Ben Keith

El artículo se publicó por primera vez en FT Adviser on 27 October 2025 and can be read in full on FT Adviser’s website.

The article examines the damaging impact of recent UK policy changes to both the immigration framework and non-dom tax regime – warning that these shifts are “destroying high-net-worth investment” into the UK.

In the article, Ben explores how the tightening of immigration pathways and the erosion of long-standing fiscal incentives are together creating significant uncertainty for internationally mobile individuals and their advisers. The result, he argues, is a sharp decline in the UK’s appeal as a destination for HNW investment and relocation.

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The UK government’s immigration policy has reached a critical juncture.

Whilst the recently published white paper “Restoring control over the immigration system” claims to attract talent and wealth to Britain, the reality facing high-net-worth individuals tells a different story. Combined with the abolition of the non-domicile tax regime, these changes are creating a perfect storm that threatens the UK’s competitiveness as a destination for global capital.

As a barrister who regularly advises HNW clients on immigration matters, I am witnessing unprecedented uncertainty among those considering relocating to the UK. The government’s approach pulls in contradictory directions, claiming to welcome investment whilst simultaneously making the immigration system more complex and unwelcoming.

The death of the investor route

The closure of the tier one investor visa in February 2022 marked a watershed moment. This route, requiring a minimum £2mn investment, was abruptly terminated due to concerns over financial security and illicit wealth. The manner of closure, without adequate replacement mechanisms, sent a clear signal: the UK was no longer open for business.

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