Foreign millionaires should be able to submit “sealed bids” to win residence visas for Britain and the chance of fast-track citizenship, an official report said today. Under the scheme, overseas tycoons would pay a minimum of £2.5 million each to enter an auction for one of 100 elite “investor” visas.

http://www.standard.co.uk/news/uk/tycoons-could-bid-at-least-25m-in-auction-for-uk-residence-visas-9151816.html

• At the moment, migrants who invest £1m, £5m or £10m get permission to apply for permanent residence in the UK after living there for five, three or two years respectively. They do not need to speak English and can bring their spouses and dependants. http://www.bbc.co.uk/news/uk-politics-26334978