UK scrap “Golden Visa” for wealthy foreign investors over security concerns

Due to security concerns, the British government has abolished the so-called “golden visa” for wealthy foreign investors.

Ministry of Interior announcement On Thursday, Tier 1 Investor Visa Routes were immediately closed for all new applicants from all nationalities.

Visas issued in 2008 are often referred to as “golden visas” because they provide residence for people who invest more than £ 2 million ($ 2.7 million) in the UK and allow families to participate.

Insufficient background checks on applicants have led to repeated concerns that the system could be abused and are under review.

The Home Office said visas could “raise security concerns, including that people illegally gained wealth and were involved in broader corruption.”

Priti Patel
Home Secretary Priti Patel will speak at the Conservative Party Conference on October 5, 2021 in Manchester, England. (Stephan Rousseau / PA)

Home Secretary Priti Patel, who announced the decision, said: In my new immigration program, I want to make sure that the British people are confident in the system, such as threatening national security and stopping the corrupt elite who impose dirty money on cities. “

She said this was just the beginning of a new crackdown on fraud and illegal finances.

The government has announced a fraudulent plan, she added, that the upcoming economic crime bill will crack down on those who abuse UK financial institutions.

The announcement will be made in concern about Russia’s impact on the UK as tensions continue on the potential invasion of Ukraine.

Last month, the British government warned that the Kremlin-related Russian oligarchs could be subject to sanctions if Ukraine was attacked.

On January 30, Foreign Minister Liz Truss said the British government had changed its sanctions rules for “companies interested in the Kremlin and Russian regimes” and “there is no place to hide Putin’s oligarchs.”

Former Labor Minister Kris Bryant has previously accused the government of “giving a gold visa to the dangerous Russian oligarchy,” and the system puts dirty money in Britain.

In 2018, a report released by the House of Commons’ Foreign Affairs Committee accused the minister of “closing his eyes” on Russia’s “dirty money” flowing through the city of London, endangering national security.

Despite protests against the Novichok nerve agent attack in Salisbury, Russian President Vladimir Putin and his allies were found to continue to use London as a base for “corrupted assets” during this investigation, Golden. Concerns have been raised about visa issuance practices.

PA Media contributed to this report.

Alexander Chan


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