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LONDON: Affluent Pakistanis are taking keen interest in migrating to Britain under an upcoming scheme designed to attract the rich and mighty from around the world.
The News can disclose that dozens of multi-millionaire Pakistanis have contacted - and even hired in some cases - leading immigration solicitors in London to prepare their cases for immigration on "super-fast track" once the relevant laws were implemented.
A source in the Home Office confirmed that several "high-net-worth Pakistanis" had evinced great interest in shifting to Britain under the new immigration scheme, which would be implemented in April.
The new scheme almost reverses the current stringent rules. It will provide special incentives to rich foreigners to invest in Britain and inject the much-needed cash into the recession-hit economy.
According to the scheme, rich foreigners who could bring in £10 million for investment would be eligible for a fast-tracked permanent residency within two years - unlike five years for all categories under current rules. Those with £5 million would qualify in three years and those with £1 million would get residency in five years.
The Conservative-Lib Dem coalition government faced growing criticism over cuts in the services sectors expenditures and job slashing. The number of jobless is about to hit 3 million as many companies are laying off staff on a daily basis. Thus, the flow of money from abroad under the immigration scheme would be a welcome boost to the stalled British economy.
The Conservatives promised at the time of the election in May last year that they would cut immigration from hundreds of thousands to tens of thousands. The government is now planning to slash the number of foreign students to reduce net migration but this measure will hit the cash-strapped universities, dependant on international students.
The immigration clauses relating to the wealthy are undergoing a sea change, including the time period for gaining a permanent stay in Britain being drastically slashed. To qualify for a visa, an investor migrant will have to spend six months in the country instead of current requirement of nine months.
The individuals from countries such as India, Pakistan, Russia and those in the Middle East will take the opportunity offered by the new route to settle in Britain. There may not be a lot of Pakistanis eager to invest in the £10 million category but the number of those in £5 million and £1 million brackets could easily reach hundreds, the Home Office source said.
Talking to The News, a London-based solicitor confirmed that he was dealing with files of six rich families from Lahore and Karachi, who intended to migrate to Britain under the new scheme. "They are not happy with the unstable situation in Pakistan and Britain is a paradise for their capital. It's clear to see why they want to move out," he said, while speaking on condition of anonymity.
Another solicitor, who deals with a vast number of portfolio investors mainly from the Middle East, also confirmed that he had been approached by well-off Pakistani clients about the new immigration rules.
Fraz Butt of Saracens Solicitors, Marble Arch, London told The News: "Our Pakistani clients are showing substantial interest in migrating to Britain through the investment route as a consequence of the incentives on offer and the fast tracked timetable. Our Pakistani and Middle Eastern clients seek security for their investments and a stable environment for their children, which regrettably is not currently on offer in Pakistan. We are now servicing these clients and in turn assisting the government with its plans to enhance the austerity plans. It is truly a unique opportunity."
A UK Border Agency spokesperson told The News: "The government has been clear that we want to attract the brightest and the best to help our economic recovery. We believe that entrepreneurs, investors, and people of exceptional talent have the most to offer in terms of driving economic growth. We are looking at ways to encourage investors to come to the UK and to make the application process more user-friendly; we will announce changes in due course."
http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=32808&Cat=2&dt=2/24/2011
The News can disclose that dozens of multi-millionaire Pakistanis have contacted - and even hired in some cases - leading immigration solicitors in London to prepare their cases for immigration on "super-fast track" once the relevant laws were implemented.
A source in the Home Office confirmed that several "high-net-worth Pakistanis" had evinced great interest in shifting to Britain under the new immigration scheme, which would be implemented in April.
The new scheme almost reverses the current stringent rules. It will provide special incentives to rich foreigners to invest in Britain and inject the much-needed cash into the recession-hit economy.
According to the scheme, rich foreigners who could bring in £10 million for investment would be eligible for a fast-tracked permanent residency within two years - unlike five years for all categories under current rules. Those with £5 million would qualify in three years and those with £1 million would get residency in five years.
The Conservative-Lib Dem coalition government faced growing criticism over cuts in the services sectors expenditures and job slashing. The number of jobless is about to hit 3 million as many companies are laying off staff on a daily basis. Thus, the flow of money from abroad under the immigration scheme would be a welcome boost to the stalled British economy.
The Conservatives promised at the time of the election in May last year that they would cut immigration from hundreds of thousands to tens of thousands. The government is now planning to slash the number of foreign students to reduce net migration but this measure will hit the cash-strapped universities, dependant on international students.
The immigration clauses relating to the wealthy are undergoing a sea change, including the time period for gaining a permanent stay in Britain being drastically slashed. To qualify for a visa, an investor migrant will have to spend six months in the country instead of current requirement of nine months.
The individuals from countries such as India, Pakistan, Russia and those in the Middle East will take the opportunity offered by the new route to settle in Britain. There may not be a lot of Pakistanis eager to invest in the £10 million category but the number of those in £5 million and £1 million brackets could easily reach hundreds, the Home Office source said.
Talking to The News, a London-based solicitor confirmed that he was dealing with files of six rich families from Lahore and Karachi, who intended to migrate to Britain under the new scheme. "They are not happy with the unstable situation in Pakistan and Britain is a paradise for their capital. It's clear to see why they want to move out," he said, while speaking on condition of anonymity.
Another solicitor, who deals with a vast number of portfolio investors mainly from the Middle East, also confirmed that he had been approached by well-off Pakistani clients about the new immigration rules.
Fraz Butt of Saracens Solicitors, Marble Arch, London told The News: "Our Pakistani clients are showing substantial interest in migrating to Britain through the investment route as a consequence of the incentives on offer and the fast tracked timetable. Our Pakistani and Middle Eastern clients seek security for their investments and a stable environment for their children, which regrettably is not currently on offer in Pakistan. We are now servicing these clients and in turn assisting the government with its plans to enhance the austerity plans. It is truly a unique opportunity."
A UK Border Agency spokesperson told The News: "The government has been clear that we want to attract the brightest and the best to help our economic recovery. We believe that entrepreneurs, investors, and people of exceptional talent have the most to offer in terms of driving economic growth. We are looking at ways to encourage investors to come to the UK and to make the application process more user-friendly; we will announce changes in due course."
http://www.thenews.com.pk/TodaysPrintDetail.aspx?ID=32808&Cat=2&dt=2/24/2011
