THE UK is weighing a new visa that would give three years of residency to wealthy individuals investing at least £5 million (S$8.6 million) in the country, as the nation seeks to revive its global attractiveness.

Entrepreneurs and other globally mobile individuals would need to fund so-called priority areas such as fast-growing UK businesses under the proposals, sent by government bodies to wealth advisers recently canvassing them on the idea.

The “invite only” programme would be subject to enhanced vetting and open the path to permanent residency after three years, according to the documents, reviewed by Bloomberg.

The changes took effect last year under Keir Starmer’s administration, widening reforms first proposed in early 2024 under the then-ruling Conservative Party. In the aftermath, billionaires such as John Fredriksen, Nassef Sawiris and Guillaume Pousaz left the country or curbed their ties.

In 2022, the UK also scrapped a flagship investor visa programme that allowed foreign nationals a path to residency in exchange for more than £2 million, as the UK sought to curb the influence of Russian money.

That move has made it more complicated for overseas high-net-worth individuals to come to the UK, while other global wealth hubs such as Dubai, Milan and Abu Dhabi ramp up efforts to court the global elite.

“We are making every effort to attract investment into the UK,” a government spokesperson said by email. “The Global Talent Taskforce is keeping all options under review to identify and attract the brightest minds in the world.”

Details of the UK’s investor visa proposals were sent out to private wealth advisers from the Office for Investment early this month, before Labour’s heavy losses in local elections put Starmer’s premiership under heavy pressure.