Latest news with #wealthyForeigners
The Sun
10 hours ago
- Business
- The Sun
I will steal back wealthy foreigners from Italy & put their cash in YOUR pockets, Farage vows as he unveils new visa
NIGEL Farage today vowed to reverse the exodus of wealthy foreigners to Italy, which he claims is driven by Labour's tax policies. The Reform Party leader lamented the growing number of affluent individuals relocating to Milan, arguing that their wealth could instead bolster the wages of "hammered" working Brits. 2 2 Italy currently offers a "golden" residency visa for non-EU nationals who invest in startups, businesses, or philanthropic projects within the country. Speaking in Westminster, Mr Farage unveiled the "Britannia Card," a proposed immigration pathway allowing wealthy foreigners to pay a one-off £250,000 fee to reside in the UK. This fee, under his plan, would be redistributed directly to the lowest 10 per cent of full-time workers. In return, the foreigners would be exempt from inheritance tax and levies on their global assets. Mr Farage said: "With this policy we will be taking Italy on. "They've been nicking all our best people for Milano and we're going to get them back." He criticised Rachel Reeves, calling her the "worst Chancellor in my lifetime," for implementing tax hikes that he claims have driven "wealth creators" abroad, diminishing investment in Britain. The Reform leader argued that the Britannia Card could lure "tens of thousands" of affluent foreigners to the UK, where they would contribute an average of "£120,000 a year income tax." He added: "Many talented people are leaving, and we want as a party as many entrepreneurs, as many risk-takers, as many job creators, as many people paying lots of tax, as many people investing huge sums of money – we want as many of them as possible to be in our country." Reform estimates the scheme could generate £1.5 billion annually if 6,000 non-domiciled individuals participate, providing £600 to 2.5 million low-paid workers each year. The funds would be transferred tax-free by HMRC directly into the bank accounts of the lowest-earning 10 per cent of full-time workers, within 90 days of the end of each tax year. Mr Farage dismissed claims that the "Robin Hood" proposal was "a profoundly left-wing concept," stating: "We're saying we want people who make loads of money to come in to Britain in huge numbers and pay lots and lots of tax and buy lots of houses and spend lots of money." Labour today blasted the Britannia Card as a "bonanza for billionaires". Chair of the party Ellie Reeves said: 'Not only is this a golden giveaway to the rich, but experts warn this will leave a massive black hole in the country's finances that working people will be left to pick up the bill for. 'Reform UK is not serious or credible. "Every family in the country would foot the bill for their dangerous and unfunded Liz Truss style policies which would devastate Britain's economy.'
Bloomberg
4 days ago
- Business
- Bloomberg
Non-Doms Trying to Sell London Homes, But No One Wants Them
The number of London homes for sale at £5 million ($6.8 million) or more rose to the highest on record last month, as the nation contends with the departure of wealthy foreigners looking to escape tax hikes. (Source: Bloomberg)
