UK government advised to auction off visas
The Migration Advisory Committee has proposed an alternative to the current system, which gives UK visas to migrants who invest £1 million or more.
The Committee has recommended that the minimum investment be doubled to £2 million and that a limited number of visas would be auctioned off with a reserve price of £2.5 million. Any surplus would be directed towards good causes, similar to the National Lottery scheme. The old system, argued the Committee, did not benefit citizens in any significant way.
The report’s recommended changes would only apply to settlement rights and not to citizenship. Investors would still have to have lived in the country for a minimum of five years before they could apply for full citizenship.
If the scheme were approved, it would be the first of its kind in the world and could see more tangible benefits for citizens. The decision rests with Home Secretary Theresa May.