Transcript of the above video:

As the title of this video suggests, we are discussing this "Residence Visa" that people have been talking about. This proposed and only “approved in principle” so we don't know what it looks like. I have noticed the Press has kind of jumped the gun, I shouldn't even say that; they report things and in the world in which we live in there is an incentive to get people to click on an article and a read it all the way through. I get that. But it is what it is. 

First of all these proposed 10-year visas are only "approved in principle", as of the time of this video. We have yet to actually see the rules rolled out. Secondly, the other thing to take away from this video is these aren't Residence Visas. By definition they are not Residence Visas. I understand the way people are using this term as a colloquialism but "Residence" has a specific legal meaning which means you have the right of abode in a given jurisdiction. These Residence Visas, although a very long-term Visa are a Non-Immigrant Visa, at least the way they look to me again, at this time, as of the time of this filming. We haven't actually seen the regulations roll out yet so we don't know precisely what it looks like. For now understand it has got a 10-year "cap" on it; we have done a video on that discussing the "cap". 

The thing to understand, I am not going to cite anything or anything for this video because I really don't want to exactly point anybody out or point fingers at anybody, it just isn't a Residence Visa, okay? I understand how people are using that term. They are using the layperson term euphemistically that you can live here for a really long time so in a sense you are resident here, you are residing here but as a legal matter no, these do not confer Permanent Residence, they have a fixed duration.