UK plans to scrap golden visa route for super-rich
- The tier 1 visa provided 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
The UK is set to scrap the so-called golden visa programme that gives foreign nationals a path to residence if they invest more than £2 million (US$2.7 million) as the government looks to curb the influence of Russian money.
The abolition of the Tier 1 investor visa will be announced shortly, according to a person familiar with the matter, speaking on condition of anonymity. The UK Home Office said it had already reformed the rules around the Tier 1 visa and it had “not ruled out making further changes,” according to an emailed statement.
Prime Minister Boris Johnson said on Tuesday that his government was looking at ways of hitting Russia with economic sanctions if it were to invade Ukraine, and that it was already taking more steps to make the foreign ownership of UK assets more transparent.
The Russian government has repeatedly denied that it plans to invade its neighbour.
Under the Tier 1 visa a person can stay in the UK for three years and four months in exchange for the £2 million investment, and can then apply to settle permanently after five years. They can apply to settle after only two years if they spend £10 million.
The Home Office also said it is looking at all Tier 1 visas issued between 2008, when the programme was launched, and April 2015, when the process was reformed. After April 2015 applicants had to provide evidence of the source of their funds and a bank letter confirming they had been through adequate due diligence.