(MENAFN- Live Mint) The UK government plans to allow high-earning individuals to apply for permanent residency after just three years, according to details shared by Bloomberg, ahead of an official announcement later on Thursday (November 20).

Under the proposed rules, those earning over £125,000 ($163,000) annually would qualify for an expedited settlement process. Entrepreneurs would also be included in the fast-track scheme, as per the report.

Tiered residency periods

For those earning between £50,000 and £125,000, they would have to wait for five years, in line with current regulations. Individuals earning less than £50,000 would face a doubling of the residency requirement, from five to ten years, the news outlet notes.

The Home Office is expected to launch a public consultation on the proposed changes later on Thursday, with further details to be outline.

Government statement

“Skilled workers, entrepreneurs and high-earners will be fast-tracked to settlement,” Home Secretary Shabana Mahmood said in a written statement.“My message to the world's brightest and best is clear: you are welcome here,” Bloomberg reports.

The policy is part of the UK government's broader effort to attract top global talent and boost the economy through skilled migration.

Also Read | Google CEO Sundar Pichai defends H1-B visa programme

MENAFN20112025007365015876ID1110374294