LONDON, (Reuters) – Wealthy migrants from outside the European Union will be allowed to settle more quickly in Britain to help stimulate inward investment and attract entrepreneurs, the government said yesterday.
Immigration Minister Damian Green said he was announcing the change to draw the “brightest and the best” to help drive economic recovery and to refocus away from allowing in too many low-skilled workers.
Under new rules migrants depositing 5 million pounds ($8 million) in a British bank account will be allowed to stay indefinitely after only three years, two years faster than the five-year wait imposed on all other migrants.
Foreigners investing 10 million pounds or more will be able to settle in the UK after just two years.
In addition, Green said rules for entrepreneurs are being relaxed so that they can settle more quickly if they create 10 jobs or turn over 5 million pounds in a three-year period.
“There is no doubt that skilled migrant workers and business people benefit the UK economy and enhance our Labour market,” he told reporters at the London Stock Exchange.
“For too long we have seen too many lesser skilled migrants coming to the UK to take jobs that can reasonably be done by resident workers,” he said.
