Now it seems the UK may be about to consider ways of making more than it currently does from its existing fast-track scheme for wealthy foreigners looking to reside in Britain.
A set of proposals unveiled in London yesterday by the government’s Migration Advisory Committee set out what it called “some straightforward reforms” to the UK’s current Tier 1 Investor regime that it said “would make it much more likely” that UK residents would gain than they do now.
One of the proposals would give wealthy foreigners keen to obtain UK residence – and thus the chance of fast-track citizenship – the chance to bid for it through an annual auction, whereby 100 “premium” visas would be available to the highest sealed bids above £2m, “perhaps £2.5m”.
Other reforms contained in the 108-page report included raising the minimum investment threshold; encouraging alternative investments, such as to include infrastructure bonds and venture capital; and altering the residency requirements.
However, as Sir David Metcalf, chairman of the Migration Advisory Committee, acknowledged in a forward to the committee’s 108-page report, “it would be injudicious for the UK to enter a ‘race to the bottom’, matching special offers recently introduced by, for example, Malta, Portugal and Antigua”.
Also, a scheme that encouraged significant immigration by very wealthy foreigners might inadvertently impact on certain areas of UK life, such as by causing “house owners – particularly in London – [to] gain from this route whereas non-house owners do not”, because the supply of housing is “inelastic”.
In addition, “there may be a case for retaining [the current Tier 1 Investor regime], to signal that the UK is open and welcoming to people who wish to contribute to the wellbeing of UK residents,” Sir David noted.
