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UK Opens Arms to the Wealthy

January 19, 2011 in Expat Locations, Immigration, Living in Britain by Paul Allen | No comments

As ever, money talks. The UK government may be trying to curb overall levels of immigration into the country, but for those with the cash the doors are opening wider.

At the tail end of 2010 the government’s Home Secretary announced new limits on various components of its points-based immigration system, making it harder for non-EU citizens to enter the country. The changes will take effect from April 2011.

However, it also emerged the Tier 1 Investor and Entrepreneur categories would be made more attractive to applicants. In addition, a new Tier 1 category, Persons of Exceptional Talent, will be introduced for internationally recognised people.  

No details of the changes to the Investor category were released at the time of the announcement. However, it appears one aspect will be to reduce the time it takes for a qualifying person to be granted residency.

Investor criteria

The Investors category is designed for those who intend to make a substantial investment in the UK[1]. To be eligible, applicants need:

a)      A minimum of £1 million of your own money in a regulated financial institution that you can dispose of in the United Kingdom, or

b)      Personal assets of more than £2 million, and a £1 million loan from a financial institution regulated by the Financial Services Authority.

Successful applicants receive a three year visa initially, which can be extended for a further two years. Partners and dependent children are also covered by the visa, and are free to work/attend school. After five years visa holders can then apply for permanent residency.

Residency fast-track

Under the upcoming changes, though, it appears there will be a new fast track to residency for the wealthiest. The qualifying periods look like being:

  • 5 years for those investing £1m-£5m
  • 3 years when investing £5m-£10m
  • 2 years when the investment is £10+m

 

When you’re rich, the world really is your oyster.

[1] See the UK Border Agency website for more details, http://www.ukba.homeoffice.gov.uk/workingintheuk/tier1/investor/

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Cost of an English University Education

November 5, 2010 in Education Abroad, Expat Locations, Living in Britain by Paul Allen | 3 comments

For any parent contemplating a move abroad, picking a location that offers their children a better quality of life now, and good opportunities for the future, will be a prime consideration.

On those criteria, the UK government’s newly-announced plan to increase university tuition fees has to be a black mark.

Under the policy, universities in England can charge as much as £9,000 per year in tuition fees – a steep rise from the £3,290 at present.

With the government having slashed funding for universities in its October Spending Review, it means many students are set to bear most of the cost of their courses. And that is in addition to the living expenses they already have to pay.

Some, inevitably, will be put off from attending university at all. Those that do go will either need affluent parents able to finance their education, or face a pile of debt at graduation.

Spanish Lessons

The comparative cost of university was a hot topic with some English friends we have just seen on a recent trip back to our former home in Spain.

Their daughter is due to finish her baccalaureate next summer, and is now weighing her options. If she were to go to the local university in Spain her parents would only have to pay for her books – approximately €1,000 a year. Back in the UK, by contrast, they could not afford to give their daughter the advantages a university qualification brings.

Mind you, there is a flipside: the countries’ relative job opportunities.

With unemployment soaring to over 20%, there is a big question as to what career prospects she would have in Spain post-graduation.

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European Quality of Life Advantages Called Into Question

October 18, 2010 in Expat Advantages, Expat Locations, France, Living Abroad Pros and Cons by Paul Allen | No comments

So France has the best quality of life in Europe. Or at least that was the finding of a recent study by consumer comparison service uSwitch.com, as I highlighted in a recent posting[1].

I imagine the residents of France may be thinking something different as this week’s round of strikes and protests gets underway.

News reports say the strikes are set to widen to include a range of sectors, including road transport, energy, posts, telecommunications and public service. The industrial action has brought fears of fuel shortages as workers at oil refineries walk out, and rail chaos as train staff join in, threatening to bring the country to a standstill.

The protest has been spurred by moves to raise the minimum retirement age from 60 to 62, and the full retirement age from 65 to 67 years – a change that rather undercuts one of the advantages of French life highlighted by the uSwitch.com survey. The government claims it is needed to prevent the country’s pension deficit from spiralling out of control and threatening the system as a whole.

