Indians Top Among Millionaires Using UK Golden Visa

first_imgSince the introduction of Tier 1 Investors Visa in 2008, as many as 72 Indian millionaires have used the ‘Golden Visa’ scheme to migrate to the United Kingdom with their dependents, according to the latest figures by Britain’s Home Office.Changes in Investment Threshold People from countries such as China, Russia and the United States have also used the Tier 1 Investors visa, the Hindustan Times reported. The minimum investment required under the category was £1 million until November 2014. It was raised to £2 million in February 2015 after a Home Office committee realised that the threshold wasn’t benefitting the UK economy much.Visa holders and their dependents got permanent residence based on their investment thresholds, which were  £1, £5 million or £10 million, after five, three or two years of stay respectively, and eventual citizenship. The first threshold was raised to £2 million.Call for Stricter ChecksConcerns about money misused through the visa was raised by Campaign group Transparency International (TI). The group called for stricter checks on applicants and their investment plans in a recent report titled Paradise Lost.In the report it made recommendations to make sure than Britain doesn’t become “a prime destination for corrupt individuals looking to invest or launder the proceeds of their illicit wealth, enjoy a luxury lifestyle and cleanse their reputations”.Sir David Metcalf, head of the government’s independent migration advisory committee, had criticised the policy in January last year, saying  British taxpayers were at a loss while the government encouraged wealthy foreigners to move come to the UK. “There is very little in it for the UK, there is a huge amount in it for the investor,” he had said, according to an earlier Financial Times report.From the figures released by Home Office it can be seen that since the threshold was changed to £2 million, the number of people receiving the golden visas has been on a decline. The number of visas granted dropped from 471 in the final quarter of 2014 to 57 in the first quarter of 2015, the FT report said, adding that the first quarter of 2016 recorded a further fall of 26 per cent fall to 42, compared with the first quarter of 2015. Related ItemsBritish India Investor visaIndian Millionaires UKLittle IndiaUK Golden Visa IndiansUK India Tier 1 Investor visalast_img read more

Costa Rican lawmakers reject 2015 budget Assembly president passes it anyway

first_imgIn a tight 25-26 vote, lawmakers on Monday afternoon voted in a first round of debate against the proposed national budget for next year in a hectic session marked by controversy and heated exchanges.Then, Legislative Assembly President Henry Mora announced that he had approved the ₡7.9 trillion ($14.5 billion) budget proposal submitted by the administration of President Luis Guillermo Solís in September, and that a second and final round of debate would be held on Thursday.To justify the move, Mora cited Article 178 of Costa Rica’s Constitution, which he claimed mandated the budget’s approval. He also said that because lawmakers voted against all three plans to cut spending last Thursday, the proposal is the only one remaining and must be approved.“The theory I stand by is that the budget proposal submitted by the government should be approved,” Mora said before a full Assembly, setting off vocal protests across the room.Several lawmakers took issue with Mora’s move and requested the floor in protest. The Libertarian Movement Party’s top lawmaker, Otto Guevara, said he would file a complaint with the Constitutional Chamber of the Supreme Court, or Sala IV, accusing Mora of violating the legislative process.Guevara said legislative procedure provides two options: pass the executive branch’s proposal or approve the same budget that is in force this year. The Christian Democratic Alliance’s (ADC) Mario Redondo and the National Liberation Party’s Rolando González said they would support Guevara’s consultation with the Sala IV.The discussion dragged on as at least six more lawmakers addressed the full Assembly to either request recesses or to voice complaints and appeals against the Assembly president’s ruling. Nevertheless, Mora ended discussion at about 7 p.m.Extraordinary budget approvedFollowing the tense discussion lawmakers took a last recess and returned to vote on the administration’s Second Extraordinary Budget for 2014, which totals ₡21 billion ($39 million).The bill was approved at about 8 p.m. with 39 votes in favor and Guevara, Natalia Díaz and Redondo voting against.That approval in a first round of debate followed an agreement by ruling Citizen Action Party legislators to create a commission to investigate alleged political persecution against public employees linked to the National Liberation Party.The additional expenditure plan provides funds for Christmas bonuses, pensions and operating costs for various government agencies. The first Extraordinary Budget 2014 was approved by the previous legislature back in April at ₡59 billion ($109 million). Facebook Comments Related posts:Budget talks extend to Saturday after lawmakers fail to reach deal Costa Rican lawmakers pass 2015 budget without a single cut in spending Legislative Assembly reverses order restricting access to information Lawmakers approve 2016 national budget at ₡8 trillionlast_img read more