UK investment visa doubles threshold, as canada eyes new scheme

Photo: Asfouroa

"Golden visas", as they have been widely dubbed, are increasingly common around the world, encouraging investment in a range of countries in exchange for residency. While some European countries offer residency for as little as €250,000 injected into their property market, others are taking steps to make sure residency in their country is not undervalued.

To this end, the UK has now announced that it will double its threshold from £1 million to £2 million. The move is designed to drive high net worth individuals to invest in British companies - citizenship applications are then permitted five years later. Indeed, previously, investors could inject half that amount and enjoy permanent residency in six years. The UK also requires spenders to stay in the country for the majority of the year, with only 180 days allowed to be spent every year outside of the UK.

The announcement follows rumours from across the Atlantic that Canada is also planning to reboot its own visa scheme. The country once offered an immigrant investor programme, promising residency in exchange for an $800,000 payment, but closed the scheme amid concerns that too many chinese buyers were taking advantage of it.

Indeed, since Canada has closed its doors, countries such as Australia have enjoyed rising popularity among Chinese buyers.

Canada's new scheme is expected to have a threshold of £1 million or £2 million.