UK suspends ‘golden visa’ scheme for super-rich due to corruption fears
- Applicants must have assets of US$2.5 million or more to invest in active companies from 2019
The global super-rich hoping to live and invest in the UK will face new visa restrictions as part of reforms designed to tackle organised crime and money laundering.
The tier 1 visa, which provides a fast track route to settlement for people willing to invest millions in the UK, will be suspended from Friday until new rules are put in place in 2019.
The reformed visa will require applicants to provide comprehensive audits of their financial and business interests, and show they have had control of the £2 million (US$2.5 million) of investment funds required to obtain the tier 1 visa for at least two years.
Applicants will no longer be able to invest in government bonds as part of the reforms, and must invest in active and trading UK companies.
Tier 1 visas, known as “golden visas”, have been criticised for providing an easy route into the UK for oligarchs and the super-rich looking to launder stolen wealth.
