Golden hits: wealthy Chinese rush to apply for threatened UK visa
- Fears Britain may end its ‘golden visas’ has led to an increase in super-rich Chinese applying for them
The number of wealthy Chinese granted “golden visas” to live in the UK jumped in the last quarter of 2018, as investors tried to get residency before changes to British immigration policy that could see the scheme scrapped.
Home Office figures released on Thursday showed 46 Investor visa (Tier 1) applications approved for Chinese – including some from Hong Kong and Macau – who pumped at least £2 million (US$2.5 million) into Britain, compared with 30 in the same period in 2017.
Half of total of successful applicants came from China. Saudi Arabia was next with eight, followed by the US with seven.
On December 6, Britain’s Home Secretary Sajid Javid sowed widespread confusion after announcing the government would scrap its golden visa programme, only to reverse course a day later.
Still, the Home Office is expected to issue new rules for golden visas in Spring depending on what happens with Brexit, the UK’s troubled attempt to leave the European Union.
The investor visa scheme came under scrutiny after claims it was being used as a bolt-hole for criminals and money launderers, especially from Russia.