Multimillionaire foreigners prepared to invest their money in Britain will find it easier to make a home in the UK under government plans to relax immigration rules for the super-rich.
Multimillionaire foreigners prepared to invest their money in Britain will find it easier to make a home in the UK under government plans to relax immigration rules for the super-rich.
The Home Office will shortly propose changes to “investor visas” to encourage more rich people to live and invest in the UK.
The move comes as the government slashes foreign student numbers in an attempt to reduce yearly net migration to the “tens of thousands” – to the anger of universities reliant on income from overseas students.
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The coalition has also cut the number of skilled workers British business can import from outside the European Union by one-fifth compared with last year. In addition, only 1,000 highly skilled workers without a job offer will be allowed to migrate to the UK, compared with 14,000 a year ago.
Under the proposals, which must be endorsed by parliament, wealthy migrants will from April only have to spend half a year in the country – against nine months under current rules – to qualify for a visa, and the wait for permanent residency will be dramatically cut for the wealthiest entrants.
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