The UK is reportedly considering reinstating its 'golden visa' program to attract high-net-worth individuals facing a potential outlier of millionaires. This visa would aim to draw investments in vital sectors like AI and clean energy. The proposal arises from anxiety over the abolition of the non-dom regime, which allowed wealthy residents to avoid UK tax on foreign income. An analysis warns of significant financial losses due to potential departures of affluent individuals, indicating a shift in the UK’s attractiveness as a wealth hub. Analysts indicate a significant impact on the economy and advise against underestimating the issue.
'There's no doubt a refreshed golden visa scheme could help slow the exodus and potentially lure some HNWIs back - but let's be clear: much of the damage has already been done.'
'Britain is projected to lose 16,500 millionaires this year alone, more than any other country on record, including China, in part due to tax changes.'
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