UK to scrap golden visa scheme for foreign investorson February 16, 2022 at 10:06 pm

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

It comes amid pressure on ministers to cut links to Russian money over the crisis in Ukraine.

View over the City of London

Image source, Reuters

Visas offering foreign investors fast-track residency in the UK are expected to be scrapped by the government, amid pressure over UK links to Russia.

A government source confirmed reports of an announcement next week on Tier 1 investor visas, which offer residency to those spending at least £2m.

The scheme was introduced in 2008 to encourage wealthy people from outside the EU to invest in the UK.

It has been under review for some time, after concerns it is open to abuse.

However, the expected announcement next week comes amid pressure on ministers to cut UK ties to Russia over the threat of invasion to Ukraine.

Russia has amassed more than 100,000 troops along Ukraine’s border – but denies it is planning an invasion.

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.

Holders of these visas can then apply for permanent residency in the UK, at a speed depending on how much they invest.

A £2m investment allows an application within five years, shortened to three years with £5m or two years if £10m is invested.

The Home Office said it had already reformed the scheme to ensure it is not used to facilitate corruption, and did not rule out further changes.

A spokesperson added it would report “in due course” on an ongoing review of visas granted before changes to the scheme in 2015.

Changes to scheme

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.

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.

- Advertisement -

Discover

Sponsor

Latest

World Cup: Despair and pride for Moroccans as tournament run endson December 14, 2022 at 10:29 pm

Moroccan hopes of being the first African side to reach the last two ended in a 2-0 defeat by France.Moroccan hopes of being the...

Pakistan army urges unity as ex-PMs both declare election winon February 10, 2024 at 10:49 am

Imran Khan and Nawaz Sharif both say they have emerged victorious in polls that defied predictions.Image source, ReutersBy Lipika PelhamBBC NewsPakistan's powerful army chief...

Cineworld confirms it is considering bankruptcyon August 22, 2022 at 7:43 am

The cinema chain, which also owns Picturehouse, claims it has struggled with poor ticket sales.Image source, AlamyCineworld has said it is considering filing for...

Prince Harry says it became ‘Meghan versus Kate’on January 8, 2023 at 10:22 pm

The arrival of Meghan brought rivalries within the Royal Family, says Prince Harry in an ITV interview.Image source, PA MediaBy Laura Gozzi and Sean...

Sarah Everard one year on: The people trying to make changeon March 3, 2022 at 7:58 am

The 33-year-olds death sparked conversations in town planning, app-design and policing.