Taxpayers are paying wealthy foreigners to reside in the UK

October 21, 2015
UK taxpayers are paying the wealthy foreigners for coming and living in the UK, due to the generosity of the system of the immigration. According to the government’s committee for independent migration advisory.

The system of golden visa is allowing the rich investors, dominated mostly by the citizens from China and Russia, for obtaining the citizenship of Britain if at all they are ready to invest in the British properties.

Taxpayers are paying rich foreigners to live in the UK

The UK Tier 1 investor visa needs investors to buy a minimum of two million pounds of assets in the UK, and that includes shares, gilts or the corporate loans and they should be interested in these types of investments. All this means that the people of Britain are paying them for coming to the UK.

Rich people from China, who came to Britain last year, were almost half of the entire investor visas that are granted. And the numbers are getting doubled every year. According to the figures that were posted earlier in this year.  

Around 357 golden visas were granted to the Chinese citizens from the Britain in a year, till the end of September month of 2014. These visas have become more and more popular all around the Europe in the previous two years as the way of attracting the investment.  The schemes that grant citizenship or residency in exchange of the investment attracted about 7 billion dollars in the FDI. And it is increasing at the rate of 20% per year.

Out of 1,700 golden visas that are granted by the Portugal between the years 2012-14, 80% of them go to the Chinese citizens. The Portugal scheme permits the property investment that is banned in Britain. 

It include stopping the applicants from taking loans for raising the minimum of 2 million pound that is required, and the applicants need to have the bank account of the UK. This means that they should meet the bank’s inspection rules.

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