Since 2008, 52 Indian millionaires moved to UK
As many as 52 Indian millionaires have moved to Britain since 2008 under a visa category targeted at ‘high net worth individuals’ who bring major investments that allows them to gain permanent residence on a fast-track basis.india Updated: Dec 24, 2014 03:41 IST
As many as 52 Indian millionaires have moved to Britain since 2008 under a visa category targeted at ‘high net worth individuals’ who bring major investments that allows them to gain permanent residence here on a fast-track basis.
The investors category of Tier I visa of the points-based system, launched in 2008, has been mainly used by Chinese and Russian millionaires, but Home Office statistics reveal that until September 2014, 52 Indians had made use of the facility. Visas issued to Indians in the investors category showed a steady increase until 2013, but dropped this year.
Until November, the minimum investment required under the category was £ 1 million. This has been increased to £2 million after a Home Office committee found in February that the threshold was not bringing enough benefits to the British economy.
The earlier investments thresholds were £1 million, £5 million or £10 million, which led to permanent residence for 5, 3 and 2 years respectively, and eventual citizenship. The first threshold has been raised to £2 million, while the other two remain the same.
First Published: Dec 23, 2014 23:33 IST