The UK has decided to stop accepting applications for the golden visa program across all routes. Why put a stop to this lucrative program? The article breaks down the pros and cons of each route, including pros and cons of the UK’s decision.
What Are The Benefits of the UK Golden Visa Program?
The UK Golden Visa Program is a government-sponsored visa program that allows foreign investors to live and work in the UK without the need for a work permit. The program was created to attract wealthy individuals with high net worth into the country, which will in turn create jobs and opportunities.
Pros and Cons of the UK Golden Visa
The UK golden visa program allows foreigners to apply for a UK residence visa if they buy a property in the country worth £2 million or more. The program has been successfully implemented, with 3.2 million visas sold since its launch in 2007. Many argue that the program has worked well and that it has benefited the economy of the country by attracting new investors and tourism. At the same time, other argue that the program is too expensive, and that because it was launched to attract people investing in real estate, immigrants are unable to use their money towards other industries of interest.
Which countries offer golden visas?
The United Kingdom offers a golden visa program. It offers residency to individuals who are willing to invest £2 million GBP in the country. The investment is in a trust fund with approved tenants and aims to promote British business. Australia also has an offer similar to this one, offering permanent residency for investors of AUS$5 million AUD.
The Future of Brexit and UK Golden Visas
The Brexit has created a lot of uncertainty in the United Kingdom. Whether this will translate to a decline in demand for a UK Golden Visa remains to be seen, but it is reasonable justification for companies interested in UK market access to consider getting the golden visa now.
Conclusion
The UK’s Golden Visa program has been in operation since 2012 and has been credited with boosting the country’s economy by £1 billion. However, this visa program is also drawing criticism for the role it plays in attracting wealthy foreign investors to the country. One of the issues is that the visa is a three-year pass that can be extended indefinitely, while there is no exit strategy or time limit on the amount of investment permitted under its terms.
