UK Visa Auction

. February 25, 2014

The right to settle in Britain should be auctioned off to wealthy foreign investors, government advisers say, reports the BBC.

“At present migrants can gain entry by investing £1m or more in the UK.

But the Migration Advisory Committee says ordinary British citizens gain little from this.

It recommends doubling the minimum investment to £2m and auctioning slots with a reserve price of £2.5m – with any surplus going to good causes in a scheme similar to the National Lottery.

The changes recommended in the committee’s report would apply to settlement rights only and not citizenship.

It would be the first scheme of its kind anywhere in the world – but the decision on whether to implement it rests with Home Secretary Theresa May.

The advisers expect about 100 visas a year to be auctioned with the “winners” getting accelerated settlement in the UK – after two years rather than the five it is with the other investment routes.”

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Category: Auction News

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