Government Immigration advisers suggest selling UK visas to highest bidders
3 March 2014
Chairman of the Home Office's Migration Advisory Committee says the government has been "giving away" visas to some of the world's wealthiest people. More than 850 Russian oligarchs and Chinese millionaires have won the right to live in Britain in the last five years under a scheme which has little benefit for British citizens, official government advisers have disclosed.
The Migration Advisory Committee report, which was carried out at the request of the government, set out proposed reforms which would see the minimum amount for an investor visa doubled to £2 million and they would be allowed to apply for permanent residency after five years.
The suggestion from the home secretary's migration advisory committee was criticised by immigration lawyers for creating an "eBay culture" for permanent UK residence.
The proposals are being put forward in response to concerns that the existing investor visa route fails to benefit the UK and has become a cheap way for some wealthy Russian, Chinese and Middle Eastern families to settle permanently in Britain.
Instead of going into bonds, The Migration Advisory Committee suggests the money could be ploughed into large infrastructure projects. More controversially, the committee also wants around 100 visas to be auctioned off to the highest bidder every year.
Sir David Metcalfe, head of the Migration Advisory Committee, has signalled his determination to overhaul the system, arguing most investors buy government gilts which they later sell, meaning there is little lasting benefit to the economy.
Some Whitehall officials are sympathetic to the scheme, which carries echoes of a recent proposal by Malta to sell passports for £500,000, giving holders the right to live anywhere in the European Union.
David Hanson, the shadow Immigration minister, said: "Our visa system should encourage entrepreneurs and investors to come to the UK and ensure people add value to Britain. We'll look at the detail of these recommendations closely, but the visa system should be fair, effective and encourage proper social and economic investment in the UK in the areas it is needed."