Thaindian News

London, Mar.16 (ANI): Wealthy foreigners and entrepreneurs will be offered a fast track route to settle in Britain as per new immigration rules.

The “super investors” will be given the right to stay in the country indefinitely after only three years in return for depositing five million pounds in a British bank account.

An overseas investor who can deposit more than 10 million pounds in the UK will get the right to stay even quicker, after only two years.

Immigration Minister, Damian Green will unveil the package that aims to attract rich people to Britain. This package at the London Stock Exchange, is totally opposite to the Government’s plan to break the link with the right to settle for those who come to study or work temporarily in the UK.

Rules for entrepreneurs are also to be relaxed so as to make them eligible for permanent settlement rights in Britain within three years if they have created ten jobs or achieved an annual turnover of 10million pounds a year for their UK business.

Alex Ruffel of Berkeley Law, who specialize in immigration matters, said she expects the new rules would double the 275 super-wealthy investors and entrepreneurs who came to live in Britain last year.

Ruffel also said the decision to allow high-worth migrants to be out of the country for six months a year is 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 Guardian quoted her, as saying.

However, this 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 is untouched. Those who come will have to pay UK tax on their British earnings.

Earlier, the Home Secretary Theresa May said that she wanted a new approach which is more selective and brings in people who can make a real difference to the British economy.

“We want to actively encourage entrepreneurs to come. As the prime minister 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.” (ANI)