In response to the Coronavirus we have increased our telephone & video call appointments, now available 7 days a week from 7am to 10pm

Head Office:
5th Floor Maddox House, 1 Maddox Street, Mayfair, London, W1S 2PZ


Golden Visa Scandal Debate

In this article we will look at the arguments for and against the Tier 1 Investor visa also refereed to as the UK Golden Visa as well as what steps each side can take to come to a compromise and the best solution for all.

Westkin Golden Visa Scandal debate – It’s needed.

Those that argue for the Golden visa system say that attracting high net worth persons and their associated wealth is a key component of a successful trickle down economic system. This is because in an ever increasing globalised economy, persons of wealth are courted by every country around the world, as such having a straightforward visa system to attract these persons is fundamental to keeping the money flowing from the top and as to ensure the redistribution of this wealth in our current economic system. The argument is that these migrants are investing a significant amount of money, between £2 million and £10 million pounds, in exchange for temporary UK residency. Not only do UK companies reek the benefits of these investments which must be in to UK companies via the purchase of shares or loans, but also wealthy migrants tend to take out less from the system than they put in, this can be from taxes, things they spend their money on, private school fees and running business, all of which broadens their net-positive impact on the economy and thus keeping the trickle going down.

Westkin Golden Visa Scandal debate – its a scam, we don’t benefit.

Critics of the Golden visa system see it as an unjust way for persons of wealth to fast-track the system and thereby creating a two tired immigration system, one of the high net-worths and one for the rest. It is argued that the trickle down economic effect is over played and in reality the money that these persons would spend as visitors would not drastically differ than what they do now using the current visa system. Of course they are required to invest £2 million but until the recent rule change on the 29th March 2019 the majority of investments were in to UK Government bonds, which the Home office’s own commissioned reports concluded was of little to no benefit to the UK economy. Although the rules have now been changed and investments in to bonds is not allowed, the majority of investments are made in to companies listed on the stock exchange, which although a positive for the share price of Tesco, BP, Lloyds and other UK companies it does in reality not impact share prices any significant amount because of the relatively small overall money in play. In other words if all the Tier 1 Golden Visa applicants sold their shares tomorrow the chancellor would not be too worried.

Westkin Golden Visa Scandal – undercover role reversal

If both sides of the argument took a moment to walk in each others shoes or almost go undercover and appreciate the true concerns raised by either side then a compromised could be made. It is a cold hard fact of the world we live in that wealthy persons have opportunities to live all over the world. In Europe alone there are dozens of Golden visa programs, from Cyprus, to Malta to Portugal to Bulgaria. Each country has set out its terms of play to attract these migrants for what they believe is the worth of their visa.

Whilst many of the EU golden visa programs require investments in to property the UK does not have housing price issue and including this requirement would only inflate houses further for the average person. Instead the UK can divide the investment amount down to ensure that it meets the struggling areas of the economy and wider society. For instances. Where critics say that investment in to FTS500 companies gives no real benefit, why not set up a requirement that all or a portion of the funds has to be given to start up funds or early stage business in key areas such as Tech. Proponents of the visa say that they give a wider benefit to the UK economy by the money that they spend in the UK, well why not suggest that a donations have to be made to funds set up by the Home office to tackle social issues in not just the migrants local area but also some of the poorest and most deprived areas around our nation. This way they can really put their money where their mouth is and show critics that their wealth is a force for good within their community and the UK as a whole.

Westkin Associates

info@westkin.com

5th Floor, Maddox House,
1 Maddox Street
Mayfair
London
W1S 2PZ
United Kingdom
0207 118 4546

Leave a Reply

Your email address will not be published. Required fields are marked *

Prove That You Are Human! *

Immigration Cases

What we're saying

@westkinlaw

IMMIGRATION BLOG

Read All

  • Spouse Visas: Should The Minimum Income Rule Be Rethought?

    The UK Spouse Visa allows individuals to come and live in the UK permanently with their partner. It requires individuals to be able to prove ...

    Read More

  • The Top Immigration Stories Of The Week – December 2020

    We are nearing the end of 2020, a year which has brought much turmoil for many across the world. With the pandemic still reaching new ...

    Read More

  • New Opportunities To Apply For A UK Skilled Worker Visa

      The UK Skilled Worker Visa will allow individuals to come and stay in the UK to work. This visa route has been put in ...

    Read More

  • Can you make a complaint against the Home Office?

      The UK Home Office, headed by Priti Patel, has received a large amount of backlash this year ahead of the new immigration system being ...

    Read More

  • What would a no-deal Brexit cost the UK?

      When the debate on whether the United Kingdom would leave the EU started in 2016, one of the biggest talking points, and a big ...

    Read More

Special Services

Weekend Services

 

Same Day Services

 
Looking to hire an immigration lawyer?
Book your free consultation