In total, Nicolas Sarkozy’s government has announced plans to cut spending by €45bn over the next three years in a bid to meet its budget deficit target.

 

Meanwhile Spain, which came second in the uSwitch.com quality of life rankings, has seen unemployment more than double (to about 20%) since 2007. In a bid to curb its budget deficit, the government is raising the top level of income tax and introducing a range of austerity measures for 2011 designed to cut spending by 8%.

Of course, the UK faces its own economic difficulties – as, for that matter, does the United States. But if you’re aiming to escape your home country’s problems and find a better quality of life by moving abroad, it’s important to remember the grass is not always greener on the other side.

[1] http://expatliving101.com/living-in-spain/what-quality-of-life-can-you-expect-abroad/

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Immigration and the UK’s Population Growth

June 9, 2010 in Immigration by Paul Allen | 3 comments

The UK is projected to add another 9 million people to its population by 2030, bringing the total to 70 million. And that, says a new report by think tank Forum for the Future[1], will put enormous pressure on the country’s long-term living standards.

The report makes seven recommendations on how to tackle the challenges. They include:

  • Planning for the growth to ensure adequate public services, infrastructure, jobs and training exist.
  • Trying to change attitudes to consumption.
  • Improving family planning to reduce the birth rate.
  • Having an objective discussion on immigration, to discuss its benefits and discover ways to reduce the economic, social and environmental drivers that incite people to migrate.

 

As the think tank points out, population and immigration issues are hot political potatoes. Nevertheless, immigration has returned to the mainstream political agenda for the first time in years, as was evidenced during the recent UK election.

Indeed, the Government has just announced a new measure (the first in a series) to tighten immigration policy, in the form of an English language test for spouses and unmarried couples. This will require all non-European migrants to demonstrate a decent grasp of English before they can receive a visa.

According to Theresa May, the government’s Home Secretary: “The new English requirement for spouses will help promote integration, remove cultural barriers and protect public services.”

For expatriates of all stripes, local language knowledge is certainly a huge part of the integration equation. Without it, you are condemned to remain on the sidelines of society, restricted in your ability to make friends and deal with everything from local shopkeepers to the gas company.

The UK government’s initiative therefore sounds fair enough. I wonder how we would feel though if other countries – say Mexico or the United Arab Emirates – put onerous language restrictions in place on expatriates from English-speaking countries like the United States, Britain and Australia?

[1] Growing Pains: Population and Sustainability in the UK, Forum for the Future, http://www.forumforthefuture.org/files/population_web.pdf

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Migration and the UK Coalition

May 14, 2010 in Living in Britain by Paul Allen | No comments

 

It’s not quite the West Wing, but the UK election and subsequent coalition negotiations have turned into a fascinating drama (mind you, I’m a politics graduate, so perhaps I’m biased, and a little sad).

There has even been a bit of humour. At their first joint press conference, Prime Minister David Cameron and his Liberal Democrat deputy Nick Clegg stood side-by-side in the garden at 10 Downing Street to set out their coalition stall. It was followed by a question from a journalist: “Prime minister, do you now regret when once asked what your favourite joke was, you replied ‘Nick Clegg’?” he asked.

Cameron looked suitably embarrassed, but Clegg took it in good heart. Indeed, it even revealed the relaxed camaraderie that seems to be burgeoning between the two leaders. Is this politics growing up at last? A recognition that people from different parties can work together in that stock phrase of the last few days, the National Interest?

There is certainly a lot to do, as the new government’s agenda shows. And from an expat perspective, it reveals some important choices and changes.

A notable one is immigration. It was a big area of difference during the election campaign. But the Conservatives’ proposals have now won out. As a result, the government will introduce an annual cap on the number of economic migrants from outside the European Union that are allowed into the country.

As for what happens to tax levels and spending on core services such as education we will have to wait for the upcoming Budget, which will offer the first detailed breakdown of the government’s programme.

The question then will be can this historic coalition succeed in making the UK a better place to live, both for people thinking of moving to the country and those already there? I can only hope so.

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