Wealthy foreigners will no longer have to buy property in Britain to obtain a visa, as concerns grow that this blocks Londoners from buying homes.
Those applying for a Tier 1 invest visa currently have to invest £1m in the UK, which in turn allows the applicant and family the right to live, work and study in the country. Three quarters of that sum have to be put into gilts, bonds or shares in UK companies, but the remaining £250,000 can be invested in property.
From Thursday the overall amount will double to £2m, all of which must go into bonds or shares.
Times, 43
