UK mulls new visa scheme

The United Kingdom government is developing a new bisa initiative aimed at drawing affluent international investors to back sectors vital to the country’s economic future, according to senior officials.

Under Prime Minister Keir Starmer’s leadership, the plan is still in its early stages but is expected to focus on attracting capital to innovation-led industries such as artificial intelligence, renewable energy, and biotechnology.

This effort signals a notable change in immigration policy, coming more than two years after the discontinuation of the Tier 1 Investor Visa—popularly known as the “golden visa.” The previous scheme was scrapped amid concerns about national security and financial integrity.

As reported by Bloomberg, the proposed visa scheme forms part of a wider plan to enhance foreign investment and reestablish the UK’s position as a leading destination for high-tech and strategic economic development.

Officials say the upcoming programme will likely include stringent screening processes, transparency in funding sources, and investment criteria aligned with the UK’s long-term economic priorities.

“The aim is to attract legitimate investors who can help drive growth in areas that are crucial to the UK’s economic future,” a government insider told The Times under anonymity.

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The Tier 1 visa, which had allowed foreign nationals to secure residency by investing at least £2 million in UK enterprises, was shut down in 2022. It faced intense scrutiny following disclosures that it had opened the door to individuals tied to questionable wealth, including figures from Russia and Asia.

“I have zero tolerance for abuse of our immigration system,” former Home Secretary Priti Patel said at the time. “We must ensure the British people have confidence in our borders, and that means keeping corrupt elites and dirty money out of our cities.”

Officials suggest the proposed scheme will be more selective, with a focus on sectors that are essential to national development. Lessons from the shortcomings of the Tier 1 program are expected to guide the structure of the new offering.

Britain’s move comes as several European nations continue to evaluate the benefits and risks of investor residency programs. Countries like Portugal, Malta, Greece, and Cyprus still operate similar “golden visa” initiatives, although the European Commission has urged their discontinuation due to associated risks such as corruption and money laundering.

While full details of the UK’s new program are yet to be disclosed, proponents say it could inject valuable funds into the economy at a time of slow growth and fiscal challenges. Detractors, however, warn that even a rebranded investor visa could reignite concerns over inequality and national security.

A recent statement from the UK government emphasized that any new immigration measures will prioritize applicants “who make the most significant contribution to the country’s economy,” reflecting a broader shift towards a merit-based and strategically focused migration framework.