UK welcomed 72 millionaires from India on golden visas since 2008
Posted on August 31, 2017
India ranks top among the countries which have used most number of the UK Tier 1 Investors Visas, also known as Golden Visas, since they were introduced in 2008.
The latest figures show that 72 Indian millionaires relocated to the United Kingdom, after obtaining golden visas and that they were accompanied by 84 dependents.
China, the United States and Russia are the other countries which are said to have sent the most number of millionaires to Britain. These countries have, thus, contributed thousands of million pounds to the economy of the UK.
The minimum investment required under these visas until November 2014 was £1 million. It was, thereafter, was raised to £2 million after a Home Office committee came to a conclusion in February 2015 that the earlier threshold was not benefiting the economy enough.
The investment thresholds earlier were £1 million, £5 million and £10 million, which would grant the visa holders and their Dependents Permanent Residency in five, three and two years, respectively. Following permanent residency, it would lead to citizenship.
Hindustan Times cities Home Office figures to show that golden visas, which reached a peak number in 2014, perhaps lost its sheen as more stringent checks are being carried out on applicants.
The UK’s investment threshold is considered to be more attractive than Investor Visa schemes that Australia, America and Portugal offer.
According to the newspaper, Britain is still one of the attractive destinations’ millionaires worldwide because of its stable economy and its political laissez-faire in assets of individuals.
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