Britannia Card: Luring Wealth Amid Tax Controversy

Reform UK, Britain's populist political faction, unveiled a new policy proposal on Monday that could reshape the landscape for wealthy immigrants. The party suggests selling a 10-year residency permit for £250,000, allowing affluent migrants to avoid UK taxes on overseas earnings and assets.

This initiative sets the stage for fresh electoral clashes with the ruling Labour Party, which has recently tightened regulations on 'non-doms' who pay minimal taxes on foreign income. Nigel Farage of Reform UK argues that funds from the program would be directed to Britain's lowest earners.

However, concerns arise from the finance sector. British finance minister Rachel Reeves criticizes it as a 'tax cut for foreign billionaires.' The Institute for Fiscal Studies expresses uncertainty regarding its fiscal impact, depending on whether intending participants would have entered the UK without such incentives.

(With inputs from agencies.)