Faster and easier settlement for richer immigrants in UK

Immigrating to the United Kingdom will be an easier and quicker process for the entrepreneurs desiring to invest money in Britain.

The United Kingdom government announced on Wednesday that immigrants wishing to invest an amount of £5 million in the country would be allowed to settle down in a period of three years.

The coalition government in United Kingdom has been planning an overhaul of the immigration system of the country. These new rules are being rolled out to bring down the number of immigrants in the recession hit country from hundreds of thousands to tens of thousands each year.

But in the Parliament session held on Wednesday, the visa and immigrations rules were relaxed for the richer applicants and entrepreneurial immigrants desiring to move to UK. This is to provide an incentive to such immigrants to invest more money in Britain’s economy.

According to the new regulations, immigrants applying under the category of Tier 1 (Investor) visa of the point-based system would be able to settle down faster if they invest more amount of money. In contrast to the current requirement of a five year period for settling down for investors, the investors can now shorten the period to three years if they invest a sum of £5 million and further down to two years if they put in an amount of £10 million.

Similarly, the Tier 1 (Entrepreneur) applicants can gain residency permits in UK quicker if they create 10 jobs or turn over a sum of £5 million within three years.

Meanwhile, the minimum amount to qualify for the visa would still be £200,000, though the government would be allowing people with a high business potential to enter the country backed with a funding of £50,000 as well.

Under the new rules, the government would also allow the businessmen to spend more number of days outside of UK. Earlier the applicants were allowed only 90 days each year outside of the country, while now the rules have been relaxed to an allowance of 180 days per year.

The government also created a category of visas for prospective entrepreneurs, to allow them to enter UK and establish a business and qualify for the original Tier 1 (Entrepreneur) visa.

The Immigration Minister of United Kingdom, Damian Green commented on the new rules saying: “The UK remains open for business and we want those who have the most to offer to come and settle here. Entrepreneurs and investors can play a major part in our economic recovery, and I want to do everything I can to ensure that Britain remains an attractive destination for them.”