British media claimed Thursday that the UK planned to end its fast-track investment visa program.
Due to pressure to cut ties with Russia.
The visa scheme was supposed to be suspended in 2018, but Britain failed to do so.
Thus, drawing condemnation from anti-corruption activists.
According to a 2020 parliamentary report on Russian influence in the UK.
The visa program has allowed London to become a “laundromat” for offshore money.
As a result, Home Secretary Priti Patel plans to end the Tier 1 investor visa program next week.
Due to long-standing worries about criminal groups and super-rich foreigners exploiting the program.
The move is linked to Russia’s threat of invading Ukraine over Britain’s security stalemate with the US and NATO.
The plans to eliminate the top-tier immigration category will be implemented “within weeks.”
According to the Financial Times, a British newspaper published in London.
Tier 1 investor visas have enticed affluent non-EU residents to invest at least 2 million pounds.
In exchange for permanent residency in the UK within five years.
The permanent residency application was lowered to three years with a 5 million pound ($6.7 million) investment and two years with a 10 million pound ($13.5 million) investment.
“We revised the Tier 1 visa system in 2015 and 2019 to cut down on dirty money, and we haven’t ruled out making future reforms.”
(Image: Pixabay)
Applicants must show they have at least £2 million to invest in the UK.
Since 2019, applicants must also provide confirmation of their identity.
The Home Office told the Financial Times the aforementioned statement.
Since the program’s beginning in 2010, at least 14,516 Russian residents have been issued “golden visas.”
The UK is planning to eliminate its so-called “golden visa” scheme in the next weeks.
Reasons such as maximized efforts to combat “dirty money” streaming into the country.
This is a result of Russian actions in Ukraine.
In the past, the Tier 1 “investment visa” route has attracted affluent Russian and other overseas investors.
Who has resettled in the UK as a result of the scheme?
In 2018, former Russian agent Sergei Skripal in Salisbury was poisoned.
Ever since Britain’s relations with Russia deteriorated when the assassination happened.
The visas have been under review for now.