I was born in the UK in 1992. Can apply for citizenship? At the time of my birth, my parents were in England on a multiple visit visa valid for 3 years. We returned to our home country, and never went back to the UK. Would I be eligible for citizenship?
Is Indefinite Leave to Remain equivalent to a multiple-entry visa for valid 3 years?
No, "indefinate leave to remain" is roughly the UK equivilent of what the US and Canada call "permanent residence". There are ways to lose "indefinate leave to remain" but as long as they remain legitimately living in the UK someone with ILR can stay for the rest of their life.
Would I be eligible for citizenship?
I'm 99% sure the answer is no (IANAL, this is not legal advice). There are some situations in which a child born to foreign parents in the UK can get british citizenship but I don't think you qualify for any of them.