The minimum threshold of investment required for the investor's residence permit or investor’s visa (sometimes called as the "golden visa") in the UK raised up from £1 million to £2 million, informs the ee24.com. Changes will act in force since November 6, 2014 "to strengthen the discipline and improve the safety" as was said by James Brokenshir, Deputy Internal Affairs Minister of the Immigration and security in the UK (Home Office).
The changes were approved in early 2014. The British government discussed the sale of the "golden visa" in the auction, as well as raising the minimum investment threshold up to £5 million, but eventually stopped only on a twofold increase. It is planned that investors "quality" most of which are from China, Europe (France, Italy, and others), CIS (mainly Russia and Ukraine) and the Middle East, now will be higher.
According to the investor's residence permit program in the UK, an investment of £1 million in the British economy previously allowed obtaining a permanent residence permit in 5 years and British citizenship on the sixth year. Since November 2014 the minimum threshold increased by half. The investment of large amounts reduces the time: £5 million investment grants permanent residence in 3 years; £10 million investment – permanent residence in 2 years. Business immigration program is in action since 2008. It has already attracted about 500 Russian and the same number of Chinese millionaires.
The nuances of the new law for investors wishing to obtain a residence permit, and further British permanent residence and citizenship:
- The minimum investment threshold is no longer £1 million but £2 million.
- Loans and credits are not allowed within the program. Previously, it was possible to take out a secured loan and invest in the economy of Albion.
- From now on, it is not allowed to buy property in the UK and include it into the investor program. Previously, about £250,000 (or one quarter of the minimum required amount) could be invested in the property purchase of land or commercial premises.
- All investments should be directed to funds and shares, a list of which is defined by the government.