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Deccan Herald » Foreign » Detailed Story
Invest 1 million and get UK residency permit
London, PTI:
Rich foreigners willing to invest a minimum of one million pounds can get a residency permit in the UK from April 1, even if they lack proficiency in English language, hitherto considered essential.

The proposal is part of the government’s new points-based scheme for gaining residency, designed to encourage greater integration into British culture by immigrants.

From this year onwards, the UK is planning to implement a five-tier points-based system to allow foreigners to come and work and settle here. The five tiers are highly skilled migrants, entrepreneurs and innovators, skilled workers with a job offer to fill shortages in the labour market, unskilled, temporary or seasonal labours, students and temporary workers such as working holiday-makers.

The new system for highly skilled workers also requires millionaires to invest 750,000 pounds within three months of their entry into Britain.

Immigration Minister Liam Byrne, defended the loophole, saying rich people such as the Chelsea football club owner Roman Abramovich were welcome to Britain.

“Millionaires bring jobs and investment to Britain,” he said.

“It is probably not a good idea to shut them out.”

The proposal is expected to have emerged at a meeting of the Lords select committee on economic affairs earlier this week, when Byrne told peers: “What we do not want to do is cut off the opportunity of bringing in large amounts of capital that are going to be invested in productive things — you have to apply a balance.”

“We saw a lot of Muslims change their names after the 9/11 attacks, but in the past few years it’s become much more widespread,” said Mike Barratt, chief executive of the UK Deed Poll Service. “Often people are just sick and tired of having their names mispronounced. We’re seeing a 20 per cent increase, year-on-year.”

The rising divorce rate, civil partnerships and second marriages have also driven up the numbers of people who are changing their names.

The report said more than 500 people took a new name in Ireland last year - a 60 per cent rise in five years.  Public records show many migrants have added a Celtic flavour to their names.

TAX MAY DRIVE THEM AWAY FROM UK
London, PTI: The uniform annual tax of 30,000 pounds proposed to be imposed on non-domiciled wealthy foreigners, includings some Indians, may force many of them to shift their headquarters from the UK.

Chancellor Alistair Darling said that non-domiciled residents would each be subject to a tax of 30,000 pounds a year and it would come into force from April, The Sunday Times reported.

The Tories said the UK fund management industry, a key employer in the City, would be severely damaged because of changes to rules on offshore trusts held by non-domiciled residents.

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