OPINION
Donald Trump just solved economic 'blackhole' problem for Labour (Image: Doug Mills-Pool/Getty Images)
President Trump recently announced the creation of a ‘gold card,’ like the UAE and countries in Europe such as Italy who have attracted 2,200 millionaires in 2024. This will attract the best wealth creators from around the globe into the US. This is something that I have personally been promoting for the UK to adopt. However, it remains clear that our government are still debating whether we are willing to think innovatively to grow the economy or whether we want to remain a weakened charity case which only attracts wealth-takers.
President Trump’s ‘gold card’ will be open to wealth creators from across the globe and only cost an initial $5m. Not only would this promote wealth creators to come to the US but a clear and speedy path to citizenship for wealth creators will also increase the likelihood that these wealth creators remain in the US, create vast employment opportunities and also continue to pay vast amounts in US taxes which the US administration will use to bring their deficit down which will allow them to make long term investments to stem stagnation.
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The UK government could adopt this policy overnight and make immediate dents in their ‘blackhole'; however, all indications are that our government is unwilling to think innovatively on the economy.
The government should take inspiration from President Trump's announcement and become motivated to replicate this policy, showing they can learn the lessons that work globally to inspire wealth creators.
Since 2022, governments of both sides have been hostile towards foreign wealth creators. In 2022, the Conservative government rolled back our ‘gold card’ equivalent called the Tier 1 investor visa route and governments since that decision have failed to replace this system and instead have allowed foreign investors to stay for 3 years and then apply for citizenship, all whilst increasing the individual burden of taxation which has deterred wealth creators from coming to the UK.
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This policy would give wealth creators the confidence to remain in the UK. The government made a mistake in removing the non-dom system as well as never sufficiently replacing the Tier 1 scheme, this policy would establish a golden UK visa which would take the lessons from the UAE and US to stem the flow of wealth creators and finally begin attracting the global wealth creators.
The opportunities for growth are out there, it's time our government realised this. It is time we set out a vision which shows wealth creators that this country can help them develop while the current case is that the UK is only helping wealth creators flee to innovative countries such as the UAE and the US.
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Alongside the opportunity for wealth creators to pay an initial lump-sum which can be immediately used to tackle the ‘blackhole’ which our government are fixated on blaming for our failing economy, we can go further and provide tax incentives attached to a UK ‘gold card.’
For example, the initial payment should allow foreign investors to receive a vast reduction in their taxes for a period which will allow them to establish themselves and their businesses which will create employment opportunities and revenue for the government.
Following on from this period of time, which should be 5 years, the government should provide ‘gold card’ holders with a flat tax which can be flexible based on the annual needs of the country and this tax could and should be reduced when possible as our mission as an economy should be to grow and reduce the tax burden when the economy is growing.
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As a country we must start showing the willingness to grow our economy and stop acting as a global charitable cause or we face being left even further behind by the US and President Trump with policies such as the ‘gold card’ and we face being a country that will fail to even attract wealth takers as we will have nothing left to take.
As Trump has done, we should be motivated to learn the best practices from around the globe and replicate those global lessons.
Mandhira Kapur Smith is the Founder and Chairwoman of SMIC Autoparts Pvt Ltd, a global leader in the automotive sector, based in India