UK to scrap golden visa scheme for foreign investors

The Tier 1 (investor) visa, often called a “golden visa”, offers residency to those investing £2m or more in the UK, and allows their families to join them.

Changes –

The Home Office has issued 14,516 investor visas to Russian citizens since the scheme opened in 2008.

Several changes have been made since its introduction, including extra checks on how and when applicants acquired their wealth.

A man and woman wear protective face masks and gloves as they cross Oxford Street in central London on March 17, 2020. – Britain on Tuesday, March 17, ramped up its response to the escalating coronavirus outbreak after the government imposed unprecedented peacetime measures prompted by scientific advice that infections and deaths would spiral without drastic action. (Photo by Tolga Akmen / AFP)

Banks are also now required to complete certain checks before opening accounts for applicants – who are also required to submit extra paperwork if their qualifying funds are invested through a chain of different companies.

In 2020, Parliament’s intelligence and security committee argued for a “more robust” approach to approving Tier 1 visas as part of a report on Russian influence in the UK.

inputs by bbc

Written by Alex McCurthy

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