Plans for special visas for foreigners who have a significant amount of money to invest in the UK are reportedly being drawn up as the Government seeks to minimise the economic blow from tax hikes and new immigration rules.
Ministers are said to be considering the introduction of an investor visa for wealthy migrants who could benefit sectors seen as strategically important, such as AI, clean energy and life sciences, and help boost Treasury coffers.
The plans are in the early stages, according to Bloomberg, and could include making existing routes to Britain easier for people from abroad with significant amounts of money to put into the country.
Under new immigration rules unveiled on Monday, the Government revealed plans to allow overseas businesses to send twice as many senior workers to the UK than currently allowed.
Under current the terms, firms can bring up to five managers to work in Britain for three years as part of the Expansion Worker route.
“Very high talent" visa routes for entrepreneurs and researchers working in AI will also be expanded.
But the Chancellor's tax plans have come under fire for putting off investors.
The Centre for Economics and Business Research (CEBR) has suggested that removing tax exemptions for non-dom residents could cost up to £12.2billion in fewer tax receipts over the course of this Parliament due to the departure of wealthy individuals.
Sam Miley, an economist at the CEBR, told the Telegraph: "The Treasury's finances will be highly dependent upon the behaviour of former non-domiciled people. If a quarter of this group were to leave the UK in response to recent reforms, we predict that the Treasury will begin to make a loss. This loss could escalate into the billions if a larger share left."
It comes after analysis for the Standard revealed that the exodus of millionaires from London over the past decade may have been as damaging as the UK losing nearly 1.5 million taxpayers.
The capital has lost 30,000 millionaires to foreign countries since 2014, with more than 11,000 leaving in the last 12 months alone.
It means an average of eight millionaires left the country every day over the ten-year period, the study conducted for the advisory firm Henley & Partners by New World Wealth found.
The exodus has been attributed to tax rises under the Conservative and Labour governments, economic uncertainty following Brexit and the fall in the value of the pound.
