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Foreign millionaires will be able to �buy� visas to live in Britain under radical plans drawn up by government advisers. Migration Advisory Committee suggests people who give money to schools, universities or hospitals should be �let in� to the UK. It also proposes holding auctions for visas to be sold to the highest overseas bidder, but MPs warn the plan would bring �no benefit to the citizens of this country�. The plan is likely to prove highly controversial, because the Home Office has previously opposed plans by other EU countries to effectively sell citizenship which would give them the right to settle in Britain. Professor Sir David Metcalf, chairman of the MAC, told MPs that Britain had to examine new ways to attract wealthy investors to the country. He said: �It may very well be that we should be auctioning some of these slots/ �There should be proper discussion about it. Equally it may very well be that we should be letting people in if they endow a Cambridge college, a major teaching hospital or the London School of Economics with �10 million.� The committee has been asked to examine the issue by Home Secretary Theresa May, and is expected to submit a report in February. But giving evidence to the Home Affairs Select Committee, Sir David set out how an auction might work. One option would see wealthy foreigners making investments of �1million, �5million or �10million in government bonds or UK businesses.In return, the investor would be able to apply to stay in the UK for two, three or five years and after that could apply for UK citizenship. The gilts could later be sold, meaning the money is effectively a loan and not a long-term investment. Sir David said the country did not �need� the money. �Sometimes they borrow the money and then they keep the gilts for five years. They get indefinite leave to remain, and then they sell them. We do not need their money.� But Labour MP Keith Vaz, chairman of the Home Affairs committee, was alarmed by the idea and suggested the plan would allow people to obtain a Brititish passport without benefiting the country. He told The Times: ��What was very clear from David Metcalf and what causes us concern is that this is not a way of getting money into Britain to produce more jobs and ensure the economy benefits,� he said. �This is a way in which those who have money available to buy gilts, get citizenship and then sell them at personal gain. There is no benefit to the citizens of this country. �The whole area around the investor route towards citizenship needs to be examined. We need to have a better way. At the moment the route ensures benefits to individuals but not society as a whole.� Sir Andrew Green, chairman of MigrationWatch UK, said: �It would be absurd if this route was allowed to become a means of selling British passports.� Malta sparked controversy when it announced plans to sell passports for half a million pounds. The policy will allow the super-rich from countries like Russia and China to effectively buy the right to live and work anywhere in the EU. The Home Office warned at the time that it would not tolerate �abuse� of free movement rules across the EU and is working to prevent people using loopholes to enter the UK.