Wealthy newcomers offered 10-year tax breaks under Reform UK plan; Labour calls it a “billionaire loophole”
Reform UK leader Nigel Farage has unveiled a new policy that offers wealthy foreigners and returning British expatriates a tax-light route into the UK — in exchange for a one-off payment of £250,000. The revenue raised, the party claims, would go directly to Britain’s lowest-paid workers through a government-run cash bonus scheme.
Dubbed the Britannia Card, the proposal is a central plank in Reform’s economic platform and marks its most explicit attempt yet to position itself as the party for Britain’s “left behind”. But critics have already labelled it a “tax dodge for billionaires” dressed up in populist packaging.
Under the scheme, high-net-worth individuals would receive a 10-year residence permit and preferential tax treatment. This would include exemption from UK tax on all foreign income and assets — as well as full relief from inheritance tax. In return, each participant would pay an “entry contribution” of £250,000, which Reform says would be redistributed entirely to the bottom 10% of full-time earners via the HMRC.
Dubbed the Britannia Card, the proposal is a central plank in Reform’s economic platform and marks its most explicit attempt yet to position itself as the party for Britain’s “left behind”. But critics have already labelled it a “tax dodge for billionaires” dressed up in populist packaging.
According to The Guardian, which first reported the policy, the payouts would be tax-free and delivered at the end of each financial year. Depending on uptake, between 2.5 million low-paid workers could receive annual payments of £600 to £1,000.
“This is not a golden visa,” said a Reform spokesperson. “It’s a way of making sure that the rich immediately contribute to British society while delivering real help to our lowest earners.”
But many are unconvinced. Critics argue the plan essentially revives the abolished non-dom regime — allowing the ultra-wealthy to shield global fortunes from HMRC — while giving them a decade-long tax holiday in return for a single lump-sum payment. Unlike traditional tax models, the Britannia Card offers no ongoing liability.
Labour was quick to condemn the proposal, calling it a “giveaway for foreign billionaires” that would reduce tax revenues and increase the burden on ordinary families.
“Nigel Farage can brand this whatever he wants,” said a Labour spokesperson. “The reality is his first proper policy is a golden ticket for foreign billionaires to avoid the tax they owe in this country… It’s working families who would end up footing the bill — whether through tax hikes or charges to use the NHS.”
Reform insists the scheme could raise up to £2.5 billion annually. At the lower end of uptake — 6,000 applicants per year — it would still bring in £1.5 billion, enough to fund £600 bonuses for 2.5 million workers. If 10,000 people signed up, the fund could offer £1,000 to each eligible worker.
The party has not yet defined what qualifies as “high-net-worth”, nor has it outlined how the HMRC would administer the card, vet applicants, or enforce the scheme within the existing tax framework. No draft legislation has been published.
Reform claims the payments would disproportionately benefit low-paid workers in Wales, Scotland, and the north-east of England — areas with a higher concentration of jobs in the bottom income decile. But fiscal experts say it is unclear whether such regional targeting would be practical or legally enforceable.
The proposal arrives as Reform UK continues to gain momentum in the polls. Following sweeping local election wins in May, where the party secured over 670 council seats and took control of 10 councils and two mayoralties, Farage’s party is now polling ahead of both Labour and the Conservatives. A recent Sky News–YouGov tracker put Reform at 34%, with Labour on 25% and the Tories languishing at just 15%.
Farage is expected to formally announce the Britannia Card later this week, calling it part of a broader attempt to “repair the social contract”. Rather than focusing on traditional tax-and-spend or union-backed policies, Reform is aiming for direct wealth transfers — using high-profile fiscal symbolism to court disillusioned working-class voters in the so-called “red wall”.
But the plan has reignited the long-running debate over how Britain treats global wealth. As other parties move towards stricter residency-based tax regimes, Farage’s pitch — offering to sell access to exemptions — risks drawing fire from both left and right.
Whether the Britannia Card will become law remains highly uncertain. What is certain, however, is that Reform UK is sharpening its pitch to the electorate by combining anti-elite rhetoric with radical fiscal experimentation.
