Confusion as UK suspends ‘golden visa’ scheme for super-rich, then does U-turn
- The tier 1 visa provides a fast track to settlement for people willing to invest millions in the UK
- The scheme has long been criticised by anti-corruption groups as a way to launder money
Global super-rich hoping to buy UK residency for their families through “golden visas” have been left confused, as have their lawyers, after Britain’s government announced it suspended the scheme due to money laundering fears, and then changed its mind.
The scheme has long been criticised by anti-corruption groups like Transparency International and Global Witness as a bolt-hole for Russian oligarchs, money launderers and organised crime groups.
“We will not tolerate people who do not play by the rules and seek to abuse the system,” UK Immigration Minister Caroline Nokes said announcing the suspension.
But just a few days later, on December 12, the UK’s Home Office announced it was not going to suspend the visas after all, at least for the time being.
“The tier 1 (Investor) visa is not currently suspended, however we remain committed to reforming the route,” the Home Office said in a statement attributed to a spokesman.