February 21, 2011 By

Fast Track UK Citizenship Available For £2.5 Million

a_2Britain’s Migration Advisory Committee (MAC) has proposed the auctioning of hundred “premium” UK visas to wealthy foreigners helping them gain fast track citizenship and right to settle in Britain.

According to the proposal, foreign millionaired should be allowed to submit sealed bids to win residence visas for Britain. They would have to pay a minimum of £2.5 million each to enter an auction for one of hundred investor visas.  Any extra money raised over the £2.5m auction reserve price would go into the fund as a philanthropic gift. The plan is under consideration by home secretary Theresa May.

Around five hundred migrants are given residence visas per year in return for investing a minimum £1million. But since there have been little economic benefit to the UK residents from the investor route, the amount has been raised to £2 million says MAC. “In order to encourage investors to enter the auction, the MAC recommends two incentives be provided. First, the investors who gain an auction slot should receive accelerated settlement after two years. Second, the residence requirements for such investors should be relaxed” it added.

The UK Government has set a migration route for investors since October 1, 1994. Until 2004, investor applicants were required to hold at least £1 million in the UK and to invest £750,000 in UK Government guilts, stocks or corporate bonds. The applicant also had to make UK their main home. The existing investor visa has attracted hundreds of Chinese, Russian and Middle Eastern individuals.

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