CURRENT AFFAIRS

Detailed explanation-1: -Why the UK closed its tier 1 investor visa route, and what happens now.

Detailed explanation-2: -The category, which was closed to new applicants on 17 February 2022, had been attractive to individuals from overseas looking to relocate to the UK and capable of making a substantial investment in the UK economy, with the visa leading to settlement after a five-year stay and, ultimately, to British citizenship.

Detailed explanation-3: -Portugal has said that it may end its much-vaunted ‘golden visa’ programme which was known to give wealthy immigrants residence rights in the country, the country’s prime minister Antonio Costa said on Wednesday.

Detailed explanation-4: -The UK Investment Visa is a Tier 1 visa, part of the UK Points Based System, offered to wealthy individuals willing to invest a minimum of £2 million in the UK. The higher the amount of money invested, the quicker the individual can apply for settlement and eventually British citizenship.

Detailed explanation-5: -Which country has scrapped its ‘Golden Visa’ Route for Millionaire Investors? Notes: The U.K. announced that it is scrapping its ‘Golden Visa’ Route, which is a visa program for millionaire investors, as part of efforts to cut down on fraud.