bodies that, in most cases, sign off on under 40% of applications.
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Arthur, an entrepreneur from South America, nearly gave up. Ultimately, he moved the Ireland headquarters for his global commodities trading firm to London, which allowed him to work under the Skilled Worker Visa. The trade off: the firm's tax bill almost doubled.
Both Douglas and Arthur say they feel like exceptions while others are leaving after the abolition of the old non dom status. "You should fairly tax the rich, but you have to think that the rich people, they are very mobile," Arthur said.
"There's a cost of moving because you have kids, you have the school, you have the friends. But if you reach a certain level, you're just going to say no, I'm done. I'm out."
With few tailored options, some wealthy would be migrants are getting creative. Wooldridge cited an American housewife who deepened her role in her church back home to qualify under the religious worker route. She added the UK could price a visa in the multimillion pound range, similar to Trump's $5 million "golden visa," if the benefits for applicants are calibrated carefully.
If the budget unveils a new route, watch where the money is aimed. The think tank and lobby group plans funnel capital into vehicles tied to the British Business Bank, via either a £5 million, five year commitment or a £2.5 million threshold paired with an optional £200,000 yearly tax for up to 15 years. In plain English: capital would be nudged toward targeted funds and sectors, with below market returns in at least one option.
The bigger picture for markets is who gets in and on what terms. A clearer on ramp for seasoned founders and high net worth investors could affect flows into UK venture, growth equity and BBB linked programs, and lift demand for advisory, legal and compliance services around endorsements and qualifying investments. The bottom line: how Healey balances pro growth goals with pressure to cut immigration will shape capital inflows, the talent mix building companies in Britain, and the fee and funding streams your portfolio touches through UK exposed assets.
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