The number of high net worth Chinese, who obtained Investor Visas of UK, or golden visas, rose by 82.5 percent in 2017 to 116 when compared to 2016.
Holders of investor visas are granted residency in the United Kingdom if they invest £2 million or above in assets.
Official statistics revealed to the Financial Times by LJ Partnership, a UK-based private wealth partnership, said that nationals of mainland China acquired 166 out of the total 355 Investor Visas that were granted in 2017 by the UK government to affluent individuals. If residents of Macau and Hong Kong are also counted along with their mainland counterparts, then 146 of the investor visas were bagged by Chinese. The second-largest recipients of golden visas were said to be Russians.
Charles Filmer, head of the private office at LJ Partnership, was quoted the Financial Times as saying that for Chinese, Brexit was a signal for some time. He added that Brexit is no longer being discussed as it is no longer making a difference.
The golden visa scheme allows wealthy people to stay on in the UK for slightly above three years if an investment of £2 million or more is made by them in the government bonds of UK or share capital or other assets, excepting property.
These wealthy individuals are eligible to apply to become Permanent Residents of the UK after a three-year period if they invest £5 million or after two years if they invest a sum of £10 million.
One of the main reasons’ mainland Chinese throng the UK is because the country is still considered one of the safest spots globally, despite risks of Brexit, said Yu Jie, head of China Foresight at LSE Ideas. She added that Britain attracts Chinese because of the political stability, institutional limitations and the essential rule of law.
If you are looking to Migrate to the UK, talk to Y-Axis, the world’s No.1 immigration and visa consultancy, to apply for a visa.