UK scraps rich foreign investor visa scheme
Fast-track Tier 1 visas ended with immediate effect, amid concerns over fraud and security.
www.bbc.com
The country is going down the hill. What next they will scrap resident non-dom scheme
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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 2,581 investor visas to Russian citizens since the scheme was introduced in 2008.Several changes have been made since the investor visa scheme was launched, 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.
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. Just another reason to think careful of the geopolitics before investing in UK. It's all downhill for UK from here on out. Anyway money will flow to where it is treated best and UK will further become a hot dumpster if this all happens. It's dirty Eastern European and Asian money that keeps Londons high end luxury goods and real estate market alive....lol. They have not thought this through properly just like brexit.
where will you relocate to?
