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                                     Turning  U.K into a cashless society -  Vidya Ram                                                       High time for foreign citizenship -  Naomi Canton

          In London, a city wide initiative to boost and support the work of street musicians launched a platform for the street artists to take card payments via an app.  It would enable donations without disturbing a performance.

Just as elsewhere in the world, innovations such as these have proved to be a major boost in the use of cards and the reduction in the use of cash in the UK.

Some businesses are going a step further, getting rid of the use of cash altogether.  They include Browns of Brockley, a south east London coffee shop, whose owner Ross Brown decided to stop accepting cash payments two years ago. Go Cashless, a campaign group to promote Britain turning into a cashless society by 2020.

 

The elimination of cash entirely is the right way ahead for the country.

 

Britain was in danger of “sleepwalking” to being a cashless society.

According to the U.K. Finance body, there were 3.4million consumers in the U.K., who barely used any cash at all in 2017.

Another report by a consumer group warned earlier this year that more than three quarters of consumers in the two lowest income groups relied on cash, with 26% never using card payments.  The move could also leave the vulnerable and elderly more vulnerable.

         Rich Chinese, Russians and Indians have been among the top buyers of foreign citizenship in recent years.  The push factors are, lifestyle, education, transport, clean air and healthcare. They want to send their kids to school in another country, or have somewhere safe to park their money, they want political stability.  They employ all kinds of methods and strategies to protect their wealth.  said Knightsbridge Capital Partners director Luke Hexter.

Some UK based firms that arrange foreign citizenship claim  they have seen enquiries. Global enquiries rise by 320%. Dominic Volek, South East Asia head at Henley & Partners said, .  “Often, it is about having a Plan B.  About 80-90% of our clients don’t leave home, but have a second citizenship or residence in readiness.  You only have to spend seven days a year if you get the golden visa to Portugal.” Volek explained,   Many Indians opt for residence-by- schemes.  People want access to the EU single market. Most countries directly accept a donation to their sovereign fund.  Some also have areal estate 

purchase or investment component. Host country also does a full due diligence meeting, its  specific citizenship by investment law . Funds are cleared only after application is approved.

According to the Global Wealth Migration Review, 7000 high-net-worth  Indians left the country in 2017.  While America, Canada and Australia are the most preferred destinations.  There are 30-40 other countries that open doors for migrants.