UK urged to suspend ‘golden visas’ after fast tracking of Russian millionaires
Ministers face calls this weekend to publish an investigation into how more than 700 Russian millionaires were fast-tracked for British residency via a “golden visa” scheme exposed for lax checks on illicit funds.
The government said six months ago that it was finalising its report into tier 1 investor visas granted to the super-rich from several countries, including Russia, China and Kazakhstan, because of concerns over “dirty money”. It now faces calls to suspend the golden visa programme until the review is published.
Under the scheme, launched in 2008, applicants provide a minimum investment of £2m in exchange for the right to live in Britain. They can later apply for full citizenship and a passport.
The Liberal Democrat peer Lord Wallace has tabled an amendment to the nationality and borders bill in the House of Lords, requiring the scheme to be halted until the review is published.
He said: “It’s claimed we are a great global country, but we are behaving like Cyprus and Malta by selling residency.”
Britain faces criticism over claims it has failed to properly monitor the billions of pounds of Russian money which has flowed into London over the past two decades.
A report by the Center for American Progress, a think tank close to the Biden administration, warned last week that “stronger action” against money laundering was required from the UK, which had become a main hub for Russian oligarchs and their wealth. It said more effective action would be required from the UK in the event of tough sanctions against Russia over the Ukraine crisis.
The government has promoted its golden visa scheme around the world over the last decade. Campaigners highlighted that the government was creating a “hostile environment” for illegal
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