UK axes ‘golden visa’ scheme after fraud and Russia concerns
The “golden visa” system that allows wealthy foreign investors a fast track to live in the UK has been axed amid concern about applicants acquiring their wealth illegally and the growing strain on diplomatic relations with Russia.
The home secretary, Priti Patel, announced that the scheme would end with immediate effect to help to stop “corrupt elites who threaten our national security and push dirty money around our cities”.
Launched in 2008, the “tier 1 investor visa” programme allowed people with at least £2m in investment funds and a UK bank account to apply for residency rights, along with their family. The speed with which applicants were allowed to get indefinite leave to remain was hastened by how much money they planned to invest in the UK: £2m took five years, while £10m shortened the wait to just two.
The scheme had been under review for some time, and its opponents were planning to push for the visas to be suspended through an amendment to the nationality and borders bill in the House of Lords, due to be debated later this month.
According to the anti-corruption watchdog Spotlight, 6,312 golden visas – half the number of all those issued – had been reviewed for “possible national security risks”.
Patel said she had “zero tolerance for abuse of our immigration system” and that the move was part of a “renewed crackdown on fraud and illicit finance”.
Investors will instead be encouraged to apply for an “innovator” visa and must demonstrate “an investment strategy that can show genuine job creation and other tangible economic impacts” rather than passively holding UK-based investments.
Pressure remains on Patel to publish a report into the golden visa system that reviewed those handed out between June 2008 and April
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