Fast track for super-rich to settle
Migrants with at least £5m in the bank will have a shorter time to wait and entrepreneurs will get preferential treatment The super-rich are to be offered a fast track to settle in Britain under new immigration rules for high-value investors and entrepreneurs to be unveiled Wednesday. Overseas “super-investors” who are willing to keep £5m in a UK bank account are to be given the right to stay indefinitely in Britain after only three years, two years faster than the five-year wait imposed on every other migrant. An overseas investor who is willing to deposit more than £10m in the UK will win the right to stay even quicker, after only two years. The package of measures to attract the super-rich to Britain, to be unveiled by the immigration minister, Damian Green, at the London Stock Exchange, contrasts sharply with government plans to break the link with the right to settle for those who come to study or work temporarily in the UK. The rules for entrepreneurs are also to be relaxed so that they become eligible for permanent settlement rights in Britain within three years if they have created 10 jobs or achieved an annual turnover of £10m a year for their UK business. This is to encourage promising start-up companies who do not meet the investment criteria. Perhaps more importantly for the overseas super-rich, the number of days they can spend out of the country and still qualify for UK residence rights is to be doubled from 90 to 180. Alex Ruffel of Berkeley Law, who specialise in immigration matters for high net worth individuals, said she expected that the new rules will double the 275 super-wealthy investors and entrepreneurs who came to live in Britain last year. She also reports a recent surge in inquiries about coming to the UK from Middle East clients concerned at current developments in the region. The sliding scale for investors will start at those willing to deposit at least £1m in a British bank account which will secure them the right to settlement after five years, but they will enjoy an exemption from any English language test which now applies to most other routes. Further details are also expected to be announced for the new “exceptional talent” immigration route which will allow up to 1,000 migrants who have “won international recognition in scientific and cultural fields”, or have the potential to do so. Unlike this category there will be no limit on the numbers of investors and entrepreneurs who will be allowed in. Ruffel said that the decision to allow high-worth migrants to be out of the country for six months a year was one of the most important elements of the package: “Currently they have to spend nine months of the year in Britain to qualify for indefinite leave to remain or to extend their visa. This can be a problem for those who are very wealthy and are in business in several countries, including their own country of origin.” The shorter route for settlement will not necessarily mean that the super-wealthy will also get a fast track to a British passport as the qualifying periods for citizenship appear to be left untouched. Those who come will also have to pay UK tax on their British earnings. The announcement comes in advance of the final proposals to make deep cuts in the number of overseas students coming to Britain in order to meet the Conservative manifesto target of reducing net migration below 100,000 a year. The home secretary, Theresa May, told MPs last November that she wanted a new approach that was more selective and brought in more of those who would make a real difference to our economy: “We want to actively encourage entrepreneurs to come. As the prime minister [has] said, we will reform the rules for entrepreneurs so that if you have a great business idea, and you receive serious investment from a leading investor, you are welcome to set up your business in our country.” Immigration and asylum Damian Green Theresa May Entrepreneurs Alan Travis guardian.co.uk
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Fast track for super-rich to settle
Migrants with at least £5m in the bank will have a shorter time to wait and entrepreneurs will get preferential treatment The super-rich are to be offered a fast track to settle in Britain under new immigration rules for high-value investors and entrepreneurs to be unveiled Wednesday. Overseas “super-investors” who are willing to keep £5m in a UK bank account are to be given the right to stay indefinitely in Britain after only three years, two years faster than the five-year wait imposed on every other migrant. An overseas investor who is willing to deposit more than £10m in the UK will win the right to stay even quicker, after only two years. The package of measures to attract the super-rich to Britain, to be unveiled by the immigration minister, Damian Green, at the London Stock Exchange, contrasts sharply with government plans to break the link with the right to settle for those who come to study or work temporarily in the UK. The rules for entrepreneurs are also to be relaxed so that they become eligible for permanent settlement rights in Britain within three years if they have created 10 jobs or achieved an annual turnover of £10m a year for their UK business. This is to encourage promising start-up companies who do not meet the investment criteria. Perhaps more importantly for the overseas super-rich, the number of days they can spend out of the country and still qualify for UK residence rights is to be doubled from 90 to 180. Alex Ruffel of Berkeley Law, who specialise in immigration matters for high net worth individuals, said she expected that the new rules will double the 275 super-wealthy investors and entrepreneurs who came to live in Britain last year. She also reports a recent surge in inquiries about coming to the UK from Middle East clients concerned at current developments in the region. The sliding scale for investors will start at those willing to deposit at least £1m in a British bank account which will secure them the right to settlement after five years, but they will enjoy an exemption from any English language test which now applies to most other routes. Further details are also expected to be announced for the new “exceptional talent” immigration route which will allow up to 1,000 migrants who have “won international recognition in scientific and cultural fields”, or have the potential to do so. Unlike this category there will be no limit on the numbers of investors and entrepreneurs who will be allowed in. Ruffel said that the decision to allow high-worth migrants to be out of the country for six months a year was one of the most important elements of the package: “Currently they have to spend nine months of the year in Britain to qualify for indefinite leave to remain or to extend their visa. This can be a problem for those who are very wealthy and are in business in several countries, including their own country of origin.” The shorter route for settlement will not necessarily mean that the super-wealthy will also get a fast track to a British passport as the qualifying periods for citizenship appear to be left untouched. Those who come will also have to pay UK tax on their British earnings. The announcement comes in advance of the final proposals to make deep cuts in the number of overseas students coming to Britain in order to meet the Conservative manifesto target of reducing net migration below 100,000 a year. The home secretary, Theresa May, told MPs last November that she wanted a new approach that was more selective and brought in more of those who would make a real difference to our economy: “We want to actively encourage entrepreneurs to come. As the prime minister [has] said, we will reform the rules for entrepreneurs so that if you have a great business idea, and you receive serious investment from a leading investor, you are welcome to set up your business in our country.” Immigration and asylum Damian Green Theresa May Entrepreneurs Alan Travis guardian.co.uk
Posted by
on March 15, 2011. Filed under News, Politics, World News.
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You can skip to the end and leave a response. Pinging is currently not allowed.