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25/02/2014
Govt Advisers Call For Visa Auction
Government advisers have backed the idea of a UK visa auction, giving wealthy foreign investors the opportunity to settle in Britain.
The Migration Advisory Committee argue that the current set up, where migrants can gain residence by investing a minimum of £1m in the UK, does little for ordinary British citizens. They have called for a new system, within which the minimum investment would be raised to £2m, with auction slots available for a reserve price of £2.5m. Any surplus money raised from the auction would go to good causes in a scheme similar to the National Lottery.
It is understood that the investment scheme would allow for settlement rights only and not citizenship.
The committee's report highlights that they do not wish to see British passports being sold off but says that the current situation, with wealthy foreign investors buying gilts to qualify for entry, effectively meant they were loaning money to the government, rather that investing in the UK.
(MH/CD)
The Migration Advisory Committee argue that the current set up, where migrants can gain residence by investing a minimum of £1m in the UK, does little for ordinary British citizens. They have called for a new system, within which the minimum investment would be raised to £2m, with auction slots available for a reserve price of £2.5m. Any surplus money raised from the auction would go to good causes in a scheme similar to the National Lottery.
It is understood that the investment scheme would allow for settlement rights only and not citizenship.
The committee's report highlights that they do not wish to see British passports being sold off but says that the current situation, with wealthy foreign investors buying gilts to qualify for entry, effectively meant they were loaning money to the government, rather that investing in the UK.
(MH/CD)
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