More than half of the UK's $2.8mn 'golden visas' go to China

By BizClik Admin

A huge proportion of ‘golden visas’ given out by the UK are going to China, recent figures have illustrated. This could mean that Brexit is less of an issue for Chinese investors than first thought.

The figures were reported by the Financial Times on Wednesday, citing LJ Partnership, a wealth firm, as the source of the data.

The UK gives citizens from overseas the change to gain a ‘golden visa’ in exchange for investing heavily in the country, a controversial move which some say allows the wealthy to ‘buy’ citizenship. However it’s in no doubt that this is bringing capital into the UK economy at a time of economic uncertainty.

See also:

China promises to beef up UK imports

Feature: WeWork brings collaborative working space to Asia

Trans Pacific Partnership: could the UK look to Asia after Brexit?

According to Verdict, a total of $28bn was invested into the UK economy by Chinese investors last year.

Investors get the right to live in the UK in exchange for assets and investments totalling £2mn ($2.8mn), and then after three years a further investment is necessary.

In 2017, 355 golden visas were issued, with 116 (56%) of these going to investors from mainland China. This does not include Chinese territories like Hong Kong which have also invested in the UK.

Investment of £5mn ($7mn) or more after three years gives people the right to settle permanently in the UK, while they can apply after just two years of residence if they invest £10mn ($14.1mn).

At first, China was wary of Brexit, but according to Charles Filmer of LJ Partnership, Brexit is becoming somewhat of a non-issue for Chinese investors with a UK interest.

Share

Featured Articles

Nirvik Singh, COO Grey Group on adding colour to campaigns

Nirvik Singh, Global COO and President International of Grey Group, cultivating culture and utilising AI to enhance rather than replace human creativity

How Longi became the world’s leading solar tech manufacturer

On a mission to accelerate the adoption of sustainable energy solutions, US$30 billion Chinese tech firm Longi is not just selling solar – but using it

How Samsung’s US$5billion sustainability plan is working out

Armed with an ambitious billion-dollar strategy, Samsung is on track to achieve net zero carbon emissions company-wide by 2050 – but challenges persist

UOB: making strides in sustainability across Southeast Asia

Sustainability

Huawei smartwatch goes for gold with Ultimate Edition

Lifestyle

How IKEA India plans to double business, triple headcount

Corporate Finance