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Use of UK Golden Visa - Indians at the Top in Millionaires Category

August 2017, 31
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UK-Golden-Visa
With the introduction of Tier 1 Investors Visa in 2008, in the last 9 years, 72 Indian millionaires have migrated to the UK, under the Golden visa scheme. These figures were released by Home Office Britain. Residents of China, USA and Russia use the Tier 1 Investors visa, extensively.

The investment needed in this category was £1 million until Nov 2014. Subsequently, it was increased to £2 million in Feb 2015 as the committee realised that the threshold wasn’t benefitting the UK economy much.

Holders of this Visa along with their dependents received PR based on the investment thresholds, OF £1/£5/ £10 million on the completion of five/ three /two years of stay, respectively, and also get citizenship. The first category was revised to £2 million.

Call for Stricter Checks

There were Concerns by Transparency International, a Campaign group, about the misuse of money when the visa was issued.

There was a plea by the group with a demand for strict checks to be done to the applicants and their investment plans.

The report recommended Britain to ensure that it did not become a destination for corrupt individuals. The bad investments, and money laundering, made out of illicit wealth, needs to be avoided.  There should be no room for such players to have a luxurious lifestyle. No opportunity should be given to them to clean and enhance their reputation.

Sir David Metcalf, head of the advisory committee on the independent migration of the Government, criticised the policy in January 2016. His stand was to disallow the arrival of wealthy foreigners as this puts the British taxpayers to loss. There is no benefit in it for the UK, but it is greatly beneficial to the investor, he said.

When the threshold was revised to £2 million, the people receiving the golden visas saw a decline. This fact is based on the figures released by Home Office. The number of visas given saw a drop from 471 in the last quarter of 2014, to 57 in the first quarter of 2015. The first quarter of 2016 saw a fall of 26% to 42, compared to the first quarter of 2015.

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