LONDON: Latest figures from Britain's home office reveals that 72 Indian millionaires have migrated to the UK with their dependents since 2008. India is one of the top countries whose millionaires use a “golden visa” to migrate to Britain. If statistics are to be believed, 72 Indian millionaires with 84 dependents were granted the Tier 1 Investors Visa introduced in 2008.
Except for nationality, no other details of the migrants are available. Minimum investment required until November 2014, was £1 million, which was later increased to £2 million after a Home Office committee found in February 2015 that the threshold was not bringing enough benefits to the economy. Earlier investments thresholds were £1 million, £5 million or £10 million, which led to permanent residence to the visa holders and their dependents in five, three or two years respectively, and eventual citizenship. The first threshold was raised to £2 million.
Campaign group Transparency International (TI) called for more checks on applicants and their investment plans in a recent report. Titled 'Paradise Lost', the reports made recommendations to ensure Britain does not become a “prime destination for corrupt individuals looking to invest or launder the proceeds of their illicit wealth, enjoy a luxury lifestyle and cleanse their reputations.”
“Corrupt individuals can use the UK's Tier 1 (Investor) visa system- otherwise known as Golden Visas- to secure residency in the UK, thereby receiving an implicit endorsement of their money's legitimacy from the UK state.”
