China’s super-rich lead the way as applications for British millionaire visas surge

There has been a 46 per cent increase in the number of the global super-rich prepared to invest £2 million (US$2.65 million) for the privilege of living and working in the UK despite Theresa May’s ordering a crackdown on a wealthy visa scheme to root out “illicit and corrupt” money flowing into the UK.

More than 400 very wealthy overseas investors applied for tier 1 investor visas in the year to March 31, a 46 per cent increase on the number of applicants in the previous 12 months, with Chinese continuing to be the most common applicants. The tier 1 investor scheme, widely described as the “golden visa”, allows visitors to stay in the UK for 40 months if they invest more than £2 million in the UK economy.

The increase in applications comes despite the government introducing tighter rules in 2015 requiring applicants to prove the source of their wealth. Earlier this year the Chelsea FC owner, Roman Abramovich, had his application to extend his tier 1 visa delayed as part of a government review of previously granted visas to root out suspect funds. There is no suggestion that Abramovich, who has a £10.5 billion fortune and is a friend of Vladimir Putin, has been involved in any wrongdoing.

The delay to Abramovich’s visa caused him to miss his Chelsea team lift the FA Cup, and he subsequently delayed plans for a £1 billion redevelopment of Stamford Bridge. He has since been granted Israeli citizenship and is understood to have withdrawn his UK visa application.

The then-home secretary, Amber Rudd, had ordered a review of the tier 1 visa scheme as part of a government crackdown on concerns that the UK was being used to launder money. “I have asked my officials to look what reforms we might continue with and also to take a look at previous ones over the past few years,” she told MPs in March. “I have asked them to look at the cohort of previous [applicants] to see if any action that needs to be taken.”