Sharp rise in foreign millionaires obtaining visas to stay in Britain

[joebloggs]

It's all about the Pera

The number of foreign millionaires being granted visas to stay in Britain has increased six-fold in the past three years with Russians leading the way, figures suggest.
A rising number of wealthy foreigners are taking advantage of so-called “investor visas”, which enable those with at least £1 million to invest in the UK and remain in the country for three years.

The trend is most prevalent among Russians, who account for 21 per cent of the hundreds of millionaires from abroad taking advantage of the rules introduced in 2008.

Since April 2008, the number of foreigners entering Britain through the scheme has risen from 43 to 320, according to figures by McGrigors, a commercial law firm.

Behind Russia millionaires, Chinese investors are the second largest category of investor visa applicants, accounting for 15 per cent. Around 30 per cent went to high net worth individuals from the Former Soviet Union states, including Armenia, Azerbaijan, Kazakhstan, Russia and Ukraine.

The visas are seen as a fast-track process for wealthy foreign nationals to acquire British citizenship, experts claim.

Yuri Botiuk, Partner at McGrigors and head of the firm’s Russia and Ukraine desk, said: “Many of the Russians and FSU clients that I work with are what I call stability migrants.

“They want an EU passport and the UK is seen as the premier safe haven.

“A few years ago the current protests and social unrest in Russia would have been unthinkable. What we have seen over the last year or so will have pushed many more wealthy Russians to seek a ‘bolt hole’ of stability abroad.

“The investor visas’ rules are designed to reduce speculation in prime central London property, which is so favoured by wealthy Russians, and channels money into other areas. Many of the Russian investors I have advised have invested in commercial property, boutique hotels being a current favourite.”


http://www.telegraph.co.uk/news/ukne...n-Britain.html

[aronbabev]

How I wish that the Electronics co. in Taiwan and in Singapore or any manufacturing company be move in U.K..more opportunities awaits for the Filipino.. or Like me who are engaged in manufacturing co..

[rusty]

How I wish that the Electronics co. in Taiwan and in Singapore or any manufacturing company be move in U.K..more opportunities awaits for the Filipino.. or Like me who are engaged in manufacturing co..

This will never happen, manufacturing in the UK is nearly extinct. The lower wages paid to those working in places, such as, Taiwan and Singapore will keep these types of jobs away from the UK.

This is not just happening in manufacturing but also jobs like call centre workers.