Crackdown on visas for investment in the UK

BRITAIN has suspended its top tier investor visas, which required 2 million pounds (US$2.55 million) in investment, as part of a crackdown on organized crime and money laundering.

From Russian oligarchs to Middle Eastern oil barons, the wealthy have flocked to London over the past two decades, snapping up everything from opulent homes to soccer clubs.

“I have been clear that we will not tolerate people who do not play by the rules and seek to abuse the system,” immigration minister Caroline Nokes said.

“That is why I am bringing forward these new measures which will make sure that only genuine investors, who intend to support UK businesses, can benefit from our immigration system.”

The tier 1 investor visas, which offered non-European Union residents over three years entry in return for 2 million pounds in investment in United Kingdom bonds, share capital or loan capital in UK companies, was suspended from today.

Applicants seeking to invest in the United Kingdom will now have to provide comprehensive audits of all their financial and business interests, the interior ministry said. The audits will have to be carried out by UK registered auditing firms.

Those seeking such visas will have to prove they have control of the investment needed. Such investors will not be able to simply buy government bonds.

Around 1,000 applications were made for such visas in the past year.

Britain’s National Crime Agency, which tackles serious and organized crime, said in September it was stepping up efforts to tackle dirty money funneled into or through the United Kingdom by “corrupt elites.”