The United Kingdom (UK) government is considering introducing a new investor visa that would require applicants to invest £5 million (about $6.6 million) in British businesses, potentially making them eligible for British citizenship within five years.
The investment exempts residential or commercial property, plus access to the visa would be by invitation only.
The proposal re-ignites the debate over whether wealthy migrants can help drive economic growth while avoiding the problems that led to the previous scheme being scrapped.
According to reports, the Cabinet Office held a private meeting on June 10 with tax advisers, economists, professional services firms and anti-corruption organisations to discuss the proposal under confidentiality.
Peter Kyle, UK’s Business Secretary has emerged as the proposal’s strongest supporter, arguing that Britain is engaged in a “brutal fight for global talent”.
