72 Indian millionaires migrated to UK since 2008

LONDON : India is among the top countries whose millionaires used a “golden visa” to migrate to Britain with their dependents the latest figures show 72 Indian millionaires with 84 dependents were granted the Tier 1 Investors Visa introduced in 2008.

Other countries whose millionaires have used the visa the most include China, Russia and the US, contributing billions to the British economy.

Until November 2014, the minimum investment required under the category was £1 million, which was increased to £2 million after a Home Office committee found in February 2015 that the threshold was not bringing enough benefits to the economy.

The earlier investments thresholds were £1 million, £5 million or £10 million, which led to permanent residence to the visa holders and their dependents in five, three or two years respectively, and eventual citizenship. The first threshold was raised to £2 million.

Campaign group Transparency International (TI) has expressed concerns about the possibility of money being laundered through the visa route. It called for more checks on applicants and their investment plans in a recent report.

In the report titled Paradise Lost, TI made recommendations to ensure Britain does not become “a prime destination for individuals looking to invest or launder the proceeds of illicit wealth, enjoy a luxury lifestyle and cleanse their reputations”.

TI said: “Corrupt individuals can use the UK’s Tier 1 (Investor) visa system to secure residency in the UK, thereby receiving an implicit endorsement of their money’s legitimacy.”

Home Office figures showed that from a peak in 2014, the number of those granted golden visas has been declining, possibly due to tighter checks on applicants